$951,000 in Calif. bank - WHY?

As of the February 28, 2022 balance sheet of the Summit HOA, there was over $951,000 in a cash account of a California bank. The bank is CIT, now a division of First Citizens Bank. Read about the merger of CIT with First Citizens Bancshares, of Raleigh, N.C.

Why is the world would HOA have almost a million dollars sitting in a California bank and $848,000 of it in a non-interest-bearing operating account?

The HOA's annual budget is $1,262,250, or an average monthly amount of $105,000. It seems to me that keeping about $150,000 in the operating (checking) account of the HOA should be adequate. 

What if a hacker sucked that out of the HOA's checking account?

Who would take the hit on it? CAMS? or would the HOA suffer the loss? 

The Board of Directors has known about it. Why does it allow that situation to continue?

Vernell Butler is the HOA Treasurer. Ask him about it. His email address is vernellbutler88@yahoo.com

Or you could ask the HOA President, Justin Martin. Contact him at jdmartinscx@gmail.com

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