2021 Audit - July Board Meeting?



Will the Audit for 2021 be presented at the July 12, 2022 HOA board meeting? Since the board never issues an agenda with specific items, the only way to know is to attend the meeting.

Homeowners and Voting Members should attend the July 12, 2022 board meeting at 6:30PM at Brookland Baptist Church Northeast, 1203 Summit Parkway. Print this post and take it with you. The HOA refuses to answer questions from me (I'm just a lowly resident), but they'd better not ignore you.

There is a new auditor for the HOA. Of course, there is nothing in the Minutes of past monthly board meetings about her selection and hiring. Was there competition? Did the HOA issue a RFP? Did the Board consider more than one CPA? Who recommended her? (Yes, it is a she.)

Will the new Auditor "qualify" the audit? Or will she bless the HOA with a clean bill-of-health?

Will she question the discrepancy between Line Item 6005 (On-Site Maintenance) on the Financial Statements and Line Item 6005 on the Budget (On-Site Management). Which is it? Maintenance or Management? Isn't Line 6005 a fee paid to CAMS for the salaries of the office employees, who are CAMS employees and not HOA employees? How is that "maintenance"?

Will she question $230,570 on the 2022 Approved Budget (motion to accept made by Treasurer Vernell Butler) for Salaries, when the HOA has NO employees?

Will she question why the HOA has $643,449.21 in Operating Cash? The annual budget is $1,320,050, which is an average of $110,000/month. Why does the HOA  maintain nearly six times the monthly operating costs in Cash?

Will she question why no interest rate is shown on the financial information provided to the board by CAMS for over $500,000 in Reserves?

Will she question why the HOA has $232,028 at BB&T at 0.01%? Or $227,386 at First Community Bank at 0.55%? Or $105,399 at NB (whatever that is) at 0.50% (5-yr. CD)? 

Why isn't the HOA taking advantage right now of 2.50% interest rates??? Ask!

Will she guess why an IRS telephone clerk would tell a caller in June that Summit Community Association (Columbia, S.C.) is not a tax-exempt organization or why it is not listed on IRS.gov in the "Charities & Nonprofits" category?

Will any of the Directors on the Board ask the Auditor about these issues? How many of the Directors even look carefully at the financial statements and Budget? Or understand them?

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