Assets Committee?

A very important committee is listed on the HOA's website. It is the Summit Assets Committee. Have you ever heard it mentioned?

Summit Assets

Mission: This Sub-committee, is responsible for establishing a balanced annual budget, and presenting it to The Summit Community Association, Inc. Board of Directors for approval. The budgeting process considers input from all levels and includes members from the general community.

OPEN, Chair

The Summit HOA has approximately $2,000,000 in cash and reserves, and it has considerable value in Common Property, structures, and utilities.

Is there a more important committee?

Notice that this sub-committee has no members, and it does not even have a Chair.

Why not?

Certainly, board members ought to be asking about it at every board meeting. If they don't, Voting Members should be asking. And if they don't, Members (homeowners) ought to be asking. 

On March 1, 2022, when Treasurer Vernell Butler moved for acceptance of the 2022 Budget and Mary Ann Game seconded his motion, why was there no mention of the Summit Assets Committee?

Who put together a proposed Budget with $230,570 in Salaries for a non-profit organization with NO employees? Who decided to tell the board that the budget increased only $3,500 (actually, $2,500) without disclosing $67,280+ increases in landscaping contracts and a $54,545 (37%) reduction in money going into reserves for Replacement Projects? Who failed to alert the board to inflationary increases that were already affecting 2022 expenses?

The Treasurer missed the August board meeting, and in July the Treasurer told the board, according to the July Minutes, that "finances are in good shape". 

How can they be, with inflation at 8%?

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