Financial Incompetence of Board, Finance Committee, CAMS?

What kind of financial lightweights are there on the HOA's Finance Committee, Board of Directors, and at CAMS?

Why do I ask this?

According to the February 28, 2023 financial statements, which are attached to the April 4, 2023 Minutes of the Board meeting, your HOA's money is hard at work - for the banks, that is; but not for the HOA! The HOA has $842,026.60 sitting in Operating Funds (cash).

Operating Account #3355 at CIT: $424,295.58. Why is there nearly three months' operating expenses kept in a (checking?) account? Any interest being earned?

Debit Card Account #2178 at CIT - $1,449.38. What is that debit card account? Who uses that? Who audits usage?

Operating Account #9113 at CIT - $170,588.81. "MMK" What's that? Money Market? Any interest being earned? Why not disclosed?

Operating Account #9621 at NSB - $245,692.83. "MMK" What's that? Money Market? Any interest being earned? Why not disclosed? What bank is "NSB"?

The HOA has $1,141,008.37 in Reserves.

Operating Account #0664 at CIT. MMA-1040. $19,382.923 at 0.29% interest. In tiny print in the Matures column, it reads, "No maturity date due to being a Reserve acct."

Account at BB&T. MMA. $232,046.18 at 0.01% interest. In tiny print in the Matures column, it reads, "No maturity date due to being a Reserve acct."

Reserve Account #6311 at Reserve Community Bank. MMA. $104,728.77 at 0.55% interest. In tiny print in the Matures column, it reads, "No maturity date due to being a Reserve acct."

12-mo. CD (matures 9/23) at Southern First. $109,069.52 at 0.35% interest. 

3-Year CD (matures 6/23) at Southern First. $107,670.23 at 2.9% interest.

60-mo. CD at NB (what's that?) (matures 6/26). $110,102.45 at 1.39% interest.

13-mo. CD at BOD Edward Jones. Matures 11/23. $104,490.74 at 4.85% interest.

$55.00 at South Carolina Federal Credit Union. In tiny print in the Matures column, it reads, "No maturity date due to being a Reserve account."

Unstated type of account at South Carolina Federal Credit Union. Matures 9/24. $113,877.36 at 2.61% interest.

Unstated type of account at Founders FC Reserve Savings Account #0000. $238,585.30 at 0.75% interest. In tiny print in the Matures column, it reads, "No maturity date due to being a Reserve account."

The report of the Finance Committee in the April 4th Minutes includes, "The committee is researching banks with the best rates for the CD's [sic] that are maturing this year..."

For how many months has the committee been doing that? Is it suffering "paralysis-by-analysis"? Do they understand how to make a comparative analysis? Is it afraid to make a decision? In the meantime, the HOA loses money every month!

Why isn't the Board insisting on better results? Is the Board also suffering from financial inexperience?

Who is approving moving money? Only the Treasurer? The President and the Treasurer? Or the full board, by vote? Are the proper Banking Resolutions in place? And signatory cards? Does the full Board know who the signers are?

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