HOA Cash (Mis)Management

Attention: HOA Homeowners

Who is responsible for this? The Summit HOA Board of Directors or CAMS?

Financial Results (Cal. Yr. ending 12/31/21)
Operating Cash     $   637,066.62
Reserve Accounts $1,202,780.72
Total $                   $1,839,847.34

Interest earned in 2021: $591.74 (vs. Budget of $6,000)

Financial Results  (Cal. Yr. ending 12/31/22)
Operating Cash     $   628,154.74
Reserve Accounts $1,176,632.72
Total                      $1,804,787.46

Interest earned in 2022: $621.19 (vs. Budget of $3,000)

Suppose the HOA had been on-the-ball and invested $1,000,000 at 4%. How much interest would have been earned by the HOA? $40,000 !!!

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