June 2023 Financials

The June 2023 financials were available at last night's HOA board meeting. Even though it was August 8, the July 2023 financials were not available. Why not?

Be sure to look at the useless chart on Page 1. Does anyone on the board understand it? Did anyone question it?

Receivables at 6/30/2023 total $432,483.29. The financials continue to mislead homeowner-Members by reporting Current, over-30, over-60, over-90. By 6/30/2023 ALL past-due amounts are over 90 days, and the numbers for Current, over-30, and over-60 should be $0.

Why do the Treasurer and the Board condone that misleading reporting in the CAMS financials?

Page 4 definitions must come from Financials for Dummies and is completely unnecessary.

The HOA continues to carry excessive amounts in Cash & Cash Equivalent Operating Accounts of $867,548.47. The average monthly budget is $121,171. Is it prudent to keep 600% of that in Operating Funds? What did the Auditor have to say about that? (You can go to the office and read the 2023 Annual Audit. The Board is withholding it from the HOA website.)

Under Accounts Receivable, Line Item 1200 is $432,483.29. But $454,459.41 is shown as the Allowance for Uncollectible Accounts!

Seriously?

A member of the Finance Committee asked about this last night. I could not hear Vernell's explanation, but I was tempted to start coughing loudly as smoke filled the room.

The PRM has a section on Bad-Debt Write-Offs. Maybe the Board and the Treasurer, and CAMS, should read it.

Pre-Paid Assessments of $310,057.28 are listed. Did that many homeowners pre-pay their dues before July 1st? Or does that mean something else?

And then there is Line 2330 SCS Administrative Costs of $27,611.38 under "Other Current Liabilities". What's that???

How much, in total, does your HOA pay CAMS? SCS is a CAMS affiliate.

Should there have been a reduction in payments to CAMS for the period that the office was under-staffed? According to Line 6005 (deceptively labeled as On-Site Maintenance), the HOA has paid CAMS exactly one-half of the contracted and budgeted amount of $140,000 for On-site Management. Did CAMS profit from the open position in the HOA's office?

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