Finance Committee Report (Sept. Scoop)

Here is the report from the Finance Committee, as published in September's The Summit Scoop.

Finance 

"The finances are currently in a good state. The option to report past due accounts to the credit bureau is being explored. The 2024 budget is currently being worked on by the committee."


Let's unpack this and determine what's true.

Are the finances in good shape? 

The Accounts Receivables (unpaid dues) are $432,483.29, as of June 30, 2023. If the finances were in a good state, that money would be in the HOA's bank, instead of in a homeowner's debt list.

You, the homeowners who are paying your dues on time, are carrying those who are not paying.

What good will it due to report those debtors to credit bureaus? Their credit is already trashed. Reporting these debts to credit bureaus will do no good and is an idea that never should have reached the table. Who came up with that one?

How far along is the 2024 budget? When will homeowners see the proposed budget and have an opportunity to weigh in? Will the budget show the total amount of money being paid to CAMS and its affiliates? Right now it's spread into several line items, making it very difficult to determine a total.

On August 12, 2023 I posted an article about the amount of money paid to CAMS. To me, it looks like about $537,764 this year.  Click to that article here. That amount is 37% ($537,764/$1,454,050) of the budget. Pretty sweet deal for CAMS; right?

Should the Finance Committee take a scalpel to the CAMS bid and to the budget?

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