Outrage - the 7/31/2023 Financial Statements

The July 31, 2023 financial statement has been posted to the HOA's website.

When you look at the Accounts Receivable on the July 31, 2023 financial statements of the HOA, you should be outraged!

The Manager Notes begin with, "Overall The Summit's Financials are very strong and currently are operating under budget."

Member Receivables are $570,056.02 as of 7/31/2023.

Compare that with Member Receivables of $432,483.29 as of 6/30/2023.

The increase in Member Receivables in one month is $137,572.73 (31.8%).

Do you agree with the optimism of the "Manager Notes"?

The July 31, 2023 Receivables are broken down as
$175,481.14 Current*
$  11,467.64 over 30 days
$  12,997.25 over 60 days
$370,109.99 over 90 days
$570,056.02

Semi-annual Dues (regime fees) were due 7/1/23. So they aren't late on 7/31/23. They are late after 7/31/23.

* Is the $175,481.14 the portion of the 7/1/23 dues ($255 x 2,480 = $632,400) that didn't get paid by 7/31/2023?

Is the HOA wrong to report "over 30 days" and "over 60 days"? Dues were due on the first of January. After March 31, ALL dues were 90 days late, and none was "over 30 days" or "over 60 days".

This is a concept that is lost on the Treasurer, CAMS, and on some on the Finance Committee members.

Every month this boiler-plate statement appears on the financial statement: "Collection activity is being conducted in accordance with Association policy". There is either something wrong with "Collection activity" or with the "Association policy". Or both.

The HOA needs to get a forensics Auditor in to rip through the financials and tell the board what is really going on! I urged the Board to do that after George Reynolds died in April 2021. Maybe they are thinking about it. It has only been 2½ years. I realize they don't want to make any hasty decisions.

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