Who is watching the money?

Have you looked at the monthly financial statements of the HOA?

When you look at the Reserve Accounts, you'll see them named as "BOD - Edward Jones", BOD - First Community Bank", etc.

Are banking accounts in the name of the Board of Directors?

Why would they not be in the name of The Summit Community Association, Inc., which is the legal name of the HOA?

Or, if they are in the name of The Summit Community Association, Inc., why are they listed on the Reserve Accounts page of the financial statements as "BOD - ..."?

Why in the world would the Association hold $875,421.55 in Cash Operating Accounts?

The annual budget of the Association is $1,454,050, which is an average monthly amount of $121,170.

Wouldn't it be prudent to keep about $200,000 in the cash operating fund, and move the rest elsewhere, but keeping it available for use when needed?

The Association needs its own CPA to advise it.

The advice from CAMS? Well, make up your own mind. Is there anyone on the Finance Committee who understands accounting?

Members of the Finance Committee are Vernell Butler, Treasurer (Chair); Michael Bryant, Auby Dellinger, Mary Ann Game, Billie Jones, Jeff Lummel, Tanisha Holmes, Gail Luckey, and Tom Glaz. 

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