Why Less Than $100,000 Net Available Cash ?


In the May 2024 Summit Scoop HOA President Danny Trapp wrote: "We have a monumental hurdle to overcome financially."

The May 31, 2024 Financials may explain more about that. 

No wonder the BOD canceled the July board meeting. That meeting is where the May financials would have been distributed to Members.

If you want to see them, go to www.summithomeowners.com, log in, hover over RESIDENTS, click on DOCUMENTS, click on Financial Operating Results, click on May 2024. Look carefully at the very first chart, Operating Cash.

Why is Net Available Cash down to less-than-$100,000???

Former Treasurer Vernell Butler added that chart to the monthly financial reports. No one has ever explained why the charts don't agree with the totals in the bank accounts for the various cash accounts.

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