Line 2330 - February 2025. What is it?

Line 2330 in the monthly financial reports is "SCS Administrative Costs".

SCS is one of the CAMS entities. This expense shows up on the Balance Sheet, not on the Income/Expense Report. When I attended the December 2023 Finance Committee meeting, no one knew what costs were included in the monthly amount, which changes every month.

As of February 28, 2025 that number surged  to $33,742.38. This Line Item is in the Liabilities Section of the Balance Sheet.

However, it doesn't seem to show up as a Paid Expense in the Income/Expense Report.

Compare the February 28th amount to prior months.
$33,742.38 February 2025
$29,292.38 January 2025
$27,722.38 December 2024
$27,312.38 November 2024
$27,752.38 October 2024
$23,247.38 September 2024

Why did it increase $10,495 (45%) from September to February?

One of the problems is that the HOA's "numbers" are never compared with previous months. So nobody notices that the February SCS Administrative Costs are 45% higher than last September.

Are these new costs incurred every month? The six-month average is $28,178.21. In a year, that's $338,138.52.

$338,138 in a year is enough for the Finance Committee or the Board to know what it's for.

How much is being paid to CAMS in a year?

$338,138 SLS Admin. Costs (Line 2330)
$  72,240 Management's* [sic] Fees (Line 6000)
$185,000 On-Site Staff**  (Line 6005)
$595,378 is 47.1% of dues ($595,378/$1,264,800 (2480x$510))

* Shouldn't this be Management Fee?
** Two office employees and maintenance man

Comments

Post a Comment

Popular posts from this blog

What? No trampolines?

OK, you trampoline fans. Are your rights and privileges being tramped on by your Board of Directors? The office sent out an email just before 2:00PM threatening you with a dreaded violation notice and the possibility of fines, if you dare to put a trampoline in your yard.  This is what the email from the office said,  " Please be advised that, pursuant to Section 13, Page 22, Article XII of the covenants, no structure of a temporary nature shall be placed upon any unit or any part of the properties. This includes, but is not limited to, tents, temporary gazebos, shacks, trailers, and any other structure of a temporary nature.  "Kindly note that trampolines are classified as temporary play equipment and, as such, are not permitted within the community. We ask that you ensure there is no trampoline present on your property to avoid receiving a violation notice and subsequent fines." What do the Covenants say? "Section 13. Tents. Trailers and Temporary Structures. Exce...
Read more

Open Letter to Barony Place "Voting Member"

An open letter to the "Voting Member" of Barony Place Neighborhood. Good morning, Billie, If you and/or an Alternate attended last night's board of directors meeting, will you please send out a recap of the meeting to Ann Stirlen and me (and to all the homeowners and residents in Barony Place)? About a dozen homeowners from throughout The Summit showed up for the board meeting  at the church  last night, only to learn from one person that it had been switched to Zoom, which allowed the board to meet in secret. Many of them had not received the email from the office that the board was (illegitimately) closing the meeting to homeowners. There are only about 1,800 (73%) email addresses of the 2,480 Members in the website database. I attempted to join the meeting on Zoom, as I am Attorney-in-Fact for Ann Stirlen, but I was not admitted to the meeting. The HOA's attorney has quoted a section in the By-Laws that she believes allows the Board to close the meetings. That spec...
Read more

Pet Peeve #1 - Tinted License Plate Covers

Image
  AO(Q?)H 152 My #1 pet peeve is heavily-tinted license plate covers. These are prohibited under South Carolina law (and by laws in many states), but my belief is that these drivers are seldom stopped.  These drivers can run red lights, speed, tailgate, even cause hit-and-run accidents, and witnesses can only say, "I couldn't see the license plate number." My solution? Troopers, deputies, and cops should stop these cars. Ticket the driver. Remove the license plate frame, tinted cover, and license plate as evidence. This will force the driver to have his car towed, because he cannot operate a motor vehicle on the roads without a license plate. Make it inconvenient and expensive. Drivers KNOW they are violating the law. They expect to get away with it, and they do. It's time for this to stop! Pet peeve #2: heavily-tinted front windows.
Read more