What Is Happening to Reserve Funds?




Are you following the Reserve Funds of the HOA?

Every month the Financial Operating Results include two graphs. One shows Operating Cash.

The second shows the Reserve Accounts Trends. This graph shows a steady downward trend.

May 2024 $1,013,884
May 2025 $   561,609
                  $   452,275

How did almost half-a-million dollars get moved out of Reserves without a single word or a single vote at a monthly board meeting?

The Board of Directors is the steward of the HOA finances. As fiduciaries, they are required to account for every dollar. 

In 2024 there were no (as in Zero, None) dollars in the Budget as a contribution INTO Reserves. Yet  the graph shows Reserves increasing. How did that happen?

In 2025 only $3,000 is budgeted for a contribution INTO Reserves.

A few months ago, I wrote, "Honey, we can't be out of money. We still have some checks left." Is this the accounting mentality of the HOA?

Who moved $452,275 from Reserves to Operating Funds? Who authorized it? What was it spent on?

Where are the forensic audits that the Board ordered in May 2024? If the HOA (Board) used the Old Business section of the Agenda correctly, "2023 Forensic Internal Audit" and "2023 Forensic External Audit" would be listed every month in Old Business, and the Treasurer would report on the status of those two audits. 

The HOA is not some little hokey, after-school club. It is a South Carolina Non-Profit Corporation with an annual budget of $1,423,100 and over $1,100,000 cash-on-hand.

Does the HOA even have a Treasurer at this time? If so, what is her accounting and financial background? Does anyone know? or care? Did anyone ask before the attempt to elect her as Treasurer?

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