Huge Drop in Cash in 2025

Why did the HOA's Cash drop so much in one year?

On 1/31/26 the HOA had Cash Assets of $1,166,687.95, which was down $445,336.86 from 1/31/25.

I wonder how many Board Members realize that.

Does this mean that the HOA spent its entire budget AND another $445,336.86?

Do you think the Board should investigate that and give an explanation to the Members?

Wouldn't a Treasurer's Report at a monthly Board Meeting be the place to reveal that?

Comments

Post a Comment

Popular posts from this blog

About Fines in The Summit's HOA

Do you bother to inspect the Budget when it is proposed for the following year? Do you ever examine the monthly financial reports of the HOA? How much do you think the HOA will collect in fines this year? How much do you think the HOA collected in Fines last year? The Line in the Budget that you'll want to look at is Line 4600 Fines - Violations. Sitting down? In 2024 the HOA collected $57,446.91 in Fines. The amount budgeted in 2024 was $20,000. In 2025 the HOA expects to collect $50,000. As of June 30, 2025 the HOA has collected $38,670. At this pace the HOA will collect $77,340 in the full year, or $27,340 (55%) more than estimated in the Budget. Why are fines running so high? Should the Board just grin and rub their hands together in glee, or should the Board create an ad hoc Committee to examine the Fines category and determine what can be done to reduce the penalties on its Members? If you were the Board President, what would you do? Just smile and spend the money, or invest...
Read more

"Neighborhood Reps Needed"

For the past few months, the Summit Scoop has carried an "ad" on Page 1 for "Neighborhood Reps Needed." Interested persons are invited to contact the Summit office. The ad informs homeowners that the neighborhoods of Indigo Springs, Autumn Glen, Waverly Place, and Pineclave need Neighborhood Representatives. What the ad doesn't tell you is those four neighborhoods represent 19.6% of the Association. More than 475 homeowners (out of 2,480) are not represented and have not been represented in years past. The responsibility for assisting neighborhoods in filling the position of Neighborhood Reps falls to the (HOA's) Neighborhood Committee, currently chaired by Reginald Mack and previously chaired by Jesse McClinton.  What does the office tell a person who contacts it about becoming a Neighborhood Rep? Does the office tell the interested person to pick up a form and "get signatures", or does the office tell that person to read and comply with the By-La...
Read more

Sept. 2nd Board Meeting - Any of This?

At last night's Board of Directors meeting, were any of these items discussed? Was there any discussion by the Board about removing Danny Trapp as Board President? Update on lawsuit against Gus Philpott and (failed) Motion for Contempt that had been filed on May 28, heard on July 24, and decided against the HOA on August 29? How did that Motion even get filed in May without the approval of the Board? Report on the total costs on the lawsuit already paid by the HOA and the pending bills for legal work already performed? Discussion about how the lawsuit against resident (not homeowner) Gus Philpott even got started, since it is prohibited by the CC&Rs and was never approved by the Voting Members or  by the Board of Directors? Who is responsible for that? Who, if anyone, authorized Board President Danny Trapp to direct that the lawsuit be filed in December by the HOA's then-new law firm in the name of the HOA? Delivery of the 2024 Annual Audit? Did the auditor, Becca Brendle,...
Read more