2024 Annual Audit - POSTED!

The 2024 Annual Audit has finally been posted.

To view it, go to the HOA's website: www.summithomeowners.com

Hover over RESIDENTS, then click on DOCUMENTS.

Click on Annual Audits.

Click on 2024.

It was due by August 31, 2025, but work by the CPA in Greensboro, N.C. wasn't even approved by the (old) Board until October 7, 2025.

Very important information is in the 2024 Annual Audit about the annuity purchased by the HOA. According to the CPA, the annuity was actually purchased in 2024, not in 2025. 

More information to follow about the annuity AND the declining financial situation in 2024, which is the year of the audit. 

Members don't really know what the financial condition of the HOA is. What does the Board know that Members don't know? The Reserve situation declined through 2025 and now, in 2026, is about to worsen.

The best thing the "new" Board can do is be totally honest with the Members. The "old" Boards brought the current situation on by spending money without raising dues, and the "new" Board must deal with it. 

It's going to get ugly.

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