Who Watches the Watchers?

Are there any "watchers"?

When in 2024 was the $126,351.61 moved from cash Reserves of the HOA to a premium payment on the annuity on a board Member? Shouldn't there have been a Board discussion and vote at a monthly, open, Regular Board Meeting? Shouldn't the decision have been recorded in the Minutes?

The cash surrender value of the annuity on December 31, 2024 was $121,440 (down 4% from the premium). Did the HOA make a good "investment"?

That $126,351.61 had been earning 5.65% in a CD at South Carolina Federal Credit Union with a maturity date of December 16, 2028. It's on the July 31, 2024 monthly Financial Operating Results on Line 1088. The label "unreconciled" is NOT there.

HOWEVER, the next month's Financial Operating Results (for August 31, 2024) show the word "unreconciled" on Line 1088. The amount is the same, $126,351.61. Was the annuity purchased in August 2024? What does "unreconciled" mean?

According to the 2024 Annual Audit, the annuity earns 5.5%/year (guaranteed for the first five years). However, it doesn't earn that on the purchase price ($126,352 (premium)). Plus there is an important surrender charge (starting at 9% in Year One and reducing to 5% in Year Five) on withdrawals, if money is withdrawn in the first five years.

Those financial reports through much of 2025 were generated by CAMS, the property management company until September 30, 2025.

Who added "unreconciled" to the August 31, 2024 Financial Operating Results and why???

Did anyone on the Finance Committee or the Board ask why?

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