TimberLake Condos Home Owners Ass. Board

[redacted] is not an owner and is not even our [redacted] & As rep. anylonger. Each owner pays $175.00 monthly As. fees x 12 months equaling $2,100.00 out of each condo owner's pocket each year X 170 condos equals $357,000.00 annual income from association fees alone, not counting late fees, fines, club house rentals, interest on our money in trust to protect our investments and etc.. That's an enormous amount of money, which clearly corrupts, and our community has never been more poorly managed. Clearly our money is not being used to improve or even to maintain our investments. We get very little, if any financial accountability (not even the Annual CPA Audit Report legally required to each owner by April 30th annually) from board members or any of the revolving door of mgmt. co reps (hired by board and paid for by all owners). From By Laws: Board Members "The board of directors shall keep detailed and accurate records in chronological order of its receipts and expenditures affecting the Common Elements, specifying and itemizing the Common Expenses incurred" Board members and management company reps illogically again claimed $336,600.00 per year in As. fees alone at $165/month in 2016 was not enough to pay the bills and dictated at their sole discretion and increase to $175/mth. Board members (without an owners' approval or notification immediately after the fact) took out a line of credit that put us $159,000.00 in debt and continue borrowing money without an owners quorum decision to do so! That is inexcusable! The lack of financial accountability and use/misuse of funds is reprehensible! From 2004 until 2015 we dropped from having $99,546.02 in reserve IE surplus to being ($47,415.00) in debt and paying annual interest of ($5,554.45) on said debt. Not to mention we eliminated On Site Maintenance in 2011 saving about $50,000 per year. Each owner was promised but never granted an As fee reduction to $100/mth. Instead it has been increased several times!


Despite numerous requests from 2014-2016, [redacted] & As. and [redacted] and [redacted] & [redacted], PLLC CPAs reps. told me/us the detailed breakdowns , IE repair and maintenance of what , of our financial records were for "board members only" and not really any of anyone else's business. Even after they finally admitted it was my/our business they make it impossible to schedule a time to merely view the documents and made stipulations of not being allowed to copy, take notes, and etc. Hope they all know better now! Each owner, the state, the [redacted] and etc. all have the right to audit this nonprofit business financial information. Our HOA is a nonprofit business and not a fully funded social club for board members and mgmt. co reps.! [redacted] & [redacted], PLLC CPAs recently underwent an [redacted] audit of our finances for 2014 so maybe they will do better in the future. The cost of that audit is on board members, mgmt. company and CPAs reps. because it would have taken only about an hour if it had been done properly in the first place! It took them five months to clean up the mess. There was no break down for "repair and maintenance" of what, no itemization, and no real financial accountability at all. Ask yourself just what kind of a mess did the 2014 audit have to be in for it to have taken so-called professionals five months to clean it up? Hopefully all will know better next time. If they break it down correctly and provide the real and detailed figures to each owner by April 30th, as legally required then they will be ready should they be audited again. "Passing" that audit does not mean nothing is/was wrong. From 2004 until 2015 we dropped from having $99,546.02 in reserve IE surplus to being ($47,415.00) in debt and paying annual interest of ($5,554.45) on said debt. Not to mention we eliminated On Site Maintenance in 2011 saving about $50,000 per year. Each owner was promised but never granted an As fee reduction to $100/mth. Instead it has been increased several times!