The benches are back - 3 of them fixed in their spots by the pathway, and the upper deck area has been painted while the solar heating for the pool is in place but it does not feel like it is having any impact on the water temperature in the pool - maybe the cooler, breezy weather is affecting the system?
Work on the gutters on the 7th floor of Building 3 is moving ahead - the thick black rubber membrane is being hot-pitched into place to the edge of the flashing and some new chutes have been installed out over the western side of the building. There is a rather worrying missing piece of stucco on the outside wall on the 7th floor - one can see the re-bar.
Meanwhile the work on the rear of Building 2 moves along slowly, the cables remain dangling across the whole area and how any connections are made through that junction box I just can't imagine!
More piles of fill have been dumped on the sand pit too.
Work on the gutters on the 7th floor of Building 3 is moving ahead - the thick black rubber membrane is being hot-pitched into place to the edge of the flashing and some new chutes have been installed out over the western side of the building. There is a rather worrying missing piece of stucco on the outside wall on the 7th floor - one can see the re-bar.
Meanwhile the work on the rear of Building 2 moves along slowly, the cables remain dangling across the whole area and how any connections are made through that junction box I just can't imagine!
More piles of fill have been dumped on the sand pit too. It has been another breezy day - but not too much to prevent sunbathers by the pool and tiki huts enjoying themselves in the sun.
16 comments:
Hmmm, more manipulation of the returning owners through razzle dazzle. Hey, it worked last year, didn't it?
If you dazzle them with superficial "improvements" they will not ask too many hard questions or even connect the dots between the missing AUDITED financial statements, the many failed attempts at roof and terrace repairs(that is, throwing OUR good money after bad), and Phil's (the Coral Beach Treasurer) bankruptcy history; Bruno's deportation and Mario's apartments being sold off.
In fact, last year indicates they will even believe the Board's spin and downright snow-job of the facts. Yup, Bruno's vocal opinion that "the owners are stupid" just might come true during the election this year too.
While I am sure that the pathway benches are attractive and that the relocation of the beach huts "may" have some merit, I believe all owners ought to be concerned about what appears to be unjustified spending on discretionary items. It is fairly evident given that Coral Beach is operating a month to month loss and considering the anticipated capital expenses, owners are likely to be hit with another assessment. Owners, please ask questions (remember that no reply is in fact a meaningful answer) and if you are concerned insist on a halt to further unapproved cosmetic expenditures.
Good morning Board:
Yes, the park benches are pretty....now could you please complete the repairs from the hurricanes over 3 years ago.
Garden benches vs. exposed rods and cables? The photograph is worrisome. Could the Board please excercise some control and address priority issues?
Hi Pat:
Would it not have made more sense (and have been more
cost effective) to have the raceways with all the wires redone while the scaffolding was up for the spalling project?
Won't the scaffolding have to be put back up AGAIN in order to finish the raceways?
Any views I might have on how the SPG contract has been organised is necessarily one formed just by looking and watching what is going on around CBH. As I have been told by others, many times, I am not an engineer! However, it is true that some parts of some sections of the complex have had scaffolding up - and now taken down - on which more work has yet to be done. Some parts need painting, some may yet require washing down and sealing, flashing is not yet installed and neither are the necessary overflow chutes. Some parts still require the spalling to be repaired. This is in addition to any repair/re-installation of the cabling around the complex.
I do know that where I come from Project Engineers are employed on such large scale contracts and they present a time line plan on the organisation of the work needed to complete the contract within the time and cost parameters. They run an independent check on the work as it progresses in order to ensure that the work is done according to the contract specifications as well as ensuring the efficient use of the contractors material/labour prior to any stage payments being made. A very basic consideration is to make certain that workers do not have to re-visit parts of the job and unneccessarily duplicate work as the contract prgresses.
Project Engineer or Common Sense.
Seems to me that the BOD could use more of the latter liberly sprinkled with good moral values on a variety of issues/projects.
WHERE'S the MONEY ??? Bruno & Phil
The money is where Bruno and Phil decide to tell us the money is in the financial statement Mark Hardy, no doubt, is attempting to create from information Bruno and Phil WANT him to have. I am sure Mr. Hardy is a very nice chap and has no control over the information he is presented with. Therefore, any future financial statements produced after all the software and computer changes have taken place cannot really be taken seriously.
Further, if a CPA has not been given the latitude to audit all necessary information from Coral Beach to produce a CERTIFIED FINANCIAL STATEMENT, signed by the CPA, including notes,which is what is mandated by the Articles and the law, then whatever we are presented with in the future is just one more fuzzy financial statement designed to placate owners: the Coral Beach version of a shell-game.
I the last audited financial I saw was '04.
Then some numbers ('06)that at best could be classified a "review" statement.
Without an independent audit along with substatiated documents (ledgers, checks etc.) all we have at best is another "reviewed financial statement" which should show up just before the AGM (how timely eh!)
I could do this in a couple of hours while having lunch at Zorba's.
Absolutely no value, meanwhile let the books cook, while the time lapses and the numbers become more convoluted.
I guess the "real" accounting firms we retatined just didn't have the ability or were unable to figure out the software to crunch the numbers.
For the record the software required to run CB is not unique (sometimes referred to as canned ... means ready to go)
The accounting only becomes problematic when you engage in creative bookeeping and that's a fact.
I am dumbfounded how so many owners can be taken in by this blatant manipulation.
2 years and no audited statement ... please help me God!
Another year or two of this BOD and Coral Beach will be bankrupt.
Those who have the means will hang on 'till after the next special assessment those who can't will be forced to sell at a deep discount.
Wonder who the buyer(s) will be?
*note: think timeshare !!
The enemy is within ... open your eyes.
Am i missing something !
i had thought AUDITED financial statements for previous year were prepared and made avaialable to owners.
Check the office and find out
Check it out carefully, the "audited" financial statement for the previous year is transparently incomplete.
For those two Owners who dispute the validity of the audited accounts from last year, I think these assertions need to be supported by specifics as to why the accounts are a) either duly proper and complete audited accounts for CBH Management and Kenilworth Investments or b) not as per a) and why not!
Regarding our 2006 financial statement and auditors report:
I hope this post does not get pushed down and lost in the ongoing updates. (thank you Pat)
As many of you know there are several levels of accounting services provided by CPA firms, (referred to as assurance levels).
Having just re-read the report issued for year ending July '06.
Special attention should be given to paragraph #2.
"Managements responsibility for the financial statements"
Management IS RESPONSIBLE for the PREPERATION and fair presentation of these financial statements ...
Under Opinion:
It states briefly that the numbers add up ... Remember though, AS THEY WERE PRESENTED BY MANAGEMENT.
My translation:
*** I know we had a million bucks and we spent a bunch of it and this is what we have left ...
see, trust me! ***
This report when read in its entirety and context would be considered a
"Compilation - no assurance"
and at a stretch a
"Review - limited assurance"
In my opinion Coral Beach should/must have an "Operational Audit" in conjunction with a "Fraud Prevention & Investigation Service".
This audit and service would provide all the accountability assurances, training, suggestions that any business or individual might require.
re previous comment
think you will find this is standard wording on the auditor's scope /responsibility in an audit report.
If it was a review audit the report would say that.
Standard Wording ... WHAT?
I do not mean to be difficult but you are correct iifffff ...
1.) Yes it is standard when "Compliation Audit" means no assurance (accuracy).
2.) Yes, it standard and true when a "Review Audit" means limited/minimal assurance (accuracy).
Was it a true certifiable (CPA) accounting (needs to be substantiated) ... I think not.
Could any owner/shareholder convince me as an owner, why shouldn’t I petition the Supreme Court to appoint an administrator to take over the operational aspects of Coral Beach? (See the Law Below) I will wait for an intelligent response, and my patience is running out.
Mr. Daxon
CHAPTER 139
LAW OF PROPERTY AND CONVEYANCING (CONDOMINIUM)
Section 27.
(1) The body corporate or any judgment creditor of the body corporate or any person having an interest in any unit may apply to the Supreme Court for the appointment of an administrator or administrators for the operation of the property.
(2) The court may in its discretion on cause shown, appoint an administrator or administrators for an indefinite or a fixed period on such terms and conditions as to remuneration or otherwise as the court thinks fit. The remuneration and expenses of any such administrator shall form part of the common expenses within the meaning of this Act.
(3) The administrator or administrators shall, to the exclusion of the body corporate, have the powers and duties of the body corporate or such of those powers and duties as the court shall order and the administrator or administrators may delegate any of the powers so vested in him or them as the case may be. (4) The court may in its discretion on the application of an administrator or any person referred to in subsection (1) of this section, remove or replace an administrator.
(5) On any application made under this section the court may make such order for the payment of costs as it thinks fit.
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