Tuesday, December 18, 2007
Dr Susan Roche - Questions for the Treasurer
Is Mr. Galiano sending a treasurer's report or a building and grounds committee report? Whichever it is he misses the mark on several important points. Neither Mr. Galiano nor any other member of the 2006/07 board, with the exception of Mr, Delorme, has responded in the last year and a half to any communication from this owner (e-mail, phone, letter). Because of this I write under my own name in this blog. I understand why owners would write anonymously as Mr. Rufa said to me after the 2007 AGM that this is his year for revenge. Mr. Galiace our questions are not about maintenance fees. The BOD minutes of 18 Jan.05 report $690,000 in CDs and $116,571.00(B) plus $57,057.00(US)in cash. BOD minutes of 14 Jan.05 report a hurricane settlement offer of 767,115.60. This claim was reported to be re-opened in the 6 Feb. 05 BOD minutes. Was there even a greater insurance settlement as Mr. Rufa hinted at in 2006 Open Forums? Now to top it off, we add a special assessment of $800,00.00. This gives owners a grand total of $2,430,743.60!! An amount of money with which to work no previous BOD has EVER had. This is what we want accounted for; and articles DEMAND that DIRECTORS keep these records and have yearly audits and make these records availables to owners.The special assessment was for spalling, painting, A/C,and guttering. This work is incomplete. Are these the large projects there is not funds for? G-7's bid, 14 Nov.'05, was for $372,000.00 and in the BOD minutes of 13 Jan.'06 the BOD set aside $150,000.00 for materials for this project. Where went the remaining$1,908,743.60?This does not include our regular maintenance fees and hotel room sales.Susan Roche
Subscribe to:
Post Comments (Atom)
9 comments:
Dear Ms. Roche,
Great points. Also, don't forget all of the money they're charging the owners who rent. With as many owners who rent at Coral Beach, this amount must be quite substantial.
Susan:
Please send your letter directly to Phil Galiano so there can be no question that he receives it.
Thank you.
Beth Stengel
Unit 1212
In coment to the Treasurers/Building & Grounds Report a few things come to my mind...
I find it very difficult to believe that 4 bookeepers in a row have all been either " inept, inexperienced or untruthful " as quoted by our Treasurer. Usually when this high a turnover exists the problems are most likely with the persons leading the business.
He then speaks of what most Owners don't know...how would we know anything that is going on, as the communication and so called transparency has been disasterous. We have seen no BOD Meeting minutes and we don't even know who is on the Board for sure most of the time.
As a Shareholder I do not like rhetoric. I want to see facts and figures on paper..such as the receivables owed us.
He also states that his recomendation will be for NO increased maintenance fees, yet the only three months Profit / Loss Statements we received reflect and operating loss every month. On what factual and printed basis does he make this statement. I am all for lower maintenance fees, but as a Shareholder I must see substantiative evidence to support such measures...that's just plain good business..
Now we find out that they are terminating the contract with the Spalling Contractor..this will I'm sure bring on yet another litigation and will most likely bring with it increased costs to have the Project completed. Where is this problem reflected in the budget report. I also wonder why we have so many problems with sub-contractors working for us...could be like the bookeeper problem and possibly not with the sub-contractors but with the leadership..?...
We have also been told that Engineers were consulted in both the U S and on Island regarding details for the terrace roof construction and roofing. I simply ask to view the reports of the Engineers consulted as to the recomendations and specifications for such a detailed and expensive project...?....not rhetoric...facts...
I could go on and on ...but in short..I am very nervous and uneasy with the current leadership
Marty Untch 3108
testing pat
I recently received a report from Mark Hardy and asked a friend of mine that has a financial accounting background to review to see what she thought. She briefly explained to me that in Aug o6 to Jul 07 was a loss of $47,711. Mr. Hardy references this in his notes #5 Cash flow and explains that it really is greater $160,000. She continued to tell me that the budget for the current year of July 08 had a net loss $200,000 except for the sale of the sale of 5 units. Her suggestion was that the operating budget should not be budgeted for a loss and that the sale of the 5 units should go to a reserve for future major repairs. She showed me on the balance sheet that noting was being put away for an emergency. Last but not least she explained that having a net loss this year and making it up by the sale of assets will not help next year. If the budget is correct than next year we would have a loss of another $200,000 and how would that be made up.
She reviewed the balance sheet and warned me that we may run out of money with the high receivables and if the pre payers stop prepaying because of these losses. There are accounts payable that have to be paid, although it was noted they may be off by $55,000 per Mr. Hardy’s note #4 Balance sheet. Realistically she mentioned that we will not collect the receivables but have to pay the payables and they were not accounted for in the budget.
I trust this person and now have fears about our finances and what we are being told.
I have included the "test" from an Owner just to assure him/her that the system works - all comments posted on this page come to the main site for me to moderate. I received two duplicate postings and two different tests this evening - so I trust that the Owner/s who were uncertain as to how the system works, are now satisfied that their message came through OK.
Comment from Owner sent by email: I post it without his name as he has not specifically opted for posting on the blog.
"I think your accountant friend is somewhat confused concrning operating expenses and capial expenditures. Very clearly the budget shows that we have essentially a break even operating budget with the $160,000 as capital costs."
Do we know if Coral Beach is going to receive this additional insurance settlement?
Since Phil seems so sure of himself about not having to raise the maintenace fees, maybe they are going to pull a rabbit out of their hat at the AGM?
It would be like them to do something like that.
How can owners find out? Could someone reponse to this that may know.
Thanks,
I seriously doubt we will ever see one red cent from the "additional insurance settlement". This involves one of those "ambulance chaser" insurance brokers who claim they can get you more money. It borders on a scam. Bruno and Phil were trumping this during last years's Owners Forums to impress the owners that the Board's interest is to ensure Coral Beach financial health, all the while the money we did receive from the insurance settlement and the assessment has been disappearing money in our accounts.
Post a Comment