What I’ve been asked to investigate by a Corporate Member is an intriguing and multifaceted topic that requires careful consideration and thorough research. The expectations surrounding this investigation are high, and I am eager to delve deeper into the subject matter to uncover valuable insights.
THE WAY IT WORKS
Most question will have a BLOG associated with it, so you won’t miss anything!
Under Review
Water Bills
Check Water Bills
What Happened with our water bills?
Our Gates
Check Our Gates
What happened to the official vote that was promised to us?
For Sale Changes
Check For Sales Changes
Concern:
Sales office Seems unknowable and incapable of duties. Been trying to get home for sale since April. Out of state very difficult. Debating on getting my own realtor even having to pay park $3000 for this privilege.
Suggestion:
I’m in the same situation (selling while out of state), which I feel is further complicated by Our Gates being closed all the time. I have been very successful reaching out to Jenneke A. Shusta 207-451-7629. You can also use the form Contact Your Board on the HOA website. If you still have a problem, contact me at [email protected] or 574-300-2523 and I will get involved.
Concern:
Given most homes are sold as a result of foot traffic having the gates closed limits our ability to sell homes by owner.
Suggestion:
I agree that Our Gates being closed all the time is a big problem, additionally we missed a promise to include a vote in the annual package. Yon can use the form Contact Your Board on the HOA website to let the HOA know your feelings on this manner.
Golf Cart Changes
Check Golf Cart Change
Why are we addressing this important issue now?
Once again, more significant changes are happening that could impact our community and the way we operate.
EMail to BOD
I see that the board approved changes to the rules, which is quite perplexing and somewhat concerning, as I did not receive a copy of the specific rules that they voted on. It has come to my attention that Ron Thomas mentioned during a recent discussion that the Board had adopted these changes after the original communication was sent out to the members. Given this situation, I would greatly appreciate it if you could provide me with a copy of the exact rules that were voted on and subsequently modified by the board. Having this information is essential for my understanding and further engagement in this matter, so I kindly request your assistance with this.
July Meeting – “Old Business: Golf Cart Rules – Steve Roge motioned to approve the proposed Golf Cart Rules. Second by Michael Espinola, Motion carried unanimously.”
Sincerely, Dale Felty 313 Pier A
Financial Reports
- Where are we with our financials?
- Why are we not following Florida Law and being told we will never see our financials?
- Have we closed our books for 2024 and 2025?
My investigation has started.
Chapter 617 Disclosing Financials to Shareholders
The Florida Statutes, specifically Chapter 617, do not explicitly require not-for-profit corporations to disclose financials to shareholders. However, the statute mandates that a corporation must provide its members with the latest annual financial statements upon written demand. This requirement ensures transparency and allows members to have access to the corporation’s financial health. The financial statements must include a balance sheet and a statement of operations for the fiscal year. If the corporation prepares its financial statements on a basis of generally accepted accounting principles, the annual financial statements must also be prepared on such a basis.
Balance Sheet and a Statement of Operations
The balance sheet provides a snapshot of a company’s financial position at a specific point in time, detailing the company’s assets, liabilities, and equity. It is the second most important financial statement, as it reflects the company’s liquidity and capitalization. The statement of operations, also known as the income statement, summarizes a company’s revenues and expenses for a given accounting period, providing insight into the company’s profitability. It is crucial for assessing a company’s performance and financial health, as it is the source of compensation to shareholders.
Audits
Florida Chapter 617, the Not-For-Profit Corporation Act, does not mandate an independent audit for all nonprofits, but requires corporations to keep accurate financial records. However, nonprofits with annual revenues exceeding $1,000,000 generally require an independent audit, while those with $500,000–$1,000,000 must have a financial review. Specific entities like Direct-Support Organizations (DSOs) must provide annual audits within 9 months of fiscal year-end.
Key Audit and Financial Requirements
Audit Thresholds (General): While Florida law does not set a strict, universal dollar threshold for all 617 corporations, accepted best practices and standard requirements for soliciting funds often mandate independent audits for organizations with over $1 million in revenue.
Direct-Support Organizations (DSOs): DSOs with more than $250,000 in expenditures must submit an annual, independent financial audit to the Auditor General and the Board of Trustees.
State Financial Assistance: If a non-profit expends $750,000 or more in State financial assistance in a fiscal year, it must undergo a state single audit under the Florida Single Audit Act.
Member Inspection Rights: Members have the right to inspect accounting records if they provide 10 business days’ written notice.
Record Keeping: All Chapter 617 corporations must maintain accurate financial records, including minutes of meetings, for at least 3 years.
Accounting Records
- Source Documents: Invoices, receipts, bank deposit slips, credit card receipts, and cancelled checks.
- Accounting Books & Journals: General ledgers, sales journals, purchases journals, and cash books.
- Financial Reports: Income statements, balance sheets, and cash flow statements.
- Operational Records: Payroll records (tax deductions, employee payments), inventory records, and contracts.
- Regulatory Compliance: Required by law to prove compliance with tax regulations and to ensure accuracy in financial reporting.
- Audit Trail: Provides evidence for internal and external audits.
- Performance Tracking: Allows management to monitor revenue, expenses, and overall financial stability.
- Decision Making: Enables informed business decisions based on accurate data.
HOA or Business
Check HOA or Business
Are we truly functioning as a business or are we operating as a Homeowners Association (HOA)? It seems like we have a CEO leading the charge rather than having a traditional President at the helm, which raises some important questions about our structure and governance.
Bylaws Not Being Followed
I keep hearing that our BYLAWS are not being followed. – BLOG coming soon.
Can I Help You?
Do you have something on your mind that makes you stop and think, perhaps something puzzling or intriguing that sparks your curiosity? Feel free to reach out and ask me about it, and I will take the time to look into it thoroughly for you.
"I will take the time to thoroughly investigate the majority of your questions and compile as much detailed information as I possibly can. However, please understand that there may be instances when I may not be able to completely resolve every single inquiry you have."
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