Financials under Sherry's board
I didn't mean to sound like anything fishy was going on under your board. I know you were doing a free service for no pay. My father was once on a board member at a different complex so I'm familiar with the process. I was questioning the way the money was spent and why no reserve was saved in 5, 10 or 27 years. This State needs to make this mandatory or y'all would make it disappear for no reason.
Again, let's use the current board as an example. I'm sure anyone other than me could figure it out. They spent $200,000 within 2 years to rehab the entire complex. Your board on the same principle, had $400,000 to spend in 4 years.
All of the little items that you described: termites contract, pool rehab, fence, gutters would probably equal to 1 or 2 building rehabs. Of the other 6 building rehabs, one costed $80,000 if I heard it right from my neighbor. In short, with $400K budget in 4 years, operating costs aside, you could have done total rehabs for the entire complex TWICE over.
When I came in I probably saw that last rehab and then everything stopped. You meant the rest of the remaining money went to the lawyers? I don't see any benefits for repairing right a way, or wait a few weeks to find a lowest bidder. James board if you realize, inherited a sprinkler system that is 20 years old (correct me if I'm wrong).
I remember receiving a letter from you that was sent out to all of the residents regarding your quiting the board in disgust. Then Cecilia came onboard and continued nit-picking (another area where y'all spent like crazy on violation letters).
Like James said, if y'all could just saved $25K each year into our reserve, that's only $2000 a month, we could have $100K when you left your board. Cecilia's board couldn't have used up all of that money since they would have their own budget to eat, and eat they did just like James described or we would have $300K when James' board took over.
James' board did the right thing by stopping nit-pickings but still effectively keeping up deed restrictions (see Andrew's complaint), stopped lawyers actions, stopped expensive management company and handyman. You had 4 years and couldn't do anything similar to what they did?
My vehicle was towed while parking in the mailbox 8 to 8 lot. It was towed before 8 (that's when I go to work or I couldn't have made it to my 9 AM job 30 miles away in rush hours traffic). The wrecker company coudn't even produce a picture and time taken. James' board did the right thing by discontinue indiscriminate towings, saving the residents from all the hassles and pocket monies.
I'm sure y'all have paperworks to support your spendings, like Ernest's $88 an hour - $4400 a month job. That's why City Hall politicians are able to exchange money under the table, while keeping verything ''legal'' on the table surface.
Let's see how much maintenace fees James' board could reduce and let's see if they could continue the repairs, potholes filling and still save some money in the reserve.
By Anna