BOD President W2ndi H1ll said...

This story was first published in the TAJ Newsletter
Una traducción española está disponible en Web site: www.TAJWatchSpanish.blogspot.com
BOD President W2ndi H1ll said, “The new BOD has researched and discovered a failure in monitoring the finances resulting in a shortage of nearly $300,000.00 ….. which up to date was not reported by the property manager or treasurer…”

Wendi had little further information about the reported shortage, other than to say that the information was coming from the accountant.

Shortages can come from lack of payments of Monthly Maintenance by unit owners, lack of payment of Special Assessments by unit owners, or by unfunded spending (like in the case of Hurricane Wilma clean-up, which was an expense that was not budgeted for ahead of time).

All checks written by the Association have to be initiated by the accountant (they are in possession of the TAJ checkbook) and signed by two BOD members. Unlike the past when TAJ money was stolen by a single unscrupulous man, nothing less than a full-blown conspiracy involving an insured accounting agency could result in wholesale theft of Association monies.

Reports of deficits are never good news. But it is better to know than to not know the truth. Our thanks to the BOD for their continued efforts. Steve Frahm