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Three upper class Madison/Reservoir subdivision HOAs may have been taken for 7 figures
Posted on 11/10/19 at 5:49 pm
Posted on 11/10/19 at 5:49 pm
Last week it was announced that a new board member (a CPA) discovered over $500k in irregularities in an HOA checking account managed by a local real estate management company that has many upper class HOAs in the Jackson suburbs.
Anyway, word spread, and two more - Dinsmor and Palisades have found significant missing funds.
LINK
Your HOA boards aren't usually equipped to manage a lemonade stand. Demand an independent CPA audit.
Anyway, word spread, and two more - Dinsmor and Palisades have found significant missing funds.
LINK
Your HOA boards aren't usually equipped to manage a lemonade stand. Demand an independent CPA audit.
This post was edited on 11/10/19 at 5:51 pm
10
Posted on 11/10/19 at 5:51 pm to anc
That's enough to outfit 3.5 travel ball teams.
Posted on 11/10/19 at 5:55 pm to anc
Lol at HOAs
Posted on 11/10/19 at 6:16 pm to anc
I always figured HOA dues can easily be mishandled.
Think about it. 200 home subdivision, $300/ year dues. That's $60,000 some one is in charge of. What are you paying for?
Some excon (and/or relative of a hoa board member) will get paid to landscape and mow the common areas all year. How much is that?
Some have to pay for street lights. Power company doesn't charge too much. Maybe $100/year per light. Ok, that could add up. Still maybe $10,000/ year for lights. Still not getting to $60k.
Think about it. 200 home subdivision, $300/ year dues. That's $60,000 some one is in charge of. What are you paying for?
Some excon (and/or relative of a hoa board member) will get paid to landscape and mow the common areas all year. How much is that?
Some have to pay for street lights. Power company doesn't charge too much. Maybe $100/year per light. Ok, that could add up. Still maybe $10,000/ year for lights. Still not getting to $60k.
Posted on 11/10/19 at 6:17 pm to anc
Threads bitching about HOAs are funny. How about instead of bitching, move somewhere where you don't have to pay other people to enforce rules on you.
Posted on 11/10/19 at 6:19 pm to anc
Our last HOA president was a CPA. That man would chase you down the street for two nickels if you were behind.
Posted on 11/10/19 at 6:27 pm to anc
quote:
Dinsmor
My aunt and uncle live in that neighborhood and it’s downright scary how many people there (on the DL) have some serious pull statewide. I wouldn’t want that group of homeowners coming after me. That management company done fricked up bigly.
This post was edited on 11/21/19 at 10:57 pm
Posted on 11/10/19 at 6:29 pm to anc
quote:
Dinsmor and Palisades have found significant missing funds.
Those are more middle class in every state but Mississippi.
Posted on 11/10/19 at 7:17 pm to anc
I was asked to join the HOA when I lived in Madison because I was an attorney. It wasn’t that hard to keep the books and we kept everything in the open and provided balance sheets every quarter. You have to be very lazy or an idiot If you can’t keep the books for a HOA.
Posted on 11/11/19 at 11:59 am to anc
I stupidly volunteered to be HOA prez a few years ago in my previous subdivision of 77 homes
Our landscape costs were $5K/year. It was approx 1 acre of grass.
Legal fees used to go after delinquent owners: $500
Streetlights were paid on individual bills spread amongst all residents of the neighborhood
Insurance and state filing fees were around $1K
No idea why those HOAs sat on $500K
I would also say that residents are reluctant to volunteer to be board members or officers. That's why many are now managed by 3rd party groups. It would be quite easy to lose track of all spending if your board members are not actually active in the managing of the HOA (most are not)
Our landscape costs were $5K/year. It was approx 1 acre of grass.
Legal fees used to go after delinquent owners: $500
Streetlights were paid on individual bills spread amongst all residents of the neighborhood
Insurance and state filing fees were around $1K
No idea why those HOAs sat on $500K
I would also say that residents are reluctant to volunteer to be board members or officers. That's why many are now managed by 3rd party groups. It would be quite easy to lose track of all spending if your board members are not actually active in the managing of the HOA (most are not)
Posted on 11/14/19 at 7:29 am to anc
Me thinks someone should have addendum the contract before signing.
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