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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 5:54 pm to Jim Rockford
That is a lot of money for a HOA to keep in the bank.
Someone must have been related to JBE and thinks the surplus is a good idea.
Someone must have been related to JBE and thinks the surplus is a good idea.
This post was edited on 11/10/19 at 5:55 pm
Posted on 11/10/19 at 5:59 pm to Janky
Homeowners are pissed in Palisades. There was an incident at the last HOA meeting where a group of residents wanted to see the GL and they were told to get bent. It got ugly. There is a commenter on the JJ blog that said a fight nearly broke out - I don't think it was that bad, but there was some yelling between people that are "respected professionals."
Now this.
The entire board should resign in shame.
Now this.
The entire board should resign in shame.
Posted on 11/10/19 at 6:01 pm to anc
Wait, a person paying into the hoa and living there wasn't given access to see the GL? I'd throw hands too, that's insane.
Posted on 11/10/19 at 6:05 pm to anc
quote:
The entire board should be running for their lives
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 Janky
quote:
That is a lot of money for a HOA to keep in the bank.
It depends on what neighborhood assets the HOA is responsible for. Gated HOAs, for example, have to maintain the roads and with most HOAs you have to build up the funds for larger capital investments. One of our HOAs had to resurface 1/4 of the roads (from the first filing) earlier this year which amounted to about 5000ft of road and cost a little over $250k. The next 1/4 will need to be done in 2-3 years. Without building up a surplus over time we would have had to make a fairly large assessment to cover the roads.
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 6:25 pm to Jcorye1
quote:
I'd throw hands too, that's insane.
That’s not allowed in our HOA.
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 6:28 pm to OysterPoBoy
quote:
That’s not allowed in our HOA.
Can you at least see financial statements or something?
If I couldn't see detailed financial information and I was expected to pay material amounts, there's zero chance I'd buy there.
This post was edited on 11/10/19 at 6:30 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 6:30 pm to GEAUXmedic
quote:
How about instead of bitching, move somewhere where you don't have to pay other people to enforce rules on you.
I did, thanks. It's awesome
Posted on 11/10/19 at 6:34 pm to Jcorye1
I mean throwing hands isn’t allowed.
Posted on 11/10/19 at 6:34 pm to RogerTheShrubber
HOA books for most neighborhoods are pretty basic and most management companies should be producing reports at least quarterly for the board to review. They are usually one maybe 2 pages long. But there are plenty of boards full of idiots with terrible management companies.
Posted on 11/10/19 at 6:40 pm to baldona
quote:
HOA books for most neighborhoods are pretty basic and most management companies should be producing reports at least quarterly for the board to review. They are usually one maybe 2 pages long. But there are plenty of boards full of idiots with terrible management companies.
I'd hope they'd be pretty simple. We aren't talking high end private equity here, it should be basic dues received, expenses, liabilities, and depreciations/amortization.
Posted on 11/10/19 at 6:45 pm to East Coast Band
quote:
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.
Also add in pool (or pools in some cases) maintenance, possibly guards along with life guards during summer pool open hours, and liability insurance for pool. Though i am sure there are kick backs or some benefit to board or management company as our budgeted expense for these and landscaping seem high.
Although when buyers want to use a house as a teen homeless house but not ready to comment to doing this within their own neighborhood or when out of state investor buys house to use as a full time AirBNB extended stay hotel with zero owner presence or full time resident in house HOAs can be helpful. Sending me a warning letter dated following day that my roof shingles were blown off and a section of fence blown down from a storm declared some type of regional emergency with a lot of people in same boat throughout city is not so helpful.
This post was edited on 11/10/19 at 6:48 pm
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