Our "Nevada Know How" expert, Tim Stebbins, has analyzed the "Surplus" issue...and...he's written an excellent
editorial.
How should it be handled ?
Keep it...or...return it to Sun City Anthem unit
owners ????
According to Tim...
I Want My
Money and So Should
You!
or
Click on our Information
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"Nevada Know How"
ReplyDeleteFrom Robert N...to...Anthem Opinions
Tim - Thank you for an excellent "Layman's" explanation regarding surplus funds - of course I believe the funds should be returned.
My question:
What would prevent the Board from "making sure" all the operating expenses are actually "spent" during the year by throwing the money away on unnecessary and superfluous items (remember all those meetings at dinners at the "M" when Ms. Seddon was hired)?
Just like when I previously worked for an Agency in the Federal Government where, at the end of the year, $$$ was thrown away on anything because "you had to spend the money in the budget because they'd cut the budget for next year"
ReplyDeleteFrom Danny Cordero...to...Anthem Opinions
I'm with you if there is extra money that was paid by Homeowners like you and me, it should be returned to the homeowners.
The SCA Board have no authority or right to do anything else with our money.
Return the funds or use the funds to lower the HOA fees next year.
Simple!!
Thank you for your article.
Why shouldn't the Board just use the money to donate to a favorite charity, say perhaps the Foundation for Assisting Seniors, or some other. Or maybe they could use the money to fund a restaurant, since they seem to want that regardless of the history. Why ask the residents what to do with surplus, or ask the only CPA on the Board? Even better, lets have the Association buy up a few homes and then provide refugees the opportunity to participate in Sun City Anthem.
ReplyDeleteI'm sure there are lost of creative ways to spend the money before it is considered surplus.
To Robert N...from...Tim Stebbins
ReplyDeleteAs far as I know there is nothing to prevent the board from "dumping" surplus cash on worthless items at the end of the year - except, if that can be documented to show it was spent on items NOT in the budget a complaint can be filed with the Ombudsman for breach of fiduciary duty.
From Tim Stebbins...to...Danny Codero
ReplyDeleteDanny, you are right on.
The normal way to return any surplus is by a reduction in assessments for the subsequent year.
It can also be done by sending every member a check but that is cumbersome and expensive.
ReplyDeleteFrom Hollis Habeger...to...Anthem Opinions
The surplus funds should be put into a reserve account… BUT THAT NEEDS TO HAVE A CAP PUT ON IT.
When that account is maxed…the rest should be returned.
No extra “optional” accounts..!
ReplyDeleteFrom Kathy Dauenhauer...to...Anthem Opinions
I'm not sure why there is even a question about returned money if we have over paid.
Think about it; you're a homeowner that overpaid one of your bills.
You either want credit or most likely, your money back.
As a Realtor, working in selling and closing homes, you either come to the table owing nothing, owing something, or you will be expecting a return of probably some of your mortgage back. (it's called -I paid to much) and Title will tell you that to expect as a refund.
Am I missing something?
At the check stand, you overpaid, they return your money.
This shouldn't even be a question.
If we all overpaid, RETURN OUR MONEY. We will decide what to do with it, NOT the board.
Ask yourself; What is the RIGHT thing to do?
ReplyDeleteI would like to make one comment about all of readers who have shared their views on this matter...
First, we encourage all of you to continue doing so.
Second, these comments, whether you agree or disagree with them , are thought provoking and intelligent.
Note that there are NO INSULTS, nor do any of these individuals HIDE BEHIND AN ALIAS...
...something other blogs readily allow, which in our opinion, demonstrates rhetoric all too often expressing DEMEANING, DEROGATORY, HUMILIATING, CHILDISH, and HARASSING behavior.
As owner of Anthem Opinions, thank you for allowing our blog to do what a blog SHOULD DO...
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