MEETING MINUTES & FINANCES
Posted by Blogmaster at 1/20/2008 2:45 PM and is filed under uncategorized 
In order to provide more information, the Blog will post all of the meeting minutes and financial reports as they become available.
2006 Year End Balance Sheet 2006 Year End Income Statement
July 2007 Balance Sheet July 2007 Income Statement
August 2007 Balance Sheet August 2007 Income Statement
September 2007 Balance Sheet September 2007 Income Statement
October 2007 Balance Sheet October 2007 Income Statement
November 2007 Balance Sheet November 2007 Income Statement November 2007 Reserve Statement
December 2007 Balance Sheet December 2007 Income Statement December 2007 Reserve Statement
MEETING MINUTES
2007 Annual Meeting Minutes January 15 Special Assessment Meeting
February 12 Organizational Meeting
February 20, 2007 BOD February 27 2007 BOD
March 12 2007 BOD March 16 2007
April 16 2007 May 22 2207 BOD
June 13 2007 BOD August 14 2007 BOD
2006 Year End Balance Sheet 2006 Year End Income Statement
July 2007 Balance Sheet July 2007 Income Statement
August 2007 Balance Sheet August 2007 Income Statement
September 2007 Balance Sheet September 2007 Income Statement
October 2007 Balance Sheet October 2007 Income Statement
November 2007 Balance Sheet November 2007 Income Statement November 2007 Reserve Statement
December 2007 Balance Sheet December 2007 Income Statement December 2007 Reserve Statement
MEETING MINUTES
2007 Annual Meeting Minutes January 15 Special Assessment Meeting
February 12 Organizational Meeting
February 20, 2007 BOD February 27 2007 BOD
March 12 2007 BOD March 16 2007
April 16 2007 May 22 2207 BOD
June 13 2007 BOD August 14 2007 BOD
Why is Gerdel still treasurer?????
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In reviewing all the various financial information that has been gathered, it appears that not only has this board been spending operating funds, it appears that the capital account has disappeared as well. At the end of 2006 the capital fund had $34,586.93, after the capital fund is tapped for the IOU to operating account, that leaves $1342.44. Anyone have any ideas where they have spent this? That is another $33,244.49 that seems to gone. At the end of 2006 we were at a 56K deficit, at the end of August we were at 84K deficit for 2007.
I walk through our neighborhood and beyond the signage, that does not look all that impressive, what do we have?
Oh yeah, what is with the pool closed till further notice.
I think a recall is in order before Ron Gerdel asks if homeowners want to rollover the surplus, again!
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It's not over yet folks! There are more surprises in store! We still have Sept. and Oct. lawyer fees $$ pending.
Only an "independent" audit will tell the true story. But, can we afford one?
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To tarnished silver and Silence Dogood,
I am still of the belief that a recall of the Board would have been more appropriate, then they would all be gone and we could move forward cleaning up the aftermath. It is very much like watching a "trainwreck" happen.
I know that is a Donofrio phrase but he is still on the board and does not seem effective at stopping anything, since he was the author of the Special Assessment you would assume that he would have stayed involved but..............
Maybe a resident of AW (an attorney) could let us know how to stop the spending.
CAN THE BOARD!
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There is really not much that can be done to stop the Board from acting inappropriately other than a recall, or another petition to have them vote on a particular resolution to stop spending money on other than essentials. Which gets back to how absurd the passage of these rules are. AW has no money to enforce violations, but the Board is more focused on washing and waxing the car than replacing its blown engine. It is absolutely ridiculous how a majority of the Board (Lou, Ron, Daryl) can be so out of touch with reality and focused on issues that are really irrelevant right now.
And as far as the audit, the Association is required by Florida law to have an audit every year, unless the owners vote to waive the requirement.
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It seems clear at this point that Gerdel and Silvers can't be shamed into resigning from the board. So they will have to be recalled.
The board did remove Silvers from the office of president, and Deperi stepped up to the plate. You have to admire Deperi wanting to stick his neck out at this point it's going to be a rough job. Silvers has lost power, but he still has a vote and can cause trouble. He needs to be recalled, so he can do no further damage. His position could be left open.
It's understandable that no one on the board would want the hot potato of the treasurers position now. It's such a mess will anyone want it? It seems critical that we have a new treasurer, and if none of the current board members is willing to take the job then someone in the community will have to step forward and volunteer to do it.
The rest of us need to organize to lead the recall effort to remove Silvers and Gerdel.
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Tarnished Silver
I feel that we must have a certified audit.
Yes it is going to be costly. This board is going to be responsible for their actions or lack there of. I hope that each of them have equity in their homes. I feel that we must try to retrieve some of our monies wasted. This will send a signal to future Boards to be responsible.
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Question for our local attorneys
Since most of the spending was a one man gang, lets say it was not ratified at the next meeting as required. Who is responsible for the monies spent. Lets say the board as a whole did not have the opportunity to vote on the expense incurred. Do we even owe the monies?
Who really owes the money?
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To Tarnished Silver & Max Hansen,
I think an independent audit is mandatory for 2007- it would be a way to close the door and move on from 2007 for all of us. An auditors comments on the undefined Special Assessment, reserve and capital fund expenditures and of course the operations costs.
We have already incurred $4677 in audit costs this year so it should be included in the 2008 Budget. An auditor also requests copies of all Board meeting minutes to ensure that all large expenses were approved by the Board.
I vote yes on the audit and have the auditors report available to all members of AW.
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What would happen in the private sector if a CFO allowed this to happen? The CFO would be canned.
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Audit Answer:
The following is Section 7 from Section 720.303 of the Florida Statutes. The requirement can be waived by the majority vote of members attending a meeting at which there is a quorum. Therefore, unless the owners vote to the contrary, an audit of AW's finances must be performed annually. FYI, since I have lived in AW, I do not recall ever being provided with a copy of the Annual Financial Report, nor do I recall ever having been provided with a written notice that a copy is available upon request as required by the Statute.
From 720.303:
(7) FINANCIAL REPORTING.--Within 90 days after the end of the fiscal year, or annually on the date provided in the bylaws, the association shall prepare and complete, or contract with a third party for the preparation and completion of, a financial report for the preceding fiscal year. Within 21 days after the final financial report is completed by the association or received from the third party, but not later than 120 days after the end of the fiscal year or other date as provided in the bylaws, the association shall, within the time limits set forth in subsection (5), provide each member with a copy of the annual financial report or a written notice that a copy of the financial report is available upon request at no charge to the member. Financial reports shall be prepared as follows:
(a) An association that meets the criteria of this paragraph shall prepare or cause to be prepared a complete set of financial statements in accordance with generally accepted accounting principles as adopted by the Board of Accountancy. The financial statements shall be based upon the association's total annual revenues, as follows:
1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements.
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It is such a relief that we had $54,000+ (listed on the Sept balance sheet under Capital Improvements; Hurricaine Damage repair)to spend to help alleviate the damage from that terrible 2007 windstorm HURRICAINE DARYL. I'd love to see how he justified spending that money.
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It is most certainly amazing that for September expenses:
1) Electricity is 1/3 of what it has been
2) Building maintenance - a credit
3) Security 10K less
4) Special Assessments a credit of $34K
5) Website - a credit of $843
6) Legal costs - a credit
HOW DO YOU SPELL COOKING THE BOOKS, RON?
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This board may think this is a big joke, and they have been so slick. Here is the fact, that if there is one thing that the AUDITORS find, I will push to prosecute to the fullest extent. If the community has been hood winked like we suspect it won't be funny when the Audit is over. It is time to come clean now if the books are being cooked. This is not just me, there are many members in this community that feel the same way. We do not plan us slowing down until we get to the bottom of this nightmare.
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Glenn,
How can we make sure that the Audit Firm isn't some one that will let things slide in favor of the present Board. We need an organization that will perform the Audit with a fine tooth comb.
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I was just reading over the Board minutes and just don't understand how Jan was voted out as President and Daryl Silvers put in his place. Can anyone explain to me what happened? Jan clearly won the votes and Daryl Silver and Charlie tied. How after a month was Mr Gerdel able to say things weren't done correctly and the change made? Is it really okay that out of the 3 votes to have Jan out as President and Daryl installed that Daryl got to be one of the votes?
What the heck happened????
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It could have started when a suggestion was made to remove 2 significant others as committee heads to eliminate any perceived nepotism. The real question is: Why didn't Lou, Ron and Charlie stop Daryl's spending sooner? Hmmm! One can only wonder.
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Updated R&R on the Autumn Woods Web site.
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I have just found out today, that per Hayden & Associates, the financial picture that was presented by the Board in January was not final due to additional invoices and accruals that need to be made. Legal and security $'s were specifically mentioned.
Therefore financial information has not gone for the 2007 audit.
This will affect how rapidly we get an audited financial back.
Just thought I would share this info for anyone looking for updates.
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