As part of the 'turnover process' what needed to be done for the 2001/2002 books is an accounting that will indicate a true financial picture. This is a normal and expected part of the turnover process, the actual turnover occurring in October of 2002. At a meeting in 2002, shortly after the turnover, the Board of Directors decided that an end of year (2002) accounting needed to be done and this would remain an issue until resolved. It became apparent that an accountant or committee was necessay to do an internal audit.
A report was presented at a Board meeting indicating the results of the committees findings. Marie Carron went over the attached report on the committee's findings on the 2001-2002 records of the Association. Some of the conclusions were reached after a review of the expenses and receipts were that the collection of late fees need to be enforced. Management explained some of the situations that were encountered and if an owner has submitted in writing the reason why the fee was late, the late fee was waived. As of February 2003, 32 late notices were mailed. The Committee had also reported that the reserves are inadequate and that Phase I will need to be resealed this year in order to go on a 5 year maintenance plan. The Committee concluded that Annual Dues need to be increased to support the funding of the road maintenance in the future.
Rather than hire accountants at a price, the Board established an Ad Hoc committee consisting of residents who volunteered to join this committee. At a Board meeting early in 2003, volunteers were requested from the residents in attendance whose background and expertise were in Finance or Accounting or both. Ms Marie Caron and Mr. Ed Foulds graciously offered their services in this regard.
