2021 financial audit and income tax return past due

Started by CorbinB • 6 replies • 241 views

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CorbinB (Florida)
Posts: 7

Posted:

Hello we are a gated community in FL our yearly budget is 6M+. We had an audit review May 2022 for fiscal year 2021 Jan-Dec there were questions raised by the auditor about not having access to the management company's records. Also the management company employee responsibly for our account was not available. A bord member told me yesterday that as of Nov. 2022 we don't have the audit or tax return. We are in violation of FL statute 720.303 but I'm more concerned about embezzlement or fraud. Thank you.

Corbin B

TimB4 (Tennessee)
Posts: 21,059

Posted:

Time to escalate the issue up the chain at the management company.
Specifying that if the issue isn't resolved, the board will report the issue to the licensing board (as CAMs must be licensed in FL).

KerryL1 (California)
Posts: 14,550

Posted:

Good advice from Tim. The delay is very suspicious. Whether embezzlement or simple CAM incompetence, you deserve answers.

LoriM15 (Florida)
Posts: 1,009

Posted:

I don’t think the OP is actually on the board. There may be more to this story. I would ask for an update at the next board meeting or in a formal letter to the board. It may just be delayed. But if they aren’t working to get the audit done ASAP then the board is negligent and they need to be called on it.

TimB4 (Tennessee)
Posts: 21,059

Posted:

I agree that the OP, if not on the board, should first check formally with the board.
Perhaps suggesting that the board make a complaint to the license bureau.

CorbinB (Florida)
Posts: 7

Posted:

The board still can't say when the 2021 financial audit and taxes will be completed. Here in Florida income tax extension has been pushed to Feb. They were able to agree on a 2023 budget and a hefty monthly amenity fee increase. Our board isn't the brightest bulbs in the room. Can pressure be put on the management co. or might they be part of the problem? I think I might be getting the runaround...

AugustinD
Posts: 1,027

Posted:

Quote:

Posted By CorbinB on 11/05/2022 4:30 PM
Can pressure be put on the management co.

Only the board can apply such pressure. Meaning that, if you are not on the board, your best recourse is likely to speak during the open forum segment of board meetings and inquire about the audit et cetera. Your comments might be acknowledged but otherwise ignored. Whence if you really want a second job, and for no pay, you should consider running for the board, rounding up others who have a lot of time to spare and like conflict among neighbors, and who feel as you do, who would also be willing to run for the board.

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