What is going on at the CSD? Confusion and Incompetence at the very least?
Read below for the details!
Speaker 1 (00:00):
I came to a couple of LLAD meetings for, one was for Oak Ridge Village and then I decided that I was going to take a look at one item. So the item is called the wall, and the wall is, I don't know, 200 feet long, 300 feet long, somewhere in there. Got a great big brass sign on it. It says Oak Ridge Village. And so took a look at that and went, we have a problem here. It pulled out the Browning Reserve study. Now the Browning Reserve study isn't really a Browning Reserve study, it's just a browning study because we don't do reserves on those kinds of things. It appears because when we look at the original time, that wall was built in 1990 and it has never been, from what we could tell, it's never been repaired, painted, stuccoed, nothing. Now, maybe it has been, but I couldn't find it.
(01:01)
The point is that we're supposed to have a reserve fund. That's the whole point of the Browning Reserve is to know where your reserves are to do the work on the things that you've got in that booklet, if you will. And we have been collecting money for that reserve for 30 years and we've never taken care of the wall. To me, that's just crazy. And I'm thinking to myself, maybe I'm the one that's crazy that somehow I've missed something somewhere. But are we taking what should be reserved funds and putting 'em into a general fund and using them to just pay their actual maintenance of blowing and go on that property. And we never went back to 'EM and said, folks, you're going to have to have an election. You're going to have to beat the two 18 numbers so that two 18 is a requirement to actually have a vote and you've got to increase your fees because we did not put a COLA with the 1990 documents. So their fee is the same today as it was then. That's my understanding. With that in mind, I look at it and go, how many others do we have? Like this wall is just a wall we have, I'm not sure how many LL LEDs. My guess is 35 that are active. 29 27.
Speaker 2 (02:16):
I thought it was 27.
Speaker 1 (02:20):
Not terribly relevant, but
Speaker 2 (02:22):
We have 33 total.
Speaker 1 (02:23):
Okay, thank
Speaker 2 (02:24):
You. And I believe the 25 number is correct for active.
Speaker 1 (02:29):
The point is that there's, there's a number of assets out there that are involved with the Browning Reserve study and I'm not sure that we are in balance with that account when we aren't keeping the reserves as reserves. I don't believe the accountant should be turning them in as if we're supposed to sign off on 'em under penalty of perjury.