F I N A N C I A L S T A T U S
Unpaid Association Fees are a Major Problem!
Unpaid Association Fees as of 31 Dec 2014:
113 Accounts are Past Due, which equaled $254,722, 31% of owners.
55 Account balances between $1,000 and $5,000 which equaled $89,003, 15% of owners.
11 Account balances between $5,000 and $10,000 which equaled 5% $80,755, 5% of owners.
6 Account balances greater than $10,000 for a total of $73,270.
22 owners made no payments in 2014.
Collections need a new approach! Making a few phone calls has not worked in the past and is not working now. It appears that judgements and liens are not bringing in much revenue either. Should we consider hiring a collection agency as other Associations do? We can no longer pay our fees and our neighbors’ fees as well!
Financial Management by Metro, Associates, LLC and the Board:
Financial Records show Metro’s Financial Management continues to fail. Operating expenses have exceeded the income from Association Fees for the last three years at an alarming increased loss per year.
2012 -$44,861 Loss Total Funds 2012 Unknown
2013 -$69,059 Loss Total Funds 2013 $80,139 Accounts payable
2014 -$85,866 Loss Total Funds 2014 $140,937 Accounts payable
Our losses get bigger and our unpaid bills pile higher. If this were your business, and the Manager had run your business into the red for three consecutive years, would you demand change?
No financial statements have been made available for 2014 as required by law, nor have we seen any budgets for 2015 and 2016.