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Where are all my HOA underground lawyers at???

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Where are all my HOA underground lawyers at???

Old 11-07-2014, 11:47 AM
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Default Where are all my HOA underground lawyers at???

Need some help with an HOA issue. Long story short, the president of the HOA is also the owner of the management company that the HOA hired to manage the community. HOA fees are skyrocketing up every year. This is what prompted me to start my digging. I need to go ahead and make an official request for financial documents and have been thinking about turning them into the state because I highly doubt they have done their CPA audits (only 1 out of the 5 HOA communities I have lived in where up to date with CPA audit requirements). These turds are lining their pockets on our dime and it is time for this to end. They provide absolutely no support to the community but send threatening letters out to all the homes. Examples would be, do not park in the street, do not park boats or trailers at your residence etc etc... or we will boot your vehicles. They never enforce this but charge us assessments to cover the costs of such service. Anyway, any of you internet commandos have experience with this type of issue? I have been getting a few people to rally behind this cause because I know they are tired of this crap as well. Reached out to an attorney that deals with these types of issues and they wanted a pretty hefty retainer. Attempting to see what I can do on my own to send a warning shot across their bow to let them know that I am on to them and attempt to end this corruption.
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Old 11-07-2014, 11:55 AM
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Huh. I would think there would be some ethics violation with the HOA pres also being the owner of the mgmt co.

Give a call to the real estate commission to ask about that. They may be in flat out violation.
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Old 11-07-2014, 11:55 AM
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First, you have to tell us what state. Then tell us what the community consists of - single family hones, town houses, condos, etc.
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Old 11-07-2014, 11:57 AM
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How long has he been president? You any only hold office for 2 years in Florida. Go to the annual budget meeting and suggest they get other bids for management services to reduce cost.
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Old 11-07-2014, 12:02 PM
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You should move
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Old 11-07-2014, 12:11 PM
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Originally Posted by mitchell master View Post
You should move
HOA's can really suck sometimes, actually most of the time .
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Old 11-07-2014, 12:53 PM
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Originally Posted by TorFed View Post
Huh. I would think there would be some ethics violation with the HOA pres also being the owner of the mgmt co.

Give a call to the real estate commission to ask about that. They may be in flat out violation.
This is what I am thinking. The Pres should be looking out for the best interest of the community NOT using the community as a means for financial income.
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Old 11-07-2014, 12:54 PM
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Originally Posted by mitchell master View Post
You should move
I am looking as we speak. Oh did I mention that we now have to APPLY to sell our own homes. Of course that comes along with a non-refundable 150 application fee.
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Old 11-07-2014, 12:55 PM
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Originally Posted by DreamCatcher14 View Post
HOA's can really suck sometimes, actually most of the time .
Yup. After a terrible storm I had to replace a sunroom bump-out. I had them exactly replicate what was there before.

I got a letter from HOA that I had to tear it down, have them approve plans, and then I could rebuild it. Yes, they wanted me to tear the new room down. No, they would not approve it as is because I did not get their approval first. I moved.

HOA presidents are always a bunch of self important cun*s. Prepare for war with this, they tend to be pretty difficult people.

Also, take the time to read your bylaws/charter.
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Old 11-07-2014, 12:57 PM
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Originally Posted by airbrush View Post
First, you have to tell us what state. Then tell us what the community consists of - single family hones, town houses, condos, etc.
State is Florida. 525 homes consisting of single detached and single attached homes (Town homes). 85% Single family detached.
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Old 11-07-2014, 12:57 PM
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What state do you live in? I am not aware of any HOA rules that dictate a CPA audit. (I am a tax CPA so I don't know what all the rules are for auditors)

I would think that rule in of itself would be pretty crazy. CPA audits are VERY expensive and are rarely done unless required.

EDIT: Just saw your above post. Florida
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Old 11-07-2014, 12:58 PM
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Originally Posted by ridiculousl View Post
How long has he been president? You any only hold office for 2 years in Florida. Go to the annual budget meeting and suggest they get other bids for management services to reduce cost.
Going on 10 years. One of the biggest issues is lack of turn out at the meetings. They are scheduled during the week too early for anyone with a regular job to attend. The same board has been running this place for years unopposed.
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Old 11-07-2014, 01:00 PM
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Originally Posted by Trollin4Tuna View Post
What state do you live in? I am not aware of any HOA rules that dictate a CPA audit. (I am a tax CPA so I don't know what all the rules are for auditors)

I would think that rule in of itself would be pretty crazy. CPA audits are VERY expensive and are rarely done unless required.

EDIT: Just saw your above post. Florida
A very good source told me that they have to get audited every so often. He stated that it is very lengthy and expensive hence why no HOA really does it. Maybe he is wrong. Just gathering ammo.
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Old 11-07-2014, 01:03 PM
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Well I'll be (but it looks like this is when control is turned over to the board):

"(t) The financial records, including financial statements of the association, and source documents from the incorporation of the association through the date of turnover. The records shall be audited by an independent certified public accountant for the period from the incorporation of the association or from the period covered by the last audit, if an audit has been performed for each fiscal year since incorporation. All financial statements shall be prepared in accordance with generally accepted accounting principles and shall be audited in accordance with generally accepted auditing standards, as prescribed by the Board of Accountancy, pursuant to chapter 473. The certified public accountant performing the audit shall examine to the extent necessary supporting documents and records, including the cash disbursements and related paid invoices to determine if expenditures were for association purposes and the billings, cash receipts, and related records of the association to determine that the developer was charged and paid the proper amounts of assessments. This paragraph applies to associations with a date of incorporation after December 31, 2007."
FL Statute §720.307 Transition of association control in a community

http://www.leg.state.fl.us/Statutes/.../0720.307.html
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Old 11-07-2014, 01:04 PM
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Originally Posted by Trollin4Tuna View Post
Well I'll be (but it looks like this is when control is turned over to the board):

"(t) The financial records, including financial statements of the association, and source documents from the incorporation of the association through the date of turnover. The records shall be audited by an independent certified public accountant for the period from the incorporation of the association or from the period covered by the last audit, if an audit has been performed for each fiscal year since incorporation. All financial statements shall be prepared in accordance with generally accepted accounting principles and shall be audited in accordance with generally accepted auditing standards, as prescribed by the Board of Accountancy, pursuant to chapter 473. The certified public accountant performing the audit shall examine to the extent necessary supporting documents and records, including the cash disbursements and related paid invoices to determine if expenditures were for association purposes and the billings, cash receipts, and related records of the association to determine that the developer was charged and paid the proper amounts of assessments. This paragraph applies to associations with a date of incorporation after December 31, 2007."
FL Statute §720.307 Transition of association control in a community

http://www.leg.state.fl.us/Statutes/.../0720.307.html
Guess the old man knew a little something something...
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Old 11-07-2014, 01:06 PM
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Originally Posted by Contendermonster View Post
A very good source told me that they have to get audited every so often. He stated that it is very lengthy and expensive hence why no HOA really does it. Maybe he is wrong. Just gathering ammo.
I see where they have to get it when they transfer the property over. I do know there is a tax return filed so there should financial statements (produced in-house) that are used to prepare the return. My friend's HOA sends those statements to him every quarter. I would ask for those.
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Old 11-07-2014, 01:07 PM
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Old 11-07-2014, 01:08 PM
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Originally Posted by Contendermonster View Post
Guess the old man new a little something something...
That's a rough rule. I'm not 100% sure since I don't do audits but I think the minimum for one of those is something like $10k. Lot of compliance on our end. That law has all the language of a full blown audit.
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Old 11-07-2014, 01:11 PM
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Originally Posted by Trollin4Tuna View Post
That's a rough rule. I'm not 100% sure since I don't do audits but I think the minimum for one of those is something like $10k. Lot of compliance on our end. That law has all the language of a full blown audit.
What do you suggest that I ask for financial statement wise. I need to be specific. I was thinking; operating account statements, balance sheet, trail balance, etc...
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Old 11-07-2014, 01:12 PM
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Originally Posted by Schmaltz~Herring View Post
Ask here:


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Good call. Took your advice on the other matter with the lobster I had and it turned out to be a good deal in the end. Thanks man.
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