Sunday is the Day!

Sunday is the BIG DAY!  No, not the Super Bowl ... 

As The Annual Meeting of ECMCA approaches ... you may be considering how you are going to vote. You may be anxious to get an explanation of the proposed budget. You may be stressed as to how you will be able to afford the fees, another special assessment and the Mountain Maintenance fees.  You may be confused as to how our fees are so high without amenities like a pool, a playground, or community center.

You may have questions for the Board like:

1. Where is all our money going?
2. Why are we not getting any repairs when you have budgeted $20,000.00/ year for maintenance and repairs over the past three years?
3. Why should we believe that you are going to do $40,000.00 in Maintenance and Repairs, when we have not gotten any repairs over the last 12 years?
4. What, specifically, do you have planned for the $40,000.00?
5. What is the Special Assessment for?
6. Why is The Board using a Special Assessment for budget items?
7. Why do we have to pay for roofs ... again?
8. Who is running for BOD positions?
9. What are the terms of the open BOD positions?

To help you prepare for the meeting ... Eastside Condo Friends is going to share some facts:

1. From 2003 - 2015, the members have paid over $1.1 million dollars in fees ... almost $50,000.00 per unit over 12 years.
2. Of all the funds collected for The Capital Reserve, only 66% was allocated ... and our audits say we do not have a Capital Reserve or a Reserve for Replacement of the Common Area required by law.
3. From 2003-2016,  $21,400.00 was collected for the Working Capital Fund (Operating Reserve), which as a segregated fund does not appear on our audits ... $4,850.00 for 2016 alone, ask where that money is!
4. The 2015 Audit should show that the BOD overspent by more than $30,000.00(27% of the budget) ... did you get a 27% raise in 2015? ...  Over $14,500.00, is what everyone paid and did not receive at all ... but then again ... where is the 2015 Audit ... and you want to know why they no longer want to do audits ... to save $3000.00 while they try to hide the fact they overspend by $30,000.00?

While the Board of Directors give you 'ALTERNATIVE FACTS' ... like Our Association is in the trouble it's in is because of the delinquencies of your 'deadbeat' and 'crazy' neighbors ... 'that people don't pay their condo fees and special assessments' ... look a little closer:

2003

The delinquency rate was 7.9% of the budgeted income.

The Board of Directors spent 3% of the budgeted income on items not on the budget.

The BOD spent $20,000.00 over budgeted amounts ... 29% of the budgeted income.

Not only did the BOD not give the members nearly $10,000.00 of what they paid for which accounted for over 14% of the budgeted income, over $4,000.00 (over 6% of the budgeted income) of the budgeted income would have provided an increase in value ... then the BOD facilitated the start of theft from the Operating Account that would take place over nearly the next three years!

2004

The delinquency rate was 1.76% of the budgeted income.

The BOD spent 2.17% of the bugeted income on items not even on the budget.

The BOD spent $18,000.00 over budgeted amounts ... 29% of the budgeted income.

Not only did the BOD not give the members nearly $20,000.00 of what they paid for which accounted for over 30% of the budgeted income, over $10,000.00 (over 16% of BI) of the budgeted income would have provided an increase in value ... the BOD facilitated the continuing theft from the Operating Account that would take place until 2006!

The delinquent neighbors at 1.76% look  like saints in comparison to the Board of Directors spending 29% over budget, not giving members 30% of what they paid for, not adding value to the association as promised and required to do .... then stealing from them!

 

2005

The delinquency rate was 8.7% of the budgeted income.

The BOD spent $5,000.00 over budgeted amounts ... 7.6% of the budgeted income.

Not only did the BOD not give the members nearly $11,000.00 of what they paid for which accounted for over 16% of the budgeted income, over $5,500.00 (over 8% of BI) of the budgeted income would have provided an increase in value ... the BOD facilitated the continuing theft from the Operating Account that would take place until 2006! And they had the balls to charge for an audit ... if an audit had been done ... the theft would have been found. 12 Owners paid 1.24% of electric charges that they had already paid personally for common security lighting and were never reimbursed a penny although everyone was charged $1000.00 for it!

2006

The delinquency rate was 7.6% of the budgeted income.

The BOD spent over $15,000.00 over budgeted items ... 23% of the budgeted income.

The BOD spent 2.17% of the budgeted income on items not even on the budget.Not only did the

BOD not give the members nearly $9,000.00 of what they paid for which accounted for over 2% of the budgeted income, over $1,000.00 (over 2% of BI) of the budgeted income would have provided an increase in value ... the BOD facilitated the continuing theft from the Operating Account that would take place until 2006! And they had the balls to charge for an audit ... if an audit had been done ... the theft would have been found. 12 Owners paid 1.24% of electric charges that they had already paid personally for common security lighting and were never reimbursed a penny although everyone was charged $1000.00 for it!

2007

Don't get Bored yet ... it's only getting interesting! We know your eyes glaze over every time speaks of numbers and percentages ... the BOD count on that ... that's why they don't tell you anything! They treat the members like the idiots they believe they are. The members are not idiots... one cannot make good decisions unless they are informed, they don't inform you and when they do it is not the truth!  Members are making decisions based on lies ... The BOD have a fiduciary duty to be forthcoming and truthful.

The delinquency rate was almost 2% of the budgeted income.

The BOD spent $54,000.00 of the budgeted income on items not even on the budget. The BOD spent over $180,000.00 over budgeted items ... 262% of the budgeted income.

Not only did the BOD not give the members over $15,000.00 of what they paid for which accounted for over 22% of the budgeted income, over $15,000.00 (over 22% of BI) of the budgeted income would have provided an increase in value. 12 Owners paid 1.24% of electric charges that they had already paid personally for common security lighting and only reimbursed a portion of what they spent (and some not at all) although everyone was charged $1000.00 for it!

2008

The delinquency rate was almost .69% of the budgeted income. Less than 1%!

The BOD spent $2,330.00 of the budgeted income on items not even on the budget. The BOD spent over $5,000.00 over budgeted items ... 6.75% of the budgeted income.

12 Owners paid 1.24% of electric charges that they had already paid personally for common security lighting and were not reimbursed for what they spent  although everyone was charged $555.00 for it!

2009

The delinquency rate was 1.52% of the budgeted income according to the 2009 Audit and 3.3% according to the association distributed documents.

The BOD spent almost $2,000.00 of the budgeted income on items not even on the budget. The BOD spent over $3,000.00 over budgeted items ... 4% of the budgeted income. Not only did the BOD not give the members over $6000.00 of what they paid for which accounted for over 8% of the budgeted income, over $5,000.00 (over 7% of BI) of the budgeted income would have provided an increase in value. 

2010

The delinquency rate was 7.62% of the budgeted income according to the according to the association distributed documents.

The BOD spent $1,500.00 of the budgeted income on items not even on the budget. The BOD spent over $15,000.00 over budgeted items ... 14% of the budgeted income. Not only did the BOD not give the members over $5000.00 of what they paid for which accounted for over 7.25% of the budgeted income, over $4,000.00 (almost 6% of BI) of the budgeted income would have provided an increase in value. 

2011

The delinquency rate was 10.38% of the budgeted income according to the according to the association distributed documents.

The BOD spent over $16,000.00 over budgeted items ... 20% of the budgeted income. Not only did the BOD not give the members over $4000.00 of what they paid for which accounted for over 6% of the budgeted income, over $2,000.00 (almost 3% of BI) of the budgeted income would have provided an increase in value. 

2012

The delinquency rate was almost 9.4% of the budgeted income according to the according to the association distributed documents. On fees, only 2% of the budgeted income was delinquent. On the Special Assessment to bolster the Capital Reserve Account, 25% of the Special Assessment was delinquent. For the Special Assessment for Audits 45% of the Special Assessment was delinquent. 

The BOD spent $1,500.00 of the budgeted income on items not even on the budget. The BOD spent over $17,000.00 over budgeted items ... 16% of the budgeted income. Not only did the BOD not give the members over $18,000.00 of what they paid for which accounted for 17% of the budgeted income, over $8,000.00 (almost 8% of BI) of the budgeted income would have provided an increase in value. 

Now, we can drone on and on but you get our drift...

The Board of Directors have done far more damage to our Association than your delinquent neighbor. So with no further adieu ... ponder these pictures!

Hmm ... The Board of Directors damages = HUGE! Delinquent Neighbors look like Saints next to what they have done! 

But the reality of the "unfortunate situation" (another 'alternate truth') is that the BOD have not only breached fiduciary duty, hidden truths, blamed others and done a huge amount of damage to the financial and physical assets of this association ... and yes, the delinquent owners have contributed to the financial difficulties, to a far lesser degree.

So ... some of you will carry on and pray there is a way to save this Association and some of your neighbors have already had to declare bankruptcy after being forced into foreclosure and there are still more that ponder if this this is the only way they can survive ...

 So, many have received maintenance and repair, and we are happy for you but more than 50% of this Association has not! For a few minutes put yourself in their shoes ... they have rot, mold, the weather entering their unit ... and no return calls, emails or certified letter responses ... And No Repairs!

The Board of Directors have misappropriated funds, refused to divulge financials over the years ...
where is the 2015 Audit?  Our Audits state that we do not have a Reserve for replacement of the common area ... there was one in 1987-2011 ... where is it? Where is the Working Capital Fund required by the Bylaws?  Where is the outcry by the Members!

 The Board of Directors want you to vote yes on changes to the bylaws ...

Well, at ECMCA they do break the rules, bylaws, declaration and NH RSA's ... and now they want to change the bylaws ... A review will not show that they have circumvented the NH RSA's concerning The Reserve for the Replacement of the Common Area ... the Audits DO!  Currently, any owner can take them to court ... and prevail using the Audits, budgets, meeting minutes and a really good accountant as an expert witness ... oh and lots of cash! 

We all need to say a prayer tonight ... see you tomorrow!