ROYDEN HOA CHECKBOOK CHALLENGED
Folks, we continue our advocacy and education of our neighbors and general public on the miss-use of power of our Royden HOA and HOA’s in general.
For this issue, we really can’t make up some of the incompetent checkbook challenged behavior the “volunteer” board engages in pursuant to the simple charter of our HOA covenants under ARTICLE IV-, “COVENANT FOR MAINTENANCE ASSESSMENTS”. Here is the most recent confirmation of our “corrupt” label attributed to this group we call “our Royden board of directors” and the continuous “cover-up_.
As was noted in our most recent newsletter (July 1, 2016), on June 18, 2016, fully 18 days after the close of the fiscal year on May 31, 2016, the BOD presented a Financial statement, for distribution at the annual meeting. The Financial information, as noted previously, and AT the annual meeting, did not comply to NC in several respects: In the last few days, the Royden Board posted a different, updated Financial Statement. Here’s why, when caught red-handed, the post was made changing the original handout. Here’s WHY!The Financial Statement at the meeting:
1. Did not state a period for the data, ie June 1, 2015 to May 31, 2016.
2. Contained an Income Statement in size 6 font, with no comparative data showing last year. Required by NC Law
3. Did not have a Cash Flow Statement. Required by NC Law
4. Did not have a Balance Sheet showing Receivables of $6,330.00 related to the Sanctions Lawsuit against Rinaldi. Required by NC Law
5. Did not have a beginning Cash and Cash equivalents Balance nor an ending Balance. Required by NC Law
Rinaldi pointed out these facts to the Board and 3 attending members.
Also pointed out was that there was a Cash Flow shortfall of $1,645.00
Fast forward to today!!!! Go to the Royden Website! There you will find NEW FINANCIAL INFO FOR 2015-2016!!!!!!!
there YOU WILL SEE A NEW ENTRY, UNDER CASH FLOW AND A TRADITIONAL CASH FLOW STATEMENT!!!!!
PRESTO!!!!! THE $1,645.00 IS NOW MADE TO APPEAR!!!!!!!
The clueless Treasurer (a lawyer no less), now shamelessly state a new entry that “Checks issued but not cleared before the meeting”
DRUM ROLL……..$800.00 AND $845.00….OR $1,645.00
This incident clearly indicates that the “clueless ” treasurer not only ,closed the books on the wrong date, (June 1, when May 31 is the correct date) but 18 days later he found out that he “FORGOT” that he had made out 2 checks that were not included in his year end financial closing of the ROYDEN books. Can you say “Check book Challenged”!!!! He probably thinks GAAP is a clothing store!!!
This guy should resign IMMEDIATELY!!! Errors can happen, but the concealment cannot be tolerated!
Folks, this is, yet another example of the gross incompetence of a board that has refused to give out financial statements since 2010 because of allegedly recurring miss-appropriation of funds by past board members.
A board that manipulates the voting process (voting by phase) and perpetuates its’ existence by hand picking board members…. and a board that is aligned with a constituency that continues to give them proxies, driven by the former secretary, to remain in power. Their history is an embarrassment to our community.
Can it be that there is no one, within our membership, who has the skill set to honestly balance a checkbook. And honestly comply with the covenants! and if necessary, change them according to the proper rules of due process and NC LAW!!!!
Mind you, this same clueless treasurer (a lawyer no less) last year, put together an annual assessment for May 1, 2015, incorporating a forward amendment, to the by-laws. that had yet to be voted upon and totally unrelated to Article IV-Covenant for Maintenance Assessments, without a properly stated resolution……A lawyer NO LESS!!!!!!!
An External Professional AUDIT should be engaged to examine the unreported financials for 2011, 2012, 2013, 2014, 2015 and 2016.The treasurers’ resignation should be demanded and accepted forthwith!!!!!! OOOPS-The Board approved the Concealment!!!!!!
Again, if and when you get an invoice email, the proper Annual Assessment after the 10%Contingency Reserve Credit, for 2016-2017 is $68.98..NOT $320.00….nothing more nothing less.
IN CLOSING, The Board in the 2016-2017BUDGET wants to secure over $65,000.00 in member cash assets to maintain 250 square feet of grass and shrubs. As an example of how preposterous this Annual Assessment is…hear this:
Last year they budgeted $1,500.00 in water expense and spent $5,503.00 and then claimed there was a water leakage and meter problem…
NOW in 2016-2017 budget, they apparently anticipate encountering the SAME WATER PROBLEM……..because… they are now budgeting $5,500.00, not the normal $1,500.00 budget. $4,000.00 of PADDING!
A more that 300% padding of the budget!…See why Article IV obviates this abuse of power under the guise of….”Ballot Budget”
OHHH and the new budget has another run at $4,750 for RECONSTRUCTING THE STUCCO WALL AFTER SPENDING OVER $20,000.00!…..Without Special Assessment approval.($5,000.00 was in last years Budget but not spent???????-WHY?)
We can now add the term…..WATER MATTERS! TO OUR ORBS MATTER MANTRA!!!!!!! TIME FOR A FRONT ENTRANCE UPGRADE USING THE PROCEEDS FROM A D&0 CLAIM!!!!!!
Neighbors, your trust of these folks is unfounded as they are playing you for FOOLS!!!!! Just Look at the DOCTORS’ play book!!! He took the neighborhood for $200,000.00, once on trust, why not continue the charade!!!!!!
We are sure you all have probably again written your check. Why waste your time reading about this stuff. Rest assured, we have time, and time is on our side. The long awaited Covenant Consolidation is now in the hands of the ex-president. He has our previously completed Consolidate Covenants in electronic form. Let’s see how they avoid dealing with Article IV in the future.
You can find this article and more on associationbusters.com. .We also have posted the article on the esteemed HOA charlatan attorney, Michael Hunters’ website. Remember him. he’s the attorney that told Royden in 2003 they had no case in claiming painting of the easement walls was maintenance and then his law firm, Horrack Talley proceeded to fleece our members out of $197,000.00 in legal fees! Yes and he called Rinaldi out for “conduct detrimental to the community” and claimed that our Annual Dues are only $325.00. Maybe he’ll cover our blog in his article in the Observers’ HOME/DESIGN section before Norwood and the Wall Street Journal. That’s him!
Try to google ROYDEN IS CORRUPT….see what comes up……Our website is getting great traffic. We might have lost in the court of law….but we will win in the court of public opinion!!!
As was stated before, “we may not have a say in our government lying to us, but we’ll be damned if we let our neighbors lie to us” NO JUSTICE NO PEACE!!!!!
And they had a chance to settle this!!!!!!!
The vexatious litigant