Financial Meeting

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The Financial Meeting of June 26, 2013
Summary: “It was like shearing a pig – plenty of squealing but not much wool"

Leading the Meeting:

  • Gail Van Dyke, CEO of Associa Mid-Atlantic Management Corporation
  • Patty Mullen-Smith, COO of Associa Mid-Atlantic Management Corporation
  • James M. McFadden, CPA of CPA2Condos $$
  • Holly Setzler, Esq., President of Landis & Setzler, P.C. $$

Also in attendance:

  • Steven C. Bickley, Community Manager, Associa Mid-Atlantic Management Corporation
  • A Security Guard paid by the Homeowners for the protection of the Board Members and Presenters $
  • Board Members:
Gilbert L. Brientnall, Marian R. Derr, Harry Diavatis, William B. Horst, Eileen McAnally


Commentary on Meeting

  • The 2012 Annual Report was mailed to Homeowners after the meeting yet was released on March 20, 2013. With all of the expense of the meeting such as having the 2012 auditor available, Ms Holly Setzler Esq., the CEO and COO of Associa Mid-Atlantic Management, would it not have been more profitable to have this in the homeowners possession before the meeting. Is the Board really serious about educating the homeowners?
  • The meeting was lead by Gail Van Dyke and Ms Patty Mullen-Smith of Associa-MAMC. Ms Holly Setzler sat in the front row, coaching the speakers. Our Board sat passively at the side of the room. Who really runs our association?
  • As homeowners attempted to have their questions answered, one Board member would taunt the homeowners by making such statements as "You're a liar", "Go back and crawl back under your rock", and "You're a coward". This individual has a rather odd view their Fiduciary responsibility in relationship to our Association and should consider resigning immediately so that he can be replaced by a more qualified and emotionally mature homeowner. Was it this individual's hope to rile homeowners into reacting emotionally, knowing there was a secret (well not so secret) former Willistown Policeman / Security Guard hired by the Board in the room?

Questions for "the Board"

  • Where did the special assessments from the Homeowners go? Relabeling the special assessments as "limited common element assessments" doesn't change the fact that the these homeowners contributions should be reported as revenue and the expense to which they went should be reported.
972 Real Estate—Common Interest Realty Associations
205 Presentation of Financial Statements
45-9 Other Presentation Matters
The statement of revenues and expenses shall present information about all assessments, other revenues, and expenses. All common interest realty association activities, except for replacement fund activities, shall be presented in the operating fund in the statement of revenues and expenses unless the common interest realty association has other funds such as a deferred maintenance fund or a capital improvement fund, and so forth. Depreciation shall be reported as an expense of the fund in which the asset is reported.