Condo Association Management Blog
Our Florida HOA is a non-profit Association which makes profits and has given some of the profits to charities, gulf club, etc. without approval of the Board of Directors (BoD) or Association Members. The Officers of the Association keeps these profit secret and will not tell BoD or the Association Members the amount or how much is donated. Most Officers are on members of the BoD. I am certain the profits are not reported for tax reasons. Here is what one Officer sent by email. Please note that they hide behind the word funds and I do not question that funds are donated just profits. “Also, the association budget and profit and loss statements do not include an expense account for donations. The Financial Statements Balance sheet includes an accounting for the Activities Fund as an asset and liability efffectively deleting these monies from the association funds since they are not actual funds of this association.” Please comment on what one can do as these Officers ignore BoD and Association Members and they cannot be kick of the BoD because there are many that want them in.
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