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Corrupt is a very strong word.
Reserve funds are there for rainy days ( unexpected repairs ) or for capital improvements.
The new board will have to work very closely with the management agent and the corporate accountant to review expenses and contracts. There's always a better deal out there.
You can keep an eye on Payroll and avoid overtime. You might be able to cut a shift here and there, but try to avoid cuts that would affect services that shareholders expect.
If you have doubts about the performance of your corporate attorney, CPA or management company ... you should consider replacing them.
It's important to surround yourselves with a good team that will work for your building and its interests.
This is going to be a long and time consuming process, if things are as bad as you describe.
Why not go after the people that are stealing your money (board and management?) instead of laying off staff. After all why should a hard working staff member suffer because someone else is corrupt?
MRM.
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I understand that corrupe is a strong word. Bills are being paid from reserve account. After reviewing the reserve account in Sept. 09 we had $115,952.42, than in Oct 1 thru Nov 30th. there was $79,384.00 how did they know in Oct, what Nov will have, the statement for Nov. disappeared. Which now leaves $36,568.42 missing without any explainations no checks written out in that amount. Comes December 09 a check was written out for $3,685.48 without explaination to who or what for. Why would you use the reserve to pay month to month bills, when we have an operating account.
Before they took over we had $244,000 in reserve, we refinanced our mortgage and took out half million dollars for construction. They used their own company to do the construction, which the scope of work was cut in half and most of the work that was to be done was never done. They breached old contactors contract which put a lien on the building for $150,000, breach contract for railings for balcony which cost us $5,000. Arrears in maintenance went up to $40,000 uncollected because these people signed their proxy's. Where is our money, they refuse to give our attorney the financial statements and other financial documents,bids for the construction, garage list etc. Our attorney had to file in Supreme Court to attain these records. The list goes on and on.
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