Date: Monday, December 11, 2017
Time: 5:00 pm
Place : Islander Pool Deck, 7928 West Drive, North Bay Village, FL 33141
1) Call to Order and Quorum
Meeting was called to order at 5:07 pm.
In Attendance: Yasmine, Sachin, Dominique, Cesar
2) Hallway & Common Area Repair
The Board discussed the ongoing plan to repair the hallways. It was noted that the contract with association attorney revisions was signed. Collections for the special assessment were estimated at roughly 50% in the first month, which is enough cash on hand to begin work. Demolition permit was expected to be issued later in the week. It was estimated work would start on the hallways the week of 12/18 - 12/22.
The Board discussed the overall accounting situation with Associa. It was noted that:
Numerous issues have arisen with the Associa accountant. The initial hand off from the Quickbooks format to the proprietary accounting software used by Associa was poorly executed. Individual bank transactions were not copied over -- rather only top line numbers, which resulted in 6 months worth of missing transactions and a lack of proper 'year-to-date' financial statements. In particular, the accounts receivable for one unit owner who closed around the time of the transition did not include thousands of dollars worth of payments made during the closing. The Board requested that all transactions since the beginning of the calendar year be properly imported to the new software -- this request was not met despite repeated reassurances from Associa.
To date, only one set of financial statements were produced, in contrast to monthly statements from previous management companies. The statements produced had numerous errors -- such as a special assessment being categorized as part of the operating budget, a significant number of construction loan payments not accounted for on the profit / loss statement (these payments have been made; they are just missing from the financials), and many income / expense categories mislabeled with random budgets assigned that do not match the actual budget passed by the previous board in January.
It was noted that there was an urgency to remedy the accounting situation so as to pass an annual budget in a timely fashion. Two accounting firms were interviewed by members of the Board. The Board voted to move forward with Jill Rubin from the Calas Group. The new accounting firm will take over collections and invoicing, and work backwards roughly 6 months to the date Associa took over in order to properly reconcile financial statements with the bank.
Additionally, it was noted that Associa has agreed to modify the management agreement to allow a 3rd party accounting firm to take over, and has agreed to back pay $2250 fully covering the cost of properly working back 6 months to reconcile the financial statements.
4) Associa Management Performance
The Board also discussed overall disappointment in management performance. Numerous vendors - from pest control, to landscaping, to contractors for the elevator modernization and hallways - are not being paid in a timely fashion, nor being properly scheduled.
The Board requested that Associa replace Alean with a new manager. Ricardo (Ric) Valdes has started in Alean's place. It was also noted that the Islander attorney - John Goldsteing - advised that regardless if the association renew with Associa, the contract must be renegotiated.
The Board has had numerous discussions with local branch office president - Marc Rodriquez regarding current performance and hope that Ric will live up to expectations.
5) Ratification of Previous Minutes
The Board ratified meeting minutes for the board meeting and special assessment meeting taking place on 11.7.17.
The meeting was adjourned at 5:49 pm.