Tuesday, January 8, 2013

A job for the next Board of Directors

The Pinellas Beaches Patch reported on 12/20/12 about the 45-year-old chief financial officer at a Tampa Bay realty company who now faces a first degree grand theft charge for allegedly stealing $560,000 from 10 beach condo associations.

When NCC went through 'turnover' and we took over effective control of the condo from the Developer our Board should have arranged for an audit of our accounts.  You may recall that in 2010 the Developer had commingled our condo funds with his own accounts and this was only brought to light when I complained to the DBPR in Tallahassee that Concord was not making any reply to my complaints about the situation.

The matter was resolved shortly after my DBPR complaint and I was told that the Developer and Concord did an audit and the funds were restored to us.  Details at:  http://nautiluscondosrules.blogspot.com/2010/12/dbpr-complaint-information.html

It is past time for us to have an independent audit now that we are in control of the condo and NOT rely on either Concord or the Developer with assurances that all is well.

Long term Owners here may recall that both a prior NCC Concord CAM and later also a District Manager were fired by Concord for financial issues, the above mentioned one concerned our misapplied funds the other may have involved only Concord money.