Dear Mr. William (Bill) Coleman, an open letter from Eugenia Volcheck
Dear Mr. William Coleman,
On October 4, 2021 before Aquarius Special Assessment Meeting, you, as well as board members, received my email outlining very big differences between your Presentation of 2017 Special Assessment collections/spending versus the same items in Aquarius financial reports. Many Aquarius unit owners also got this information either online or by a hard copy.
All unit owners have a right to demand serious answers. Whom should they believe: the board, the management, or financial reports? Usual BOD ignorance of unit owners’ communications must not work in this case. The fact that you hold a high position in AP management and you made this Presentation, makes it necessary for you to address each discrepancy one by one.
Everybody understands that something is wrong in Aquarius condominium. The following enormous statistics indicate the board’s uncontrolled spending and the board willingness to collect more and more money:
- Year 2017 – $ 15,000,000 Special Assessment adopted by the board
- Year 2018 – $ 1,194,000 Insurance deductible was collected
- Year 2019 – $ 2,500,000 New Line of Credit was opened
- Year 2020 – $ 1,314,562 Proceeds for IRMA hurricane claim received
- Year 2021 – $ 7,632,237 Special Assessment adopted again by the board
Total $ 27,640,799.
In spite of current 10 million deficit (7,5 million unpaid 2017 Special Assessment and 2,5 million 2019 credit line also unpaid), the Board was in a hurry to accept a new Special Assessment for 7,6 million dollars. The new projects estimation as well as inclusion of unpaid 2019 credit line summarize in 4,9 million. The rest amount of 2,7 million needs serious explanation, especially considering 1,6 million available cash reported by the board president.
We, Aquarius unit owners, insist on receiving ASAP a written explanation of every indicated discrepancy. This is our money and we cannot be indifferent in spending it.
On behalf of concerned unit owners,
Laughing is good for your health:
God is watching!!!