Eugenia Volchek, Third Note, Financial Matters of Aquarius
Dear Proud Owners,
Let me present myself. I have been living in Aquarius for 12 years. I am a retiree with the following background: accounting, computer programming, real-estate sales. I also served on two different condominium boards. I am expecting any our discussions and opinions.
I would like all of you to be aware of some financial facts:
- Aquarius board and management deliberately misrepresented the amount of debt (5,3 million) they put the community in. Actually, today the condominium owes 10 million to Bank of Popular. This amount includes 7.5 million unpaid 2017 credit line and a newly opened 2019 credit line for 2.5 million.
- Hopefully, 7.5 million will be paid off by the owners currently paying monthly for future 15 years. 2019 additional credit line was taken to cover 2017 assessment overspending. This credit line has not been billed to unit owners and now it is included in 2021 new Special Assessment (SA). In the meantime, interest payments required by the bank have been made from our annual budget.
- This action does not seem to be legal according to Florida Statute 718 (Condominium Law). The Law does not allow commingling Special Assessment and Budget funds. Nevertheless, our authoritarian board and management do not care about Condominium Law compliance. Therefore, they originally wanted to include Reserves into 2021 new SA, ignoring the law of reserves. But they have been stopped by unit owners.
- New Project estimation increased in every publication from 2,1million to 2.5 million.
- There is an ‘Overages’ amount of 2.6 million in the new 2021 SA. Neither board nor management can explain this item. Is this amount covers waste of money in previous years, or this is a fund for future undefined spending?
It looks to me, the board again uses the failed approach: asking unit owners to pay the SA in-full (without interest). Instead of repaying the loan, they may use the pool of collected cash to produce a new debt.
Eugenia Volcheck, Apt. 802N
M 516.448.7290 H 954.458.6989
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