Money, money, money… its not funny.

In reviewing the board released expense ledger, NaperPlaceNews has some big questions. The ledger shows huge increases in expenses that beg an explanation.

What is $157,517 in miscellaneous expenses? The first 9 months show miscellaneous expenses of $600. As soon as the new board took over, from October to December, there is an increase of almost $157,000. Why is this huge amount not classified? What is this for? What happened to transparency?

What is $96,952 in administrative fees? That is not the management fee, as that is a separate line item. Who is being paid additional almost $100,000? For what?

‘Previous Board showed laundry income for the first 9 months of $38,572. The ‘new board’s income statement shows only $19,099 for the entire year. What did the ‘new’ board do to make the $19,500 disappear? Also, what happened to the 3 months of laundry money from October to December?

Why do we have printing/envelopes/fax costs in the amount of $19,068? Postage and office expenses were $4,400 for the first 9 months. That’s $15,000 additional money for 3 months. At this rate, printing will cost $60,000 for 2023. That’s a lot of extra funds to the management company.

The office phone cost $2,253 through September. At the end of the year, telephone charges are $8,674. The office is now closed and the management company has their own phones. Why did the expenses go up an extra $6400? Whose accounts are we paying for?

Repair to buildings is being shown as $116,853. ‘Old’ board spent approximately $25,000. What repairs have been done to the buildings in the amount of $91,000 since October?

At this rate, when expenses are going through the roof, the biggest question is “When and by how much are assessments going up?” What extra benefits are we getting for our money that we didn’t have before?

Money, money, money....

Money, money, money… its not funny.