Dear Owner,

In December 2023 the board had almost $370,000 in the bank.

As of May 2025, the reserve account and operating account balances total less than $95,000.  What happened to the money?  No capital improvements were done.

Out of that $95,000, the board voted to pay $18,772 for document scanning [for their lawsuit], over $21,000 in cosmetic maintenance such as clubhouse bathroom trim and dumpster corral painting [nice, but not where you spend money you don’t have],   over $8700 for cameras  [to watch you], $24,500 for water heater repairs [definitely needed].

The board owes over $278,000 in unpaid attorney fees, plus $1200 additional per day [Joe Peletis’ words]  and approximately  $300,000 for a loan.

The board is spending stupid crazy and we are in debt for about  $500,000. How will we pay a for a repair if a water main breaks or elevator goes out?   If an elevator breaks down, the County can condemn the entire building and everyone will need to move out [association attorney words].

Where’s the money for regular bills such as electrical, water, cleaning company?  Are they paying those bills or are we getting our electricity shut off in the near future?

We are teetering on collapse.  Speak up now!  Let’s see the financials!!!!

Naper Place News