I too am a homeowner in a CAMS managed community association and we have NEVER seen a real financial statement. When you ask for financials, if you get them, it is a one page snapshot of expenses. I have never seen a Statement of Financial Position (or Balance Sheet), a Statement of Operations (Expense Statement), or a Reconciliation of Reserves (Equity Statement), let alone comparative statements.
Also, the information received with the annual board packet for voting, budget and annual assessment is a TOTAL JOKE. I get more information from my timeshare property owners association where I have 1/30th the amount invested.
Just once it would be nice to see what is REALLY done with our $1 million per year and forbid that you undertake a capital improvement project. We did, and the board borrowed $700,000, only told us about $500,000, didn't have property owner approval, and this was ALL under the direction of CAMS. No wonder the NC lawmakers are investigating homeowner association boards.
To make things worse, if you ask too many questions or try to establish an open forum for questions, the homeowner group SNUGGLED UP TO THE ONSITE MANAGER begin to slander and bully. We have had people move out of the community because of the poor treatment and bullying, which is all condoned by the CAMS onsite manager.
Oh, and yes, Linda Dodson was also assigned to our association at one time, when there were even less controls in place than there are today! Did I mention how concerned I am about this?
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