03/27/08Residents Voice1 “Following the Money” 3/27/2008 Tonight’s Subjects ! “LWV Finances 101” “Is There a Problem ?”

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Presentation transcript:

03/27/08Residents Voice1 “Following the Money” 3/27/2008 Tonight’s Subjects ! “LWV Finances 101” “Is There a Problem ?”

03/27/08Residents Voice2 How Much Are Our 2008 Total Assessments? (million dollars) “LWV Finances 101”

03/27/08Residents Voice3 Where Does The Money Come From ? United Mutual6323 Manors Third Mutual6102 Manors Towers311 Manors Total12736 Manors

03/27/08Residents Voice4 What is Included in the 2008 Total $93,582,525 ? Taxes – United Mutual Only Mortgage – United Mutual Only Food – Towers Only Basic Costs (All Mutuals): –Direct Mutual Operating (DMO) Costs –GRF Costs

03/27/08Residents Voice5 What If We Exclude Taxes/Food/Mortgage = 2008 Basic Costs ? (million dollars)

03/27/08Residents Voice Basic Costs by Mutual ? (million dollars) Third Mutual United Mutual TowersTax/Food/Loan

03/27/08Residents Voice7 Personal Savings Monthly Basic Assessments Third MutualUnited Mutual GRF Account $532.62/mo x 12mo x 6102 $501.88/mo x 12mo x 6323 $39.00M/yr $38.08M/yrWhere does it GO ?

03/27/08Residents Voice8 What money is in this GRF Account ? United $$$ Third $$$ Towers $$$ GRF $$$

03/27/08Residents Voice9 Who Should Control Payments From This Account ? The United Board – Yes ! The Third Board – Yes ! The Towers Board – Yes ! The GRF Board – Yes !

03/27/08Residents Voice10 Who Does Monitor Payments From This Account ? The United Mutual Treasurer – No! The Third Mutual Treasurer – No! The Towers Treasurer – No! The GRF Treasurer – No!

03/27/08Residents Voice11 How Did This Happen ? Over the Past 30 years the Boards and PCM have evolved into the current means of Financial Control. The Board Treasurers do not review justification for most charges against the mutual.

03/27/08Residents Voice12 If This Was Your Personal Checking Account, Would YOU: Combine monies with multiple users into one account ? Fail to Review all invoices for accuracy ? Not personally sign the checks ? Allow others to write checks on your account ?

03/27/08Residents Voice13 How Did We Get Here ? Where Are We Going ? 2003 vs 2013 (manor/month) % Change United Mutual$ 372$ 501$ Third Mutual$ 387$ 532$ Towers$ 673$ 847$ Tax/Fd/Mtg$ 92$ Total w Tax/Fd/Mtg$ 479$

03/27/08Residents Voice – 2013 Trend of Basic Monthly Assessments United & Third Towers

03/27/08Residents Voice15 Is There A Problem ? YES !

03/27/08Residents Voice16 THE END Part 2 “Is There A Solution ?” Thursday, April 3, 2008