Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Treasurer warns of messy records, says association has $287,000 in bank
Summary
Treasurer reported scattered and incomplete accounting records, $287,000 in the bank, about $2,798 in undeposited funds, and longstanding receivables that appear overstated; she canceled an unused cloud accounting subscription and urged hiring an accountant and preparing a forensic‑audit package.
The Leilani Estates Community Association treasurer told the board the books are in disarray but work is underway to reconcile them and prepare for taxes and an eventual forensic review. "We have 287,000 in the bank," the treasurer said, adding that old accounts receivable totals (~$612,000) include amounts that are unlikely to be collected and may represent roughly $375,000 of realistic receivables.
The treasurer said she has been calling vendors to obtain missing receipts, identified $2,798 in undeposited funds in a suspense account, and canceled an unused cloud QuickBooks contract that carried a $2,600 installation fee and a $100 monthly charge. She recommended bringing in a qualified accountant to clean up records and prepare a forensic‑audit package so auditors can work efficiently. The board did not adopt a specific hiring plan during the meeting.
