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Leilani treasurer reports missing financial records, says lawsuits have drained reserves; bank assets $302,000
Summary
Treasurer Janice Tucker told the board that historical files are missing for several fiscal years and that ongoing lawsuits have depleted association resources; she reported bank assets of $302,000 and described gaps that complicate an audit.
At the May 15 meeting Treasurer Janice Tucker presented profit-and-loss information and told attendees that multiple years of financial files are missing, complicating preparation for an audit. She reported missing files for FY2017, very little for FY2018, roughly half the files missing for FY2019 and missing files for FY2022.
Tucker said the ongoing lawsuits are "draining finances" and reported the association's bank assets at $302,000. She told the board that previous treasurers had missed opportunities to address liens efficiently, which contributed to the association's current recordkeeping and financial challenges. The board discussed next steps for securing files and supporting the audit process.
