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Treasurer flags widespread billing errors, recommends CPA to resolve IRS and invoicing irregularities
Summary
The treasurer reported $253,526.90 in total funds across accounts but said billing errors (payments applied to wrong properties, invoices issued to prior owners) are widespread; engaging a CPA was recommended with estimated fees of $2,700–$3,000 and potential IRS exposure up to $15,000–$20,000.
The treasurer (speaker 2) provided a financial statement and raised accounting concerns that the association needs professional help to resolve.
The report listed balances: “Bank of Hawaii checking, a $130,627.02. Savings is $30,653.57... total funds in the bank, $253,526.90,” the treasurer said. The treasurer also listed several irregularities encountered during a review: invoices issued to previous owners after property sales, payments applied to the wrong invoices, and missing documentation for deposits. The treasurer recommended engaging a CPA to reconcile payroll and tax filings dating back to 2020 and estimated the cost of those services at roughly $2,700–$3,000; an associate estimated potential IRS filing liabilities in the $15,000–$20,000 range if prior filings remain unresolved.
Board members agreed the issues were time consuming and supported the plan to request bank check images where needed and to bring in outside accounting help to correct records before posting final election‑package materials on the website.
