BAY COLONY CLUB CONDO - 6/21/12 BOARD MEETING - COMMENT

Another attempt is going to be made to lower the 75% vote now required to amend Bay Colony's Declaration.  It certainly would be easier to get 60% to agree than to get 75%.  On the other hand, if 75% of us agree on a change it is definitely more likely that the proposed change is truly necessary and desired by a significant majority of owners.  Excellent examples of this ability to get out a 75% vote are the votes to refinance the Rec Bonds and to dissolve the Rec District.

Boards of Directors come and go.  We all bought into Bay Colony with the Declaration we now have in place.  Given the past history of some Boards and the relative ease with which any election can be and has been gerrymandered, your blogger is firmly against this proposal.

What's your opinion?

(Following added 6/26:)

Any election to change our doc's should be structured so it's bullet proofed against corruption.  If not, the results will probably be challenged.   An honestly run election will unquestionably fail to get the necessary 75%.   

Who will shoot this down?

1. Owners now renting their units
2. Those who think they might want to rent out in the future
3. Those concerned that rental restrictions would impact their ability to sell or sales prices for their unit.
4. The apathetic who wouldn't vote if a gun were at their head.

Has anyone calculated what this futile election will cost us?  

 

BAY COLONY CLUB CONDO - NEW ACCOUNTANT?

BCC's Auditor

So, the BOD in its wisdom has picked a new accountant "based on the advice of our auditor."  Isn't this the same bargain basement, bottom dwelling auditor who has over looked so many weird accounting gimmicks and failures in the past?  Anybody know if the June maintenance payment goes to the same old address?

 Reprinted from the Original of Thursday, July 16, 2009

BCC budgets $6,000 for our audit. While the BOD may be happy with the auditor’s performance, BCC owners should demand more than the lame audit we got. “Audited” and “Auditor” is in quotes throughout this blog because of the quality of the product we received.

The purpose of the audit is to protect BCC owners whose money is being reported on. It is supposed to assure us that the BCC Board of Directors are properly controlling and accounting for our $2 million+ in annual maintenance fees.

This 2008 “Audit” doesn’t do it! It’s time to insist the BOD engages an auditor who realizes his responsibility is to BCC owners, not the BOD. Owners need and deserve an audit that highlights problems and suggests solutions, not one that glosses over mistakes and attempts to bury them with “prior period adjustments”.

Bernie Madoff’s outfit was "audited" too!