Please see below from UCO Treasurer O'Brien's report in June 2014.
David Israel and Ed Black did NOT cause ANY shortfall. We UCO delegates voted the reserves we have. DO NOT be fooled by other crazy and deceptive blogs or pool side rumors.
From the UCO Treasurer’s Report
At June 30, 2014, the reserves aggregate $554,375 and are supported by cash in the bank. The UCO reserves as recorded were always supported by cash in the bank accounts.
The December 31, 2013 draft report of the UCO audit was released on May 1, 2013. In this report, it is stated that the aggregate amount of reserves at Dec. 21, 2013 amounted to $423,872.
The estimated underfunded reserve at December 31, 2014 is expected to be $1, 152,561
This is due to inadequate funding in the current and prior years. Examples of this are as follows:
• During the 2013 Budget process, the Delegate Assembly approved reserves for 2013 of $385,915, although $456,061 was required per the audit report. This amounts to a shortfall of $70, 146.
• Similarly, during the 2014 process, the Delegate Assembly approved reserves for 2014 in the amount of $291,000 although the auditor's suggested a required amount of $493,440 . This amounts to an added shortfall of $202,400 .
• A recent review of the aggregated UCO reserve requirements has been completed in preparation for the upcoming 2015 UCO Budget. The result of the review disclosed a net shortfall in the aggregate reserves at December 31, 2013 in the amount of $715,711
FS 718 requires that adequacy of reserves be reviewed and maintained.
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This means we have over $500,000 already in reserves. The Treasurer wants to raise that amount even higher.
ReplyDeleteUCO IS NOT SHORT ANY MONEY. ASK FORMER UCO PRESIDENT GEORGE LOWENSTEIN WHY HE SPENT $750,000+ OF UCO MONEY TO REBUILD THE UCO BUILDING IN 2005 WHEN MR. LEVY AND WPRF OFFERED TO BUILD A BIGGER UCO BUILDING AT NO COST TO US!
Again, avoid the crazy and wrong information on other nefarious blogs that seek to hide the truth about bad former UCO Administrations just because they hate the current one.
ReplyDeleteIf they want to grab UCO power, have them run for office, and lose again.
Hi Peter,
ReplyDeleteJuly 10, 2014 at 9:40 AM,
Indeed, there would have been a cost; $1.00 per year, in perpetuity.
So, the offer was rejected for no reason at all, save the aspiration to power and control.
Dave Israel
Re UCO bldg - Just another flow down from the Solomon & Wolkenstein lawsuit against the Levys/WPRF a decade ago. They continued to hate Levys/WPRF even when they offered to help us. When will they figure out we need congenial working relationships with our business partners.
ReplyDeleteAgain, UCO is NOT a condo association governed by Chapter 718 of the Florida Ststutes.
ReplyDeleteAny reserves UCO wants to have are ultimately decided by the UCO delegates.
Do not be deceived or misled by false statements on other nitwit blogs.