BREAKING NEWS: We’re broke.

2012 should be a year to celebrate – our Association will have its 10^th birthday.  But the guests to that party will have to bring their own kazoos, ice cream and cake – because, after nearly a decade of Sutherland control and domination of Board operation, we are, effectively, broke.  Yes, you read correctly, broke.  You could say that we are an island surrounded by a sea of Sutherland red ink.

We ended 2011 with total assets of $214,035 that are expected to be augmented by an additional $46,106 in reserve fund additions over the coming 12 months, for a projected total of $260,141. However, we also have repairs that have been identified and determined to be necessary expenditures (Continued...)

that must be made over the coming twelve months, that together, total an eye-popping $401,979*.  That leaves our Association with a net of a negative $141,838.  After ten years to plan for the future, to build up our reserves for the myriad expenses that will continue to mount as our two buildings age, the omnipresent Sutherland control over the affairs of our Association has, effectively, bankrupted us.

And the fact that such a clear and convincing track record of financial mismanagement coupled with the sobering reality that we pass the ten year milestone of our Association not with a nest egg, but, rather $141,838 in the hole, results in an ‘election’ that not only reaffirms their leadership, but, in fact, deepens the level of their entrenchment, is proof-positive that the democratic process whereby Board members are chosen has been thoroughly subverted, co-opted and gamed by those who benefit from its dysfunction.

To all of our neighbors here at Glen Iris Lofts, the Blog would like you to support the cause for change that is growing stronger by the day.

Our fine community cannot withstand the continued ‘leadership’ of the status quo.  Urgent action is needed, and it’s needed by all.  To make a difference and be a part of the solution, send an e-mail to the Blog at gil@go.to.  Join the many homeowners who care deeply about our community and are working together to create a new and brighter future for us all.

How you can support change

* Ph I stucco repairs of $177,531; Ph II stucco repairs of $170,748; Ph I & Ph II window caulking repairs not covered under the Andersen warranty of $53,700.

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