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8% Reserves, NOT 55...
 
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[Sticky] 8% Reserves, NOT 55%

 
Shane Hill
(@shane-hill)
Member Admin

As mentioned in another post, I talked to Tony, the owner of the now-terminated property management company, Network Community Management, post-firing.  Good conversation.  We have been lied to about the financial standing of Edgewood by this board.

Pat told us we were at 55% reserves at the annual meeting and in written communications. The 55% reserve in the bank was based on all association members paying a $5K special assessment—which we may still need to pay because of the tremendous mismanagement we have endured for so many years.

Remember, they patted themselves on their backs when they told us they had 55% in reserve by being fiscally responsible.  Pat knew this was false.  

Since we didn’t each write out a check for $5,120.00 to the HOA, we are at 8% reserves, which is critically low.

Tony of Network Community Management confronted Pat about this lie, which he believes is why he and his company were fired.  Tony told me he knew he'd possibly get fired for confronting Pat, but he was preparing to quit this community anyway because it's unmanageable with this board.

It's becoming clear that this board's actions are causing the revolving door of property management companies.  I'm still gathering information about previous management companies to continue our investigation.  To that end, I'm still looking for names of previous management companies employed by Edgewood.

Shane.

Image caption: NPM didn’t recommend $2,000. The reserve specialist advised a $5,120.00 assessment per unit was necessary.

Shane Hill

Quote
Topic starter Posted : 20/07/2024 1:44 pm
Shane Hill
(@shane-hill)
Member Admin

The board fired the association's previous attorney as well.  It would appear Pat Burden is panicking.

The new attorney is Bradley J. Epstein.

https://www.grimelaw.com/attorney/epstein-bradley-j/

I was advised that the community should engage Mr. Epstein.  Apparently, there are certain limitations on "acclimating" board members without an election. 

Shane

 

Shane Hill

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Topic starter Posted : 23/07/2024 12:45 pm
Shane Hill
(@shane-hill)
Member Admin

Tony mentioned some other things, here's a few:

The new property management company they hired is very expensive.  They charge for everything, really "nickel and dime" you.  I neglected to ask for the name of the company, I think I was still in shock about the revelation about the financial reserve.

GP Landscape commented (or complained?) to him about planting fresh flowers at board member's homes every month or two.

Your home and property maintenance concerns aren't addressed, but they get regular fresh flowers.  

Shane Hill

ReplyQuote
Topic starter Posted : 24/07/2024 2:56 pm
Shane Hill
(@shane-hill)
Member Admin

It is time for board members who stand in solidarity with the community to come forward and make it known. Your actions and the information you possess can have a significant impact on all of us who live at Edgewood.

If you have information about the board and this community that the association members should know about, you really should come forward with that information.  It is the right thing to do.

Stand with us, your community.

Shane Hill

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Topic starter Posted : 25/07/2024 2:47 pm
Shane Hill
(@shane-hill)
Member Admin

The Edgewood Reserve Study (click here) has been posted.

It isn't good, folks.  Please read it carefully, especially the first five pages of the PDF.


This article has been slightly significantly updated:

8% Reserves (click here)

Shane Hill

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Topic starter Posted : 18/08/2024 11:14 am
Shane Hill
(@shane-hill)
Member Admin

Hi Neighbors!

The Recall Petition Signature Drive is officially underway!

Signatures are far easier to obtain this time around, fortunately, as it's hard work getting around the community (especially without the bridge!)

We already have more than enough new signatures to initiate a recall election of Pat, Russ, and Marilyn. We are shooting for an overwhelming number to encourage resignations prior to an actual recall election. The signatures are out there and we will get them.

I'll provide periodic updates on our progress.  I expect we will continue to deliver good news about our efforts to get this community headed in the right direction once again.

Thank you all.

Shane Hill

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Topic starter Posted : 28/08/2024 2:19 pm
Shane Hill
(@shane-hill)
Member Admin
Shane Hill
(@shane-hill)
Member Admin

$450,000


That's how much this association was misled about its finances.

The reserve study was forecasted based on all of you each paying $4,167.00 in special assessments. 

This doesn't actually do anything for you other than back you off the cliff.

Because... $11.4K:


Remember, the board (Pat) said this again to you at the annual meeting.

I was told nearly the amount of the dues increase is now being directed to legal expenses.

The bottom line: While you were told you have over $800K, you actually have closer to $200K.

This article has been updated:

https://birdcageheights.com/2024/07/21/8-reserves-in-the-bank-not-55/

The update is confirmed here.

Go to Main Forum



"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people to peaceably assemble, and to petition the Government for a redress of grievances."

Shane Hill

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Topic starter Posted : 30/08/2024 7:17 am
Shane Hill
(@shane-hill)
Member Admin

Update: Patti Burden, Board President of Edgewood HOA in Citrus Heights has admitted to lying about the state of the Edgewood HOA finances. 

More details: She was cornered by a homeowner with numbers.  She had no alternative.

The update is confirmed here.

I have sent a message to Tony Zogopoulos of Network Community Management thanking him for providing us with the information. I hope our community and his team have an opportunity to cross paths again at some point in the future.

It's a shame we lost what is probably a rare, actually good property management company. Tony and I had our ups and downs, perhaps mostly in my head, but it doesn't matter how we get to the destination. It just matters that we get there.

We still have a ways to go.


To be crystal clear, we believe the Board must go.  All of them.  If a few are decent and can make a case for being elected again, then so be it.  Very few should qualify.

We have enough recall signatures to force a recall election.  I may go out for another final push to get even more signatures, and give folks who didn't sign the first time, another opportunity. 

A recall election will force the Board to the table to talk, and state their case.  It's the association's decision, not mine, as to what the result of those discussions shall be.

That's all we are asking for, provided the Board will not resign gracefully.

This Edgewood HOA Board admitted to falsifying documents and lying to the Association they are entrusted and (apparently) elected to represent.  They are all guilty of this.  Legally, this easily qualifies as an unconscionable act.

They can not be allowed to continue.

Shane Hill

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Topic starter Posted : 15/10/2024 6:50 pm
Shane Hill
(@shane-hill)
Member Admin

Remember,

They spent association money—your money—on an attorney to send us cease and desists to try and cover this up.

They did this instead of calling meetings, hearing the community's concerns, and having discussions.

The attorney used apparently wasn't retained by the Association. They called up the former attorney and paid him to send the cease and desist letters.  There was never any intention to follow through with a legitimate, bonafide claim of infringement.  That and they sent the documents to the wrong person, probably because they were aware of SLAPP.

Instead, they did this to silence criticism—and to prevent the fraud from being discovered.

It just keeps getting worse, doesn't it?

This is the "Executive" Meeting Minutes

https://birdcageheights.com/executive-session/

I have evidence in writing that these meeting minutes are a fabrication, and that there was no actual vote.

Shane Hill

ReplyQuote
Topic starter Posted : 16/10/2024 8:32 am
Shane Hill
(@shane-hill)
Member Admin

When I began investigating the Edgewood HOA Board and its services to the community, I repeatedly heard something about "missing money."

Knowledge of these "missing funds" seemed prevalent in the community, with numerous residents bringing it up.  Despite my best efforts to gather more information, the details remained elusive.  This is why "missing money" was never included in our lists of grievances.  Financial mismanagement, yes; however, even I couldn't have imagined this.  I likely wouldn't have believed it—unless it was Tony of NCM who told me.

Having considered this, I can understand why people may have doubted us—doubted me. You can see the spot I was in.  Tony had actually told me directly.  My one wish is that Tony spoke up at the annual meeting.  I suspect we have all learned some valuable lessons, myself included.

One afternoon, when I knocked on Marilyn Masters' door, I asked her about it during our ensuing conversation.

I believe I asked something nearly to the effect of "Many residents have told me about 'missing money.'  Do you know anything about that?"

"Missing money?  MISSING MONEY? THERE IS NO MISSING MONEY, THAT IS A LIE!," she exclaimed—almost verbatim.

This must have been mid-May.  My first documented mention of a recall effort occured on May 3.  The reserve report was created in April.  By the time of my visit with Marilyn that afternoon, the false financial reports had already been generated, and The Edgewood Voice was created on April 22, falsely reporting the finances.  She was clearly aware of all of this.

We may have cracked the case of the missing Edgewood funds.  Missing, squandered, simply mismanaged to the point of oblivion—pick your poison.  A persuasive argument can be made for all.

Unfortunately, I suspect we may currently only be detecting the symptoms of the true malfeasance that has yet to be discovered.

This is very serious.  What little trust there was prior, has been completely wiped away.  This community, especially this community, must be able to trust those responsible for their property and for their association.  Particularly as you try to rebuild.

Speaking of rebuilding, there are options we can explore. Until we look at the books, analyze everything, including the reserve study, we will not be able to effectively investigate them.  We must have transparency. 

I have been trying to come up with ideas—smart ideas—systems, policies, bylaws, whatever, that you can implement in order to prevent anything like this from happening again.  It simply can not be allowed to happen again.  Greater community participation is the key.  Your involvement is critical, and all solutions we design should include community participation as the number one goal.

We understand and appreciate that there are those who must or simply wish to step back from their involvement.  They must feel comfortable doing so. They should know that enough members of the community will be engaged, and there will be plenty of neighbors looking out for their best interests.

You know I will be.

These are my dreams. I hope this community can achieve them. However, we simply cannot move forward until we fix the broken Board.  Let's move forward.  It'll be so much better.

Find confirmation of the update here.

Sincerely,

Shane Hill

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Topic starter Posted : 16/10/2024 11:49 pm
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