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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.
This board’s mismanagement has reached a critical stage with severe implications for the entire community.
Shane.
Image caption: NPM didn’t recommend $2,000. The reserve specialist advised a $5,120.00 assessment per unit was necessary.
Shane Hill
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
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
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
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:
Shane Hill
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
Earlier today, I established communication with the Office of State Senator Roger Niello.
Developing...
Shane Hill
$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.
This is $13,000 special assessment territory—at least there is room for discussion. $4.5K gets you to less than 50% funded, then another $9K+ for less than 100%, but that’s before any long-deferred maintenance gets addressed. The members are still paying $400 per month, and expect more than a small area of lawn mowed around their units. Click here for more background on the Edgewood HOA of Citrus Heights recall effort.
Disclaimer: This math is based on the reserve report, and I can't be sure of the projections. I believe I am conservative on the estimated equity per ownership interest.
This article has been updated:
https://birdcageheights.com/2024/07/21/8-reserves-in-the-bank-not-55/
Shane Hill
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