The board has feared an audit for quite some time. NOW WE KNOW WHY.

A recent resident review of invoices for the fiscal year ending 2014 and part of the current year, has revealed some very shocking information which must no longer be concealed from residents.

Resident funds have been used for payment of some $35,000 in illegitimate expenditures which include more than $20,000 in expenses exclusively for the sole benefit of the commercial owner. This is above and beyond the well over one million dollars in capital expenditures illegally approved by the board. Time restrictions prevented a complete review but documents including a couple dozen invoices, revealed some very disturbing findings. Details are available upon request. There is absolutely no practice of responsible procurement standards which include the requirement of tenders. No qualified and responsible board member or property manager, would approve of such reckless spending, let alone its concealment.

It is very clear that both management and the board have neglected their professional, moral and legal obligation to excercise respect and responsible management of resident interests and their money. The ongoing influence of conflict of interest issues relating to management and board members is a major factor and is very disturbing. Independent property management is the obvious solution and must be established as soon as possible.

This minimal review has rightfully enabled a challenge to the board’s ongoing rejection of an audit and has exposed many very disturbing facts. The amount of money involved here is substantial and a review of the past several years finances is certainly in order.

What’s next? The board’s lack of transparency has proven to be a huge political advantage for them. This is about to come to an end. There is no question that an audit is now clearly necessary for not only the current fiscal year, but should also be conducted for at least three prior years as well given the disturbing findings of the current year. The many requests of residents over the past few years for participation in this review process have now proven to be very much warranted. This financial and management fiasco must come to an end. A new board with resident directors who actually represent the interest of residents, is necessary. The ongoing rejection of board members to sign an ethics disclosure statement with a declaration of no conflicting interests, continues with well justified and grave concern among residents.

Given the very serious level of financial irregularities within the Corporation and the failure of the board to recognize and address this very disturbing financial fiasco, residents can only expect a further diminishing level of respect from the board, along with continuing requests of them to simply write cheque after cheque to keep this building afloat.

Clearly, residents should now realize that they can no longer AFFORD TO NOT be involved and must demand full transparency. The board and management, must be held accountable for their failure to perform their many responsibilities under the Condominium Act. Given the recent revelation of evidence relating to this fiasco, there will be an audit for the current year and certainly should be a review of previous years, whether the board likes it or not. Any responsible resident will be fully supportive.

Here we are going into June and yet the most recent financial statements provided to residents are from January. Do we still have a board of directors or are they all in hiding? The silence is deafening.

Once again, why the continuing and most adamant rejection of an audit by the Board? Now we know why.