As Spadina residents learned following the 2014 Annual General Meeting, the “voting procedure” held for “disapproval” of an Audit, was conducted in a most inappropriate and questionable manner. Residents were misled at the meeting where it was later determined that some attending owners, felt they were signing in favor, not rejection of an Audit. The Board clearly denounced any need for an audit, and in fact followed up with a post AGM lobby effort, approaching those not attending the meeting, to support rejection of an Audit. Given the conflict of interest issues relating to management (who does the monthly accounting) and a number of Board members, this is very serious issue. An after meeting tally of residents, revealed sufficient signatures did in fact provide the required support for an Audit.

A resident review of invoices subsequent to the 2014 AGM, revealed well over $30,000 in illegitimate operating expenses during the 2014 fiscal year and several months following. Relevant information regarding Reserve Fund Expenditures, was not made available. This clearly revealed the reason for such an adamant rejection of an Audit by the Board.

The Board suggested that the additional cost of an Audit at an approximate cost of $3000, was a “WASTE OF MONEY” and rejected resident support for an Audit. Without question, residents would rather contribute their $50.00 share to this $3000 Audit cost that if performed, would reveal and confirm some $30,000 plus in illegitimate expenditures and result in a refund to residents of approximately $500.

Therefore, any responsible resident should support and vote for an Audit at the coming AGM.