Spadina Condominium since its inception, has had its own bank accounts (one for the Common Expense Fund and one for the Reserve Fund). However, when the McClocklin’s management company started managing the building, it simply on its own initiative and without Board approval, abruptly commingled Spadina’s two accounts into a common bank account shared by numerous other condo corporations. In 2009, the Board with grave concerns over this issue, proceeded with a formal resolution that directed management to re-establish segregation of our accounts. McClocklin’s management company has however ever since this resolution, failed to respect the resolution and has directed residents to make any and all payments to THEIR OWN BANK ACCOUNT WHICH IS COMMINGLED WITH NUMEROUS OTHER McCLOCKLIN MANAGED PROPERTIES.
Spadina Condominium used to have prior to 2009, a separate bank account for our Reserve Funds providing yet FURTHER transparency of resident funds. The McClocklin’s management company has however rejected use of the Spadina Condo Corporation bank account which has existed since 2009, but has insisted upon the COMMINGLING OF BOTH OUR COMMON EXPENSE FUND AND OUR RESERVE FUNDS WITHIN ONE BANK ACCOUNT SHARED BY NUMEROUS OTHER ENTITIES AND PROPERTIES! It is most appropriate to request our Board to demand full disclosure from McClocklin’s property management company as to the identity of these “other entities and properties”. Any reasonably minded person can appreciate that given such accounting practices are inappropriate and totally unacceptable, such request for identity of those currently and in the past, sharing our bank account is most reasonable.
The following video presentation explains risk of fraud with this procedure which obvioulsy includes a total lack of transparency regarding resident funds and where their money is being spent. Residents should prevent potential fraud by not permitting commingling of their funds and in turn, direct their payments to their own private account SPADINA CONDOMINIUM CORPORATION (Royal Bank Main Branch-07378 Account #1048529).
One particular resident has been making ALL PAYMENTS OF CONDO FEES AND ASSESSMENTS DIRECTLY TO THIS SEGREGATED BANK ACCOUNT ONLINE SINCE IT WAS ESTABLISHED IN 2009. Management and the Board have now 8 years later, made accusations against this resident for not receiving payment for numerous monthly fees (even though provided bank records clearly confirm that these payments have been made). This resident has requested a copy of the SCC bank account records where, along with his personal bank account records, is able to verify that all payments have been made. However, the Board refuses to comply with the request, and continues to advise that the resident is in arrears. The Board continues to threaten legal action which the resident in fact welcomes, so as to prove the false allegations of management and the Board. They however refuse to acknowledge the request made to the Board to proceed with such an action. This is simply childish behavior on the part of management and a Board that clearly holds a personal vendetta upon anyone who questions their inappropriate and irresponsible conduct.
Please watch the following video which is most relevant to this issue!