9/9/2024 Board Brief
Dear Laurel and Magnolia Residents,
Legal
We are pleased to announce the retention of new legal counsel to assist in contract negotiations, financial reviews, and delinquency management. Effective immediately, Jay Brown from Community Legal Advisors Inc. will be representing the association in all relevant matters.
Financial Overview
Last week, we reconvened with Strategic to continue the onboarding process, with a focus on meticulous review of vendors, detailed examination of invoices, and thorough evaluation of existing contracts. One of our primary objectives last week was to ensure the full transfer and proper updating of critical financial information, including banking documents and the authorization of new signatories on all association accounts.
The Board of Directors holds the fiduciary duty to manage and safeguard the community’s significant financial assets.
Operating / Reserve Account: $2.48 million
Construction Defect Settlement Account: $999,000
Recent findings indicate that the association’s financial records have been inadequately maintained for an extended period. This negligence has compromised the accuracy of our financial oversight. It is our obligation to rectify this situation immediately. To address this, the Board is undertaking a full audit and review of the association's financial records and budgets to ensure that all funds are managed with the standards of diligence, transparency, and accountability. This corrective action is critical to restoring financial integrity and ensuring long-term stability for the association.
Construction
A site walkthrough with PacWest's team has been scheduled for Tuesday, September 9th. During this inspection, we will address a comprehensive list of contract deviations, each substantiated with photographic evidence. Our immediate priority is to ensure all contractual obligations are fulfilled for the Laurel section prior to proceeding with the painting plan for Magnolia.
Residents of Laurel who are currently experiencing paint-related issues, such as peeling, chipping, cracks, or workmanship concerns, are encouraged to contact us at info@LaurelMagnoliaHOA.com. We appreciate and need your input in identifying and resolving any outstanding deficiencies.
Insurance
We would like to remind the community that the next Board meeting is scheduled for Wednesday, September 11th at 6:00 PM. Our new insurance executive, Cal Roberts, along with Justin Hall, from March McClennan Agency will be presenting an overview of our insurance policies and will answer questions from 6:00 PM to 7:00 PM at the Laurel BBQ area on Granby. Additionally, they will discuss key details regarding an upcoming insurance ballot.
For those unable to attend in person, a virtual option will be made available via Zoom. Confirmation will be provided by Strategic via email prior to the meeting.
Zoom link: https://bit.ly/LandM2024
Meeting ID: 847 3307 9495
Passcode: 355871
Thank you,
Crystal Garcia
HOA Secretary
Laurel and Magnolia
www.LaurelMagnoliaHOA.com
