Is Our Money Safeguarded and has it been for the last 4 years?

An Open Letter to Amazing Grace and Mr. Rivera and all other interested parties, including the entire Delegates Assembly:

For the record, from November of 2010 until March of 2012 the Treasurer of record, duly accepted by the Delegates to safeguard the money, was none other than Mr. Ed Black.  Within a very short period of time after he accepted this responsibility – April to July of 2011 – “contracts” had been signed by D. Israel – the President of UCO – authorizing the expenditure of $4,911,440. (Thats 4 million 900 thousand dollars)

Two or three weeks ago each of you posted comments referring to the commitments made relative to the road restoration project.  A time line of the awarding of these “contracts” is as follows:

April 12, 2011   perimeter walkway                                     $   104,732

                              Signed by D Israel   May 2, 2011

May 24, 2011  asphalt paving – phase 1                             $ 2,085,000

                               Signed by D Israel  June 1, 2011

July 11, 2011  asphalt paving – phase 2                              $ 2,445,000

                               Signed by D Israel  August 9, 2011

January 17, 2012  various work - 2102 parking lot           $      37,494

                              Signed by D Israel  January 17, 2012

Plus miscellaneous costs i.e. permit fees, work done

 and not included in quotations, etc.                                   $     84,573

GRAND TOTAL                                                                         $ 4,756,799

With the exception of the last “contract” all three were signed by David Israel as President of UCO – there are no witness signatures – and the signature page is completely separate from the “contract”.  The last “contract” continues on the second page – signature as stated above – no witnesses

                            

Additional money spent during this time period was used to pay Triton Associates for catch basins (drains) at various locations in Century Village.  There are two proposals, both signed on January 28, 2011 by David B. Israel as President.  Again, the signature page in one instance is completely separate from the “proposal” which was apparently used in lieu of a formal contract.

On January 27, 2011, two separate “Construction Agreements” were signed by Rodger Carver as C.A.M. and David B. Israel as owner.  Owner?  Yes, David B. Israel is an owner, but that of a unit in Greenbrier.  Surely he is not the owner of Century Village or United Civic Organization.

   

Payments were made as work progressed beginning February 10, 2011 and ending August 29, 2011 with additional work performed early in 2012 – total paid to this vendor - $192,135.

So, how does all of this add up?  I find it necessary to repeat this - between January and July 2011 UCO committed to spending $4,911,440 and in January 2012 an addition $37,494.  So, $4,948,934 to make repairs, and we still have flooded roads, cracked roads, uneven road surfaces in parking areas.

During Mr. Black’s tenure, and without any discussion with the Delegates, the first two contracts were awarded to M&M - $2,189,732.  When heavy equipment was seen rolling into the Village and questions were being asked, only then was it revealed that these arrangements had been made.

Subsequently, Mr. Black approached the Delegates for permission to proceed with what is known as Phase II with the explanation that a great deal of money would be saved due to the fact that the equipment was on premises and re-mobilization of this heavy machinery would not be necessary – a potential savings of $500,000.  And, the Delegates said OK.  The quoted “savings” was never formally questioned and to this day there are many who feel it was vastly over-stated. 

At the same meeting the Delegates also approved the acquisition of a line of credit - up to $1 million - that could be used in the event of a catastrophe such as a hurricane.  Thousands of dollars were spent just to obtain this line of credit; the terms of which made it impossible to access.  More money spent unnecessarily. 

So, Grace and Mr. Rivera, the facts are quite clear.  Responsibility for the depletion of the UCO reserve funds belongs to a select few.  Namely, Mr. Israel and Mr. Black, and I would go so far as to suggest that the remaining elected officers who were charged with protecting the interests of ALL of the owners reneged on their responsibility.  I am proud to say – I was NOT one of them.

Dorothy Tetro