Get it Right Ed!

Past UCO treasurer knows not of what he speaks!

 





Posted by Dorothy Tetro UCO Treasurer

 

 

What follows is a transcript of my remarks at the November 1st Delegate Assembly.  These remarks were heard by more than 200 delegates and an undetermined number of interested and concerned residents.  The comments were precipitated by a posting to Mr. Israel’s BLOG by the esteemed and venerated Mr. Ed Black. What? Gary

“On October 31, 2012 the combined UCO reserve balance – excluding an escrow account dedicated to M&M – was less than $30,000.  Cash balances at the end of the year 2012 were healthy, primarily due to the forgiveness of reserve funding.

So – yes – UCO never defaulted on timely payment of invoices.  But, UCO had NO savings.  I believe that it is necessary to plan and save for the future so that one need not have to borrow from Peter to pay Paul; – and, the future includes emergencies – stuff that happens unexpectedly such as a $70,000 “sink hole”.

Others would rely on “loans” “lines of credit”, etc. That folks should be a last ditch resource – one to be used only when you have not planned or thought ahead.

On Mr. Israel’s blog Mr. Black has posted a statement to the fact that your money is NOT FDIC insured.  I can assure you that that is NOT a true fact.  When the total operating balances exceed $250,000 money is transferred – within two days – to the sweep accounts where it is in turn deposited by BB&T – a 5 star bank - into a consortium of banks that participate in this sweeps program.  NO ONE banking institution exceeds the FDIC limit AND our money is liquid and available to us within the same 48 hours as needed.

I would anticipate a retraction and an apology for this false statement which Mr. Israel surely knew was intended to deliberately mislead you.

Dorothy Tetro UCO Treasurer