Board Fails to Transfer 2015 Operating Fund Surplus to Reserves

At the July 25, 2016, board of directors meeting, I asked the board why the board did not transfer the $5K 2015 Operating Fund Surplus to the Replacement Reserve Fund in the same manner the Association had transferred the $46.3K 2014 Operating Fund Surplus the year before?

On September 14, 2016, my wife and I finally received an email response to our July 25, 2016, question about the 2015 transfer. The association responded saying, “In response to your question to the Board at the last meeting: Reviewing the December 2015 Financial shows the ending 2015 income as $1,672,990 and expenses $1,679,037 leaving a net deficit of $6,047.00. No transfer was completed.”

The problem is the 2014 transfer

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