OK, we have reduced the tax penalty to 10 cents on the dollar. Should we be celebrating and giving praise to our administration for orchestrating a big reduction? Maybe, 10% is better than 100%.
But why are we in this mess in the first place? Why should we be celebrating paying a fine and interest.
What and who created the problem. The board was informed of the potential liability. They were advised that the carryover of funds would create a problem. They ignored an expert who detailed in a letter how these funds should be handled. They were told to return the excess funds to avoid this tax penalty. They wrote to the expert, who was a resident, and told him he was wrong. THEY WERE WRONG and we received a penalty. So, why are we so thrilled that these folks now negotiated a smaller penalty?
Shame, shame. We should heed the warning signs so we are not liable for tax penalties.
Who were the experts that we hired that agreed with the position that our board took. Were they paid to give us expert advice. If they were, they should return all their bills and fees for giving us bad advice.
As long as we are discussing experts and how much we pay for this good advice, why are we not utilizing more of the expertise that we have within our resident community.
We need a new slate for our board of directors for SCA.