A lawsuit has been filed against the ACSA, by a long time Aquarina Resident, because of the Board President’s and his majority of Board Members’ refusal to provide specific financial records from the AGI. Per Florida Statute, Chapter 720, ALL financial records from an HOA, when Residents’ funds are spent, must be available for disclosure to the Residents. The Board President has refused to comply with this very apparent legal request. Mediation, rather than a lawsuit, was offered, and this too was apparently refused. Wow!
What do we have here? The elected Board was given the fiduciary responsibility, the stewardship, and the entrustment of the Residents’ funds. The Board President, rather following the letter of the law (Florida Statute, Chapter 720), says he has an attorney opinion that he can by-pass the statute to hide AGI specific spending. Why would an HOA President or his majority Board want to hide expenses of the Residents’ funds? Of course, having something to hide is the first reaction.
The irony of it all is that by the Board creating a lawsuit situation, for its own end, a huge attorney expense for the Residents will now follow to fund the President’s and his majority Board’s defense. The Residents are literally being poked twice, i.e. once by non-disclosure spending, and again by paying for attorneys to defend this spending. Will Aquarina’s Silent Majority still remain silent?
Actually, there is a third poke, which this proactive Resident has caused with the lawsuit. The third poke is not the taking of Residents’ funds, but a wake up poke to the Residents.
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More news coming on the beach property ongoing sale to Kahama VII LLC and the ongoing promised community pool.