2011 Audited Financial Statement

2011 Audited Financial Statement

(original web post 10/09/12):  This statement was within the packet for the 2012 Annual Meeting. I have extracted the statement for its own .pdf file. Please look at it carefully and even compare it to last year's audit within that year's packet I have also linked to below. You may want an accountant or CPA to comment on what they see.

2011 Audited Financial Statement

2011 Soho Central Annual Meeting packet containing 2010 Audited Financial Statement

The 2011 Audit was used as an excuse to move the date of the 2012 Annual Meeting with no justification for such an action allowed in the SCCC By-Laws.

Most if not all documents I have scanned now and in the past were not freely provided by the controllers. Why? I have just been told that a controller's minion has complained that I have posted confidential statements! What? They are given to government agencies and there are no government rules or laws on these being confidential. The individual was asked from what I was told, if there is nothing to hide, what is wrong?

Evaluation is ongoing so these comments may be amended:

- Where are the Minutes & Resolutions regarding Cash on Hand and to which bank(s) the money was deposited and when?

- Considering Cash at the end of the year, there was only P30,000 in interest. This is a very small amount. Why?

- Considering the problem noted in the 2012 Soho Central Annual Meeting packet on page 16 under "Unidentied Bank Deposits," where is this under Liabilities?

- Where are Board Resolutions on advances to suppliers? I was told it is normal to retain 10% until satisfied. But on the sixth page of the audit all that is seen are excess payments with no explanation.

- Would someone explain on the fourteenth page of the audit the paragragh in Note 10 beginning with "The Condominium has two commercial..." This paragraph would not seem to make any sense. Which Minutes & Resolutions would explain this paragraph? Which floor? The fourth? The fortieth? The lobby? The eighth with a unit being used for commercial purposes in violation of the House Rules & Regulations (2.5)? Were these leases of unknown companies approved by the members (Unit Owners) as required under the Condominium Act:

Sec. 16. A condominium corporation shall not, during its existence, sell, exchange, lease or otherwise dispose of the common areas owned or held by it in the condominium project unless authorized by the affirmative vote of all the stockholders or members.

There are more than two commercial enterprises that have been here from time to time. One is called a department and is NOT a department of SCCC. Under Revenue only interest income is mentioned.