Advances to Developer Questions

Advances to Developer Questions

I guess the first and main question is what is this all about and why is there not a clear explanation as to what is going on with this since what is written in the explanations below does not make for a good sensible story.

How did the ₱2,822,707.00 take place or come into existence?  What were the number of units and total square meters to account for this figure?  Dues and billing of units needs a breakdown.

I assume that units not yet accepted at the date of turnover were not having dues billed to future members and Soho Central Condominium Corporation.  Is this true?  The details of this need a clear explanation in order to understand the several years of financial statements.

An explanation of Meridien managing is needed.  What were the dates of Meridien managing the building?  What was the fee billed to members, Unit Owners.  For those reading this recall that Unit Owners are also called members due to being legal members of the Soho Central Condominium Corporation.

Why was this on the books for three (3) years?  Why was it not paid off in one (1) year?

The slight wording changes regarding this matter in the paragraphs from financial statements of the audits need explanation.  The second sentence in the paragraph also needs a clearer explanation:  "Advances to developer are to be recovered through direct payments from members or through remittances of MDGI."  If advances were made to the developer how would that money then be gotten from members?  Would Meridien have to give the money back to the members and then the members would then give it to SCCC?

Under 2012 there is the remark, "Trade and other receivables are stated at cost since they are non-interest bearing and are short-term in nature."  Talaga!  Since when did three years become short-term?

Who is reviewing and checking these statements for clarity and accuracy for members of Soho Central Condominium Corporation?  The Unit Owners who are the members need and deserve better service than this.

2009 - 2010

2011

 

2012