We are Unit Owners at Soho Central Condominium Corporation's building, a project of Century Properties Inc. from a joint venture of Meridien Development and Greenfield Development. This blog will teach and consolidate information regarding our building. Please submit comments; and if anyone would like to meet for tea/coffee to discuss the building, please send us an email. Unit Owners have been unable to witness decisions being made with our money at private board meetings.
Plan, plan and plan some more
QUESTION: Is Stonewall Central a better name for the property?
Does everyone remember this among the wonderful ads and brochures and how about the salespeople and what they told us. I hear such fantasies continue. So after watching and remembering, cry and then laugh at the truth that is being exposed.
And, if the above is not enough and you need elevated blood pressure, here is the project's brochure.
Many posts are still issues and need to be read once again. At this main hub of postings watch for new posts and updates. Please get involved by spreading the word as to the issues here. We must document all that is taking place. Many documents need retrieval and assistance is needed in getting them scanned and posted.
Saturday, March 8, 2014
The ₱177,900 Question
The ₱177,900 Question
The following are from Financial Statements for the annual audits for years 2009, 2010, 2011 and 2012. You will see the "Advances to suppliers" does not appear in years 2009 and 2010 and then appears in 2011. In 2011, "Advances to suppliers" is ₱177,900. "Advances to suppliers" are defined as "Advances to suppliers are excess payments made to suppliers or subcontractors." In 2012, "Advances to suppliers" is then "-".
What happened to the ₱177,900? How was this recorded in the books? Are there Official Receipts covering this ₱177,900? If written off, who authorized ₱177,900 being written off? If not written off, what happened?
Then there are questions concerning why suppliers and subcontractors are given excess payments. In this US, the tradition is 1/3 to start, 1/3 during and then 1/3 upon completion. I was told here only 10% is withheld until completion.
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