Statements of Comprehensive Income 2009-2012
I have written about 5. Receivables in the Audited Financial Statements of 2009, 2010 & 2011 with the heading name changed to 5. Trade and Other Receivables in 2012. The posts dealt solely with what is given in the statements since we have been having a ridiculous time trying to get records from the condominium corporation which should not be the case given Section 74 of the Corporation Code. The books will be examined in the future; but for now, there is plenty to examine based upon what has been given.Please let us know if you notice anything else about each matter that will be dealt with in this and future posts.
You will note in the scanned pages below that SGV & Co Ernst & Young (SGV), the former independent auditor, had separated various expenses in the income statements though I would have appreciated more notes such as a clear explanation as to amounts for communication, light and water as one example. But the new auditor, Diaz Murillo Dalupan and Company (Diaz), that members, Unit Owners, did not vote and approve of at an Annual Meeting have clumped together Security, Administrative and Janitorial with only Administrative clarified in the explanatory note. Why?
Additionally, you will note that SGV properly reported any Reclassification as it did in 2011 but the current auditor, Diaz, did not for these services noted. There is just an oblivious notation that "certain accounts" were reclassified. Why and which ones? Who was supposed to look after such details. The Units Owners are not being well served.
A proper breakdown is necessary as well as copies of the contracts.
Links to the Financial Statements are at the right and they are also contained within the packets for the Annual Meetings.
2009 & 2010
2011
2012
You may judge for yourselves if we are being charged too much for the services. Those from other condominiums that have heard the amount for administration were quite surprised. Now you know where some of your dues is going.
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