Letter from Byron Maynard and Robert Bumgarner
September 23, 2015
Mr. Mike Rodriguez
Lake Wildwood Association
Thank you for meeting with By and me on the 20th to review our concerns regarding what we consider to be a number of inaccurate or misleading Association financial reports, reporting procedures that are inconsistent with FASB standards, non-compliant replacement reserve reporting and funding practices, and potentially improper Clubhouse funding arrangements.
As you know, rather than devoting a great deal of time to review of the exhibits we submitted in support of the nine issues stated in our IDR demand letter, we offered and discussed a five-point settlement concept. Our aim in doing so was to provide the Board with the information it needs to identify and correct the causative system factors, policies, and procedures that enabled inappropriate actions. It was not our intention to discredit past or present Board Members.
In our view, the magnitude of current financial pressures demands that the Board do everything in its power to amend the governing documents as needed to ensure that members are never again hit with a multi-million dollar increase in deferred maintenance costs or previously undisclosed replacement reserve obligations. Without such amendments, the next Board could easily reverse all of the good works of recent Boards.