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“Following the Money” 3/27/2008

“Following the Money” 3/27/2008. Tonight’s Subjects ! “LWV Finances 101” “Is There a Problem ?”. How Much Are Our 2008 Total Assessments? (million dollars). “LWV Finances 101”. Where Does The Money Come From ?. What is Included in the 2008 Total $93,582,525 ?. Taxes – United Mutual Only

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“Following the Money” 3/27/2008

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  1. “Following the Money”3/27/2008 Tonight’s Subjects ! • “LWV Finances 101” • “Is There a Problem ?” Residents Voice

  2. How Much Are Our 2008Total Assessments? (million dollars) “LWV Finances 101” Residents Voice

  3. Where Does The Money Come From ? Residents Voice

  4. What is Included in the 2008 Total $93,582,525 ? • Taxes – United Mutual Only • Mortgage – United Mutual Only • Food – Towers Only • Basic Costs (All Mutuals): • Direct Mutual Operating (DMO) Costs • GRF Costs Residents Voice

  5. What If We Exclude Taxes/Food/Mortgage = 2008 Basic Costs ? (million dollars) Residents Voice

  6. 2008 Basic Costs by Mutual ? (million dollars) Towers Tax/Food/Loan Third Mutual United Mutual Residents Voice

  7. Third Mutual United Mutual $501.88/mo x12mo x 6323 $532.62/mo x12mo x 6102 Personal Savings Monthly BasicAssessments GRF Account $38.08M/yr Where doesit GO ? $39.00M/yr Residents Voice

  8. What money is in this GRF Account ? United $$$ Towers $$$ GRF $$$ Third $$$ Residents Voice

  9. Who Should Control Payments From This Account ? • The United Board – Yes ! • The Third Board – Yes ! • The Towers Board – Yes ! • The GRF Board – Yes ! Residents Voice

  10. Who Does Monitor Payments From This Account ? • The United Mutual Treasurer – No! • The Third Mutual Treasurer – No! • The Towers Treasurer – No! • The GRF Treasurer – No! Residents Voice

  11. How Did This Happen ? Over the Past 30 years the Boards and PCM have evolved into the current means of Financial Control. The Board Treasurers do not review justification for most charges against the mutual. Residents Voice

  12. If This Was Your Personal Checking Account, Would YOU: • Combine monies with multiple users into one account ? • Fail to Review all invoices for accuracy ? • Not personally sign the checks ? • Allow others to write checks on your account ? Residents Voice

  13. How Did We Get Here ?Where Are We Going ?2003 vs 2013 (manor/month) Residents Voice

  14. 2003 – 2013 Trend ofBasic Monthly Assessments Towers United & Third Residents Voice

  15. Is There A Problem ? YES ! Residents Voice

  16. THE END Part 2 “Is There A Solution ?” Thursday, April 3, 2008 Residents Voice

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