The Board told us that the dollar value of delinquent accounts is concentrated in a handful of properties. Purchases of these distressed properties result in TIPOA recovering these accounts and replaces the accounts with paying home owners, thus purchases of distressed properties should be encouraged. Purchases of these distressed accounts also gives the buyer a potential for higher-than-normal return on investment. That is, it is a win-win.
Unfortunately, information regarding these properties is available only to the Board. Furthermore, the Board is typically the first contact prior to a distressed property being listed on the open market. These facts, coupled with purchases by board members has led some to wonder if board members "may" be profiting from their unique position. For example, one board member purchased (either in their name or through LLCs registered in their name) 6 properties over a 4-year period. The county listed 1 of these purchases as not being fair market value and 2 as being estates. A second board member purchased 2 properties, one of which was listed as not being fair market value.
I will repeat, I am not saying that the board members who purchased theses properties did anything wrong. I am saying that since the membership does not have access to the same information as board members, this does not look good.
The question, how do we encourage purchases of distressed properties while removing any appearance of impropriety—how do we level the playing field? What we can't do. Georgia Properties Owners' Association Act (GPOAA) does permit the Board to publicize a list of outstanding assessments. Furthermore, nothing in the governing documents or GOPAA places restrictions on Board member purchases and I don't think we should restrict their purchases. What we can do? GPOAA does permit members to submit a written request for such information. Most members are not aware of this.
Could we include a note to accounts receivable in our financial statements specifying the number of accounts more than 2 years in arrears or with more than $2k in outstanding assessments? Maybe include in the note a listing of the amounts "without" any identifying information? As part of the note, we could say that additional information is available upon request?
Could we set a policy that no Board member may make an offer on any property to be listed for sale until such time as the sale is listed on the open market?
Other ideas?
Comments
DrSmileGuy
on Sunday, 19 November 2023 21:03
Ethics is professional integrity. Integrity is doing what's right when no one is looking.
The TIPOA Board should hold itself to the highest ethical standard within our Tolomato community. If 'distressed dues' property purchases were done when "no one was looking" and based upon 'insider information', in my opinion, it would be unethical and board members involved in such a profiteering backroom scheme should immediately resign. There are TRANSPARANT ways to go about this which would remove any appearance of unethical improprieties. Being ethical is not a difficult concept. But when easy money becomes the motivation and private rules are in the playbook, this is what you get from those in power. Those with exclusive access to privileged information must do the right thing when no one is looking.
I think your suggestions Ginny are valid and appropriate. When I am elected to the TIPOA Board, I pledge to implement rules that are fair, transparent, impartial, and avoids the 'appearance' if improprieties.
Jim
on Monday, 20 November 2023 18:10
Vickie, we welcome your comments. That said, wouldn't it be nice if we could post comments/questions etc. on a website hosted by the "Candidate Who Care"? I am sure they would value everyone's input. We really do care.
Amason
on Monday, 20 November 2023 19:34
Vicki, I am so surprised by your vitriol. Nobody but the candidates who "care" are disparaging neighbors. You are not more of a citizen of Tolomato because you live here than someone who owns a lot, hasn't built yet and is "not even living here".
Appropriate behavior, honestly and transparency is how HOA Board members should comport themselves. I suspect that has not been true with some past Board members. OHHH, but you are accusing candidates that only have a difference of opinion as being "divisive" It's a nice campaign that the candidates who "care" are running, alerting neighbors to "division" because someone else wants to run for the Board (their right) or has a difference of opinion.
I have heard it from so many neighbors about a "divided community". I think I know which candidates it is coming from. Yes, there is a website which grew up organically, to comment, blog and inform. It is not a subversive or seditious group. Posting activities, community information sharing and open transparency is a good thing and should not be derided by you or the present Board. Some want to close Tolomato off now that "they have discovered it" That is not good for the community or our property values.
Work with developing the community and controlling the planned development not just closing it off and running potential owners/neighbors off. Your unkind and ungenerous words are not welcoming to anyone and only put the community in a bad light. The "neighborliness" that is on the campaign of the ones who "care" that you support sounds nice. But your comments and the fact that many of the candidates from the "care" campaign cannot even be civil or wave to me and many others in the neighborhood demonstrates the lack of honesty of those candidates and their campaign!
1030 Guale Pt
on Monday, 20 November 2023 21:06
Dear Ms Love,
I tried to clearly point out that your comments regarding Ms Amason's last blog were not only rude and surely divisive but that seems to be the rant that the group you support adheres to. Therefore, it was not surprising. So, I will try again. Your latest blog regarding Steve Anderson certainly ratcheted up your penchant for division. Mr. Anderson has been nothing but honest, candid and forth coming with his candidacy and for you to suggest otherwise is totally uncalled for.
R. Lang
Editorial Panel
on Tuesday, 21 November 2023 20:18
Mrs. Love’s comments cross the line. Rather than contributing to a debate Mrs. Love comments are becoming a personal attack. Personal attacks and projections of her own or other’s feelings that are unsupported by facts are not allowed. We welcome bringing real issues and debate to owner’s attention. This post is a reminder to all that debate should be civil and respectful. Registered users unwilling to abide by the rules will be suspended and/or deleted.
JimandGinny
on Monday, 20 November 2023 12:27
Well, well Vickie responds to what she characterizes as attempts to disparage friends and elected officers with her own rant that actually is an attempt to discredit Steve--what a surprise. I will let Steve address that if he chooses.
As the author of what Vickie characterizes as feeding, since I am the author of the original post, I will address that.
Vickie:
If you don't have the courtesy to answer these questions directly, then I have no desire to waist my time on further discussion of "what ifs" and "perceptions" on your part.