EXACTLY WHERE IS OUR MONEY?

Read this and think and understand. This is economics 101 and we all need to understand. Thanks to Dorothy for taking the time and patience to explain.


At the last Delegate meeting many questions about the new budget were raised.  One of the questions was – and I am the person who posed it – related to the funds WE i.e. UCO has on deposit.
The answer I received, very surreptitiously, was “in BB&T”.  Well folks, I sincerely hope that was not quite accurate.  UCO funds MUST be invested in secure accounts, the ones we generically know as FDIC insured accounts.  Since January of 2014, the FDIC limit per account (or tax ID number) in any one financial institu-tion has been set at $250,000.
So, again I ask – “where is our money?”  I know exactly where the money was on March 1, 2014.  But now I must say, I have no idea.  
Additionally, I believe the residents and owners of Century Village should be advised of the title of each account and how much money is in each account.  During my tenure as Treasurer I prepared and distributed this report monthly and I can assure you the report can be prepared in ten minutes – maybe fifteen.  
From the statement we are given it would “appear” that the fund accounting method we had for many years has been disbanded.  I think I have a very good idea as to who might be behind this thinking.  Putting all the “eggs into one basket” is a very very good way of concealing expenditures.  
Let us not forget that I served as UCO Treasurer for over five years in total - under two different administrations.  When I was out of office the road re-paving fiasco and the shuffling of money took place.  
Perhaps a detailed report relative to UCO bank balances at January 1, 2015 will be made available to us at the meeting on January 20th when the new budget will be reviewed in depth.  
Dorothy Tetro