The matter arose when the Developer received funds intended to be placed in our condo association account. The management firm was uncooperative when asked about the matter and this resulted in the DBPR being contacted with a formal complaint.
Here is the text of the below letter, click on documents for larger images:
In a Nov 22, 2010 letter from Concord Regional Manager Thresa Eastwood Davis to Paul Missigman, Atlantic Housing Partners, Ms. Davis wrote in part:
“In an effort to improve our banking processes, an electronic check scanner was installed at Nautilus Cove Condominiums in the 2nd quarter of this year. As you know, a banking error was discovered in July 2010 that appeared to be the result of a clerical error combined with electronic errors caused by the scanning software. The impact of these errors was that funds meant to be deposited in the Nautilus Cove Condominium account had been erroneously posted to the Nautilus Cove Condominium account had been erroneously posted to the Nautilus Cove Development Partners account and vice a versa. We first became aware of these errors on or about the 20th of July when they were noticed by our Accountant and one of the homeowner’s Mr. William Harris.
A full audit of both accounts has been performed by our staff accountants and all funds that were deposited in error have been transferred to the appropriate accounts. Attached you find two spreadsheets for bank reconciliations for the period of July 2010 to October 2010. As you can see, the bulk of the funds deposited in error were deposited into the Condominium account rather than the Developer account.
Mr. William Harris was one of those individuals whose funds were deposited into the Development account in July. These funds were included in the reconciliation previously mentioned. Mr. Harris’s claim that his 4th quarter dues were also deposited into the Developer’s account is in error. The account number appearing on Mr. Harris’s endorsed check is clearly that of the Association. While the account number is correct the electronic endorsement (produced by the scanning software and that has since been corrected) does say Nautilus Cove Development so it is easy to see why Mr. Harris believed his check had been mishandled. . . “
