Allow me to call your attention to a small portion of our Board President’s recent “Info Lette
Above, Olena Biletska states that the auditor was surprised by the amount of excess operating funds accumulated during the past 2.5 years.
That is not what the auditor’s cover letter says.
The auditor specifically identified the unusually high operating fund balance as an issue that should be addressed. Excess operating cash sitting in non-interest-bearing accounts does not benefit owners while inflation continues to erode its value.
Here is what they wrote on the cover letter:
Our auditor’s engagement includes a presentation to owners regarding the audit findings. When this auditing firm was first engaged for the 2022 audits, the auditor conducted that presentation and answered questions directly from owners.
Residents no longer receive that opportunity.
Why are owners not allowed to hear directly from the auditor and ask questions about the findings?
The “Info Letter” also failed to disclose the actual amount of excess operating cash currently being held.
Accumulating excess cash is not difficult when owners are consistently charged more in assessments than is needed to operate the association. It is nothing to brag about.
The numbers speak for themselves.
The Condominium Association currently holds approximately $1,742,377 in excess operating funds.
The HOA holds approximately $861,401 in excess operating funds.
Combined, the two associations are holding approximately $2,603,778 in excess operating cash.
Past Due Assessments
Not mentioned in Ms. Biletska’s “Info Letter”
At the March 25, 2026 board meeting, management reported that delinquent assessments totaled $495,169 as of February 28, 2026.
During that meeting, Olena Biletska assured owners that the amount would be reduced.
First, we were told the past due was not a concern because the associations had plenty of cash on hand. Then we were told the problem was caused by office understaffing.
Four months later, the office still remains short-staffed. Again, it was the action of this board president to dismiss the manager on 1/20/26, likely Ms. Biletska is the cause for the lack of the replacement of a much needed staffer in the office.
Let’s look at the updated numbers:
As of April 30, 2026, delinquent assessments have increased to $753,858.
That represents an increase of more than $258,000 in just two months. That is the opposite of the commitment made by Ms. Biletska. An increase in past due of 52.24%.
While owners are being told about excess cash balances, nearly three-quarters of a million dollars in assessments remain unpaid or overdue.
These are the same financial statements and reports available to the board, management, auditor, and owners.
The question residents should ask is simple:
Which issue deserves more attention — celebrating excess cash balances (overcharging owners) , or addressing nearly $754,000 in unpaid assessments?
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