September 30, 2026 · Board Meeting
What have you heard about the September 30 board meeting?
Anything?
That silence is part of the problem. If you could not attend, you missed a meeting that raised serious questions about communication, financial oversight, and whether important reports are being read.
Below are the highlights—or lowlights—with video excerpts so you can hear the exchanges yourself. I have added English subtitles to make them easier to follow.
Transparency, apparently, is in the eye of the board president.
“I do believe that we are one of the most transparent boards.”
— Olena Biletska, Board President
Click on Video (above) to View for yourself
Transparency is a wonderful word.
Let’s compare it with the record:
- Unanswered questionsAt the June 30 meeting, owners asked questions and were promised answers. Those answers still have not arrived.
- The recordingAt the beginning of this meeting, Olena objected to the voice recorder’s placement and wanted it moved farther away—approximately 20 feet from the dais. An interesting opening for a discussion of transparency.
- A board resignationOwners learned that Christian Bagshaw had resigned only after someone asked where he was.
- LitigationTwo lawsuits were initiated in the association’s name without first consulting owners or informing them.
- Restricted questionsQuestions were not permitted at several previous board meetings.
- Garage shoringOwners still have not received a clear explanation of the Unsafe Structures violation that resulted in shoring around garage columns.
- Elevator inspectionsOwners were not informed that the elevators had not passed an annual inspection since 2024.
Calling a board transparent does not answer the questions it leaves unanswered.
A volunteer job.
With actual responsibilities.
Olena acknowledged that she had not sent an “Info Letter” in some time. The last was June 3. Her explanation included having a business to run.
Some owners responded with the obvious questions: Why run for the board? Why remain if you do not have the time?
She also said:
“I do want to apologize for maybe the communication, because you know that the board is unfortunately is a volunteer job.”
“Unfortunately” is doing quite a bit of work in that sentence.
Yes, board members are volunteers. Their time deserves respect. But owners still need timely information, informed decisions, and follow-through. Accepting an unpaid position does not make its responsibilities optional.
A reference to someone in the audience having more time because they did not have a job did little to improve the discussion. Employment status is hardly a measure of whose questions deserve answers.
Owners’ employment status has nothing to do with the board’s responsibility to keep them informed.
Our excess money:
Still thinking? Already invested? Better ask FSR
Click on Video (above) to View for yourself
Owners asked about putting approximately $2.6 million in excess operating cash to work earning interest.
What followed was a surprisingly difficult search for a straightforward answer.
- First:Julius said, “We are thinking about that.”
- An owner asked:How much interest does the money earn while the board is thinking?
- Then:Olena explained that FSR had presented a proposal involving approximately $4 million. She wanted alternatives involving smaller amounts and was concerned about access to cash for major repairs.
- She acknowledged:“I do not understand this completely,” explaining that the treasurer and Christian had worked more closely with FSR.
- Later:We heard, “It’s already done,” followed by an explanation that Christian had checked the investments and proposals.
- Then came:“It is invested now.”
- And afterward:We needed to ask FSR, followed by word that a meeting with the financial team would be scheduled.
That is quite a journey from “thinking about it.” Unfortunately, it still did not leave owners with a clear account of where the money was.
So what, exactly, was done?
Reviewing proposals? Approving an investment? Moving the money?
Owners should not have to decipher those distinctions from a nine-minute exchange.
Keeping enough cash available for expenses and unexpected repairs is a legitimate concern. But that calls for a clear cash management plan: how much must remain available, how much can earn interest, and when action will occur. This was well managed before this board took office. It is why you have reserve funds and repair/maintenance budgets. Remember that “Extra cash” is from “OVER BUDGETING”.
Nobody expects every director to be an investment expert. We should expect a board overseeing $10 million to obtain qualified advice, understand its decisions, and explain what has actually been done.
After months of discussion, owners should be able to get basic answers:
- How much has been invested?
- Where?
- When?
- At what rate?
- And how much remains immediately available?
Nobody expects every director to be a financial expert. We should expect the board to understand and accurately explain the status of association funds.
“We need to check” is a follow-up task. It is not a financial update.
Paying interest
while holding excess cash
Click on Video (above) to View for yourself
An owner asked about approximately $32,000 in insurance financing costs while the association was holding substantial extra cash.
Olena responded:
“I have a question for you.”
The original question remained unanswered.
In this exchange, owners received an explanation of when to ask. For some reason that explanation was not used on the prior questions, as this answer may have been embarrassing, ultimately they did not provide an explanation of why we borrowed.
Seismic monitoring:
We paid for the reports. Who read them?
The discussion about monitoring the hotel implosion may have been the most troubling part of the meeting.
As I understood the exchange:
- The association committed approximately $200,000 to a multiyear seismic-monitoring arrangement.
- No board member identified having read the post-implosion report.
- The report had NOT been provided to the new engineer reviewing the garage structure.
I requested the report and read it. Why was an owner doing that before the people responsible for overseeing the work?
Free monitoring had been offered through Swire. The board chose to hire its own firm. Independent monitoring can have value—but only if someone reviews the findings and makes sure the relevant professionals receive them.
An unread report is an expensive filing-cabinet accessory.
Owners deserve to know who is responsible for reviewing these reports, what the findings were, and whether any follow-up was recommended.
The problem is the pattern
- A late update can happen. A director may need to look up an answer. Volunteers can make mistakes.
- But this meeting presented a broader pattern: unanswered questions, conflicting explanations, delayed action, and important information that owners had to draw out themselves.
- We heard that the board is transparent. We heard that its members are busy. We heard that the investment work was being considered—and that it was already done.
- What we needed was much simpler: clear answers, documented decisions, and evidence of follow-through.
Watch the clips. Listen to the answers. Notice the questions that never receive one.
Then consider what we should expect from the people entrusted with our building and our money.
The next board election is an opportunity to turn that expectation into a choice.
Here is a link to the video recording of the meeting:
Watch the Full Meeting Recording