Annual Audit
I was not able to attend the
meeting where our auditing firm,
Picker and Associates, made their presentation regarding our financial statements. I am very concerned about our monthly
assessments. By any objective measurement, they are high. Why?
Keep in mind there is an inverse relationship between the size of our assessements and the value of our units. Park Tower is one of the
largest condominums in the city. Economies of scale should work in our favor to minimize our overhead cost per square foot of habitable space,
which is why we build jumbo jets and super tankers.
Over the years, there have been numerous allegations of board members getting their units remodeled and having maintenance services performed
on their units by our association at no expense to themselves. How might this be reflected in an audit? What measures can be put into place to
ensure this cannot happen? What can we do to ensure conflicts of interest do not arise?
Serving on our board is a time consuming and unpaid service. I'm not convinced that the motivation to serve is purely altrustic in the case of some members.