04-17-2015, 03:58 PM
Did you know that the blue dodge pick-up truck was sold without the finance committee or the boards approval?
It was sold to an employee by one or more officers. This sale was never put on an agenda even for discussion.
It was sold for $2,500 well under the blue book value.
Furthermore, they never advertised the sale or ask for closed bids to attract the highest sale price.
Proper procedure is for the finance committee to review the sale of any corporate asset, make a recommendation to the board and then the board needs to vote on it. Then the board needs to approve the sale. Any transaction over $1,500 needs to follow this procedure.
What do you think would have happened to the last GM if he did this.
This situation needs to be put on the agenda for next months meeting and someone needs to answer for this.
After nine months these rouge directors just do what ever they want, follow no rules or bylaws and are wasting the Associations funds.
It was sold to an employee by one or more officers. This sale was never put on an agenda even for discussion.
It was sold for $2,500 well under the blue book value.
Furthermore, they never advertised the sale or ask for closed bids to attract the highest sale price.
Proper procedure is for the finance committee to review the sale of any corporate asset, make a recommendation to the board and then the board needs to vote on it. Then the board needs to approve the sale. Any transaction over $1,500 needs to follow this procedure.
What do you think would have happened to the last GM if he did this.
This situation needs to be put on the agenda for next months meeting and someone needs to answer for this.
After nine months these rouge directors just do what ever they want, follow no rules or bylaws and are wasting the Associations funds.