LETTER
Updated 6-30-2012 3:00 PM
In Reference to Third Mutual President M. Straziuso's open letter to me and Pam (which he failed to copy us on and we eventually received from someone on his list), I'd first like to respond to his comment about the company I worked for, IBM. This company had a reputation as a family oriented, gracious business that went overboard in educating their employees and rewarding them for their efforts. Regardless of how they paid for their employees additional benefits, it came along with periodic episodes where the management team was asked to reduce their budgets by 10%, including labor costs. We responded because it was the best thing to do for the corporation. Show me a PCM cost reduction of this nature in the history of PCM's role as the Managing Agent! "There ain't one!"
Sometimes a picture is worth a
thousand words. The attached file was created in August 2004 and used in a
PowerPoint presentation to the United Mutual Board in September 2005. Few
believed that the Total United monthly assessments could follow the curve that
I projected and I was ostracized by many when I made this presentation.
Many current Directors cannot
visualize where our assessments are spiraling to and have a closed mind in
picturing our future costs. They feel that there is no urgency in controlling
our budgets and just assume that we can manage our incomes as well as PCM can manage their expenses.
It doesn't work that way. Without board control, PCM is a runaway freight train
and unless the boards take immediate action, we have the consequence of
an ever increasing monthly assessment as projected on the attached chart.
The 2013 budget is actually
increasing faster than the chart. The chart predicted a monthly assessment of
Approximately $580 in 2013. Where is the actual assessment in 2012? $654 Who knows where 2013 will
be.
The
chart created in 2004 predicted that we would reach the $800 monthly assessment
in 2020. If we use the current actual $654 in 2012, we predict that we will
reach the $800 monthly assessment in 2016.
Correction |
The chart shows the rate of assessment increase every month since 1989. The chart showed an annual Total Basic Assessment that was projecting an $800 monthly assessment by 2020. When I compared the 2012 actual assessment I mistakenly included the property tax in the 2012 comparison which inflated the rate of increase projecting a monthly assessment of $800 by 2016. My correct analysis should show that we will still reach the $800 Total Basic Assessment a month in 2020. However, if we include the property taxes, the $654 per manor per month that I used in my analysis, what I currently pay GRF monthly, we will be paying GRF $800 a month by the year 2016. The critical measure in this analysis is the lack of impact we have had in reducing the monthly budget in the past, and the coming years. Being unsuccessful in controlling PCM costs is a measure of the board's inability to clearly define distinct perameters of strict accountability to our Managing Agent. This sounds like it is more a matter of Directors who WANT to control costs versus Directors who DO NOT WANT to get involved. |
The 2012 assessment is $100
higher than was projected in 2004 and is expected to increase at an even
faster rate in 2013. Where are those directors who would not believe the chart
in 2004? Probably still in denial in 2012 and joined by a new generation of
Directors.
They assume that expenses of
"ONLY" $96,000 a year are not of concern. If you don't start withthem now,
WHERE DO YOU START CUTTING COSTS?
Connie Grundke
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Le
Cirque Du Directors & Lawyers at Laguna Woods Village
This went to the Globe today June 21, 2012, to be
published in the next issue. I doubt it will appear. If this single thing
doesn’t upset you then you have either decided to join the ranks of those who
just have so much money to live on for the rest of your lives that you just
can’t spend it all or you have not been paying attention. This is just one single
thing that has been a part of the overall and overwhelming abuse heaped upon us
for all the years any of us has lived here. I apologize for the run on
sentences. I am just very upset. We moved here before we were to retire so we
could set down roots and live here for the rest of our lives. That isn’t going
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LETTERS
We received a follow up letter, posted below, to a GRF resolution outlining rules of engagement for open board meetings (click here for copy) scheduled for approved today. We asked Ms. Donie Vantizian, co-author of the long-standing Los Angeles Times column "Associations" to comment on the merits of such letter, and have included her response under Comments below
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September 2008 ISSUE
We do not make jokes, we simply watch the LA Times, the Orange County Register and CID/HOA board of directors and report the facts!
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LETTERS
Public Relations for LWV or for Service Providers - The Golden Age or the Golden Parachute?
August 13, 2008
By
LWV, Maxwell Bendarien
PCM of California, the management company for Laguna Woods Village, demanded management fee increases which raised the fee from $363,700 in 2006 to $654,100 in 2008. In just two years, the management fee has increased by 79.8%. What could possibly justify this sort of increase when the annual inflation rate was running just above 2% over the same time frame. Of course PCM has a perfectly good rationale for this increase. PCM’s explanation? “The largest portion of the increase in the management fee is due to the additional costs that are incurred by PCM of CA due to lawsuits and community activists exercising their rights. The increase of almost $200,000 was negotiated by PCM of CA to cover increased legal fees, increased insurance premiums for Errors and Omissions (E&O) insurance, and Directors and Officers (D&O) insurance, and increased public relations related costs, ” according to statements contained in a local newspaper - I’m sure that the fact Mr. John’s, the managing agent for LWV, recent divorce settlement, had no impact on his need for additional funds.
If we rationalize this statement step by step, we must first ask what lawsuits are pending. This is a difficult question since the boards of LWV have repeated that there areno lawsuits pending. If this is true, then what lawsuits are anticipated? And, of course, why are they anticipating lawsuits? Is this a tacit admission of malfeasance and impending judgment? Is there some conspiracy that would prompt a RICO investigation? It simply boggles the mind to speculate.
Next we must consider community activists who are exercising their rights. I believe that this refers to increasing requests for financial documents. Several directors have stated that they are often refused access to documents or they receive them so heavily “redacted” that the documents they receive are useless. You could argue that residents might only have access to heavily edited documents (although that flies in the face of at least the spirit of Davis/Stirling and the governing documents of LWV.) But directors are covered by confidentiality requirements and should have free and full access to all financial records. If PCM actively interferes with free access, they are preventing the directors from exercising their fiduciary responsibility. In fact, this is why Davis/ Stirling specifically grants them free access to these records. Has PCM created a different state with some unique set of laws?
Why is there a large increase in errors and omissions insurance? If increased requests for financial documents were coupled with anticipated lawsuits, the logical explanation would suggest that PCM is trying to hide the horrendous lack of oversight that past mutual boards have exercised—giving PCM free rein over spending up to and including haircuts, lavish gifts, parties, and questionable “business meals” that are approved without question. That would suggest an increase in insurance rates is a logical consequence.
It is certainly reasonable to say that LWV needs increased public relations. Several residents have pointed out that while Leisure World was a readily recognized senior CID, Laguna Woods Village has abandoned that recognition and has had virtually no presence on the internet. Up to a month ago, it was virtually impossible to bring up LWV by searching for senior communities or retirement communities. This is a readily identifiable current need. However, the only entity that required better PR in 2007 and 2008 was PCM which has increasingly come under fire from concerned residents demanding access to financial records. PCM suffered serious damage to its image when two years of credit card records showed the extent of co-mingled funds, haircuts, Starbucks visits, On the Boarder meals, Las Brisas fetes, premium Angels tickets, $400 earrings, and on and on. PCM, though, is a for-profit corporation while the housing mutuals are nonprofits. Rumor has it that the recent attempt to survey residents’ satisfaction with PCM turned out so abysmally that the survey was scrapped over a technicality. All of this questionable activity has resulted in PCM hiring a full time PR specialist (Rasmussen)—using resident member money of course.
One must note a few additional fascinating aspects of this increased management fee. The increased fee is now totally controlled by PCM, a private for-profit company owned by Disbrow and Olsen. PCM has steadfastly refused to allow access to details of employee salaries due to privacy rights and the private nature of PCM itself. Thus we can expect less oversight of management expenses which now include staff support and, according to Janet Price at a committee meeting, is another term for parties, free lunches, gifts, and incentives, To make matters worse, unspent budgeted monies used to be carried over to the subsequent year’s budget and used to reduce any increase in assessments. With the monies buried under management fees, spent or unspent, this money is now a gift to PCM with a no-return stipulation.
The quandary for concerned LWV residents and concerned directors is the near impossibility to oversee PCM. In addition to indecipherable records, PCM regularly moves budgeted items from one budget line to another. Thus it is impossible to look at budgets from year to year and accurately review each expense. It appears reasonable that some expenses will increase while others decrease, but moving expenses from account to account effectively hides the activity. It would take a forensic audit to decipher the actual transactions, much less determine if they are usual and reasonable in accounting terms. And this does not address issues such as the many for-profit subsidiaries of PCM and their financial involvement in virtually every operational area of LWV from internet services to real estate. It does not address the question of whether PCM is running subsidiary businesses out of the LWV Community Center, rent-free, which are not support activities for LWV.
Nor does it address the apparent violation of California Civil Code 1363.2 which states that all moneys deposited by the managing agent must be covered by insurance provided by an agency of the federal government. Of course this last may be petty, but with the recent failure of two area banks, it would seem that fiduciary responsibility and prudence would dictate a more conservative approach. But then again, it’s not as if it were PCM’s money; there is always more where that came from—out of our pockets.
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