Radburn
Legal Spending and Assessments 2001-2005
On December 7, 2006 The Radburn Association raised assessments
by 36% in order to help replenish its capital reserve fund,
which has been fallen from over $300,000 to approximately
$13,000 over the past several years due to massive spending
on legal / professional fees. The spending started well before
the Daly Field sale was announced to residents in early 2004.
When asked at the December 7 meeting for the specific reason
for the unusually high legal spending beginning in 2003 (over
$222,000 and upwards from that point on), the Trustees declined
to answer.
In addition, data provided to the U.S. Internal Revenue Service
(IRS) by the Radburn Association for 2001-2005 shows discrepancies
of up to 300% between the expenditures reported to residents
at the beginning of December each year and the amounts filed
with the IRS for the same year. In all, over $295,000 in spending
has gone unreported to Radburn residents since 2003.
Legal
and Assessment Reports 2001-2005
Illustrative
Charts 2001-2005
Data
Source: The Radburn Association's IRS tax returns and annual
budget statements to residents.
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