Financial Deficit

Following the official audit, it became clear that the Ocean Reserve budget has a significant deficit (pp. 16–17) and suffers financial losses as a result of the Board of Directors’ ineffective management. The Board acts unprofessionally and without proper oversight: its members are absent from the property, reside outside the United States, and sign financial documents blindly. Such management leads directly to financial losses for the Association and the owners.

Our assessments are being spent inefficiently; owners’ funds are being wasted with no results; we are losing both money and the investment value of our property. The Board of Directors is in fact acting not in the interests of the owners, but to the detriment of all owners and our investments.

We are convinced that the future of our building is possible without new loans (pp. 15–16, outstanding Popular Bank loan balance $6,796,341) and without increasing maintenance fees — but only with prudent and responsible management based on savings, transparency, and strict financial control.

The Board of Directors acts unprofessionally and without control over the Property Managing Company, whose only interest is to make as much money from us as possible. This company may leave tomorrow, while we will remain with enormous debts. This situation has only become possible because the Board of Directors, in our opinion, has been influenced in such a way that they chose not to oversee the company’s activities and instead handed over full control of our funds into its hands. For them, we are outsiders, and their management exists solely to drain as much money as possible from us.

We invite all owners who are ready to actively participate and support the initiative for order and savings — to stop the budget leakage, restore transparency, and protect each owner’s investment.

⚖️ Legal Disclaimer

This address has been prepared on the basis of the official Ocean Reserve audit for 2024 (including pp. 12–13, 15–17, and others), which recorded the budget deficit, the outstanding loan balance, and other financial indicators.

All conclusions and statements herein reflect documented facts and the lawful opinion of an owner. The assessments of the Board of Directors and the Property Managing Company represent the owners’ concerns and are based on the audit materials and the results of the Association’s management.