A former Green Valley Ranch HOA manager says he was 'shocked' to learn the current HOA board has amassed more than $1 million in cash, savings accounts, checking accounts and CDs while simultaneously initiating foreclosure proceedings against homeowners who haven't paid their HOA penalties.
Filed Under:– Roger Sherman, who managed the Green Valley Ranch HOA for 15 years, says he was “shocked” to learn the current HOA board has amassed more than $1 million in cash, savings accounts, checking accounts and CDs while simultaneously initiating foreclosure proceedings against homeowners who haven’t paid their HOA penalties.CBS4 Investigation this week reported that the controversial HOA
had accrued $1,090,074 in cash and equivalent assets, an amount that has been building up in its bank accounts for the last four years according to the HOA’s own financial reports. In 2021, the HOA initiated more foreclosures against its residents than any other Denver HOA. An examination of the HOA’s financial records shows it typically collects between $300,000 to $600,000 in covenant fines each year.
Stan Hrincevich with the Colorado HOA Forum, a homeowners advocacy organization, said after reviewing the GVR HOA’s financial statements, “Something just doesn’t seem right. Where are we going with this? It’s out of control.” Hrincevich suggested with more than a million dollars in the bank, the HOA could be using that surplus to reduce assessments on homeowners, return money directly to residents or take on more maintenance responsibilities for homeowners who have fallen behind.CBS4 Investigator Brian Maass has been with the station more than 30 years uncovering waste, fraud and corruption.
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