The VEHOA hired an outside accounting firm to perform an audit of the VEHOA account going back to December 2004. We have a complete report in our offices that are available to anyone to review. We have requested an electronic report from the firm and will post it when received.
Here is a translation of the matters brought to our attention by the audit.
"In our opinion the numbers presented in the financial statements, after realized a credit appear reasonable in all the important aspects. From December 31, 2004 to September, 2006, in agreement with the International Procedure of Financial information"
The major Inconsistency that was found is that the funds are received through an on-line billing system to the El Dorado account to be transferred then to the VEHOA account. They recommend that an account should be opened on-line for direct deposit to the association. (This may be impractical because the merchant accounts require a $20k deposit in order to use credit cards. It may be best to continue to act as a billing agency and transfer the funds as received.)
They did the adjustments to the accounts and the final numbers on September 30 according with the auditors are:
The General Ledger for the period from 2006 Jan 1 to 2006 Sept 30
Lecheria - 5,678.32 ( in books 5, 212.80)
The difference is the B/ 500.00 for the opening account that lecheria gave to the association as a loan.
Boquete Consulting - 15,374.61 ( in books 16,215.00)
Difference B/ 840.39. Payments done by the VEHOA account in 2005 when instructed that the security expenses would be paid by the association. We then changed the instructions to pay to Lecheria as a service provider for security. (In order for VEHOA to pay directly to the security personnel, they will have to set up social security accounts and pay someone to handle all the payroll. It was decided more practical to continue to offer security as a service provider. Adjustments have been made for these entries and will be reflected in the December financial statement).