When we published our earlier financial articles, homeowners had the 2025 audit and financial reports covering only the first four months of 2026.
On November 6, a homeowner records request produced additional HOA bank statements and accounting records. Those records allow us to extend the review through August 31, 2026.
The updated records do not constitute a new audit. The 2026 figures below come from a homeowner review of the HOA’s bank activity and accounting books. The amounts are rounded.
The HOA paid out about $1.30 million more than it received
From January through August 2026, the homeowner review identified approximately:
| Measure | Amount |
|---|---|
| Cash received | About $1.92 million |
| Cash paid out | About $3.22 million |
| Cash deficit | About $1.30 million |
In other words, during those eight months, the HOA paid out approximately $1.30 million more than it took in.
This is a cash-flow calculation. It is not the same as the net income or loss reported on an accounting statement, and it should not be confused with the approximately $1.2 million operating deficit reported in the 2025 audit. The two figures cover different periods and use different methods.
What they show together is that the financial pressure identified in the 2025 audit continued into 2026.
Total bank balances declined by about $2.51 million
The HOA’s June 30, 2025 balance sheet reported approximately $3.01 million across its bank accounts. That amount included $2.5 million in loan proceeds designated for special projects.
By August 31, 2026, the later records placed the HOA’s combined bank balances at approximately $499,000—a decline of about $2.51 million.
That decline covers a longer period than the January-through-August 2026 cash deficit. The two figures should not be treated as the same calculation.
The decrease also does not, by itself, establish that any payment was improper. It shows how substantially the HOA’s cash position changed after receiving the special-project loan proceeds.
About $499,000 remained, but most was not in the operating account
A total bank balance does not necessarily show how much money is available to pay ordinary bills.
As of August 31, the account identified in the homeowner review as the HOA’s operating account held approximately $10,200. The remaining bank balances included special-project funds, reserves, and homeowner security deposits.
The records reviewed to date do not clearly explain how much of the remaining money was available for routine operating expenses or whether any funds designated for another purpose had been used to pay ordinary bills.
The August 31 figures are also a historical snapshot. They do not establish the HOA’s current balances.
Why this matters
An association cannot indefinitely pay out more than it receives without using savings, borrowing more money, delaying payments, reducing expenses, or increasing the amount collected from homeowners.
The 2025 audit stated that the Board and management were reviewing the budget and assessment levels. The later records make it more important for homeowners to understand what steps have been taken since then.
Homeowners should not have to wait for another year-end audit to learn whether the HOA has enough operating cash to meet its obligations.
What is the HOA’s financial position today?
The available records leave several important questions unanswered:
- What is the current balance in each HOA bank account?
- How much is presently available to pay routine operating bills?
- Were reserve funds, special-project funds, or homeowner security deposits used to pay operating expenses? If so, how much?
- How will the proposed 2027 budget close the gap between recurring income and recurring expenses?
- Will the Board seek competitive proposals for major management and security services?
- What projects were paid from the $2.5 million in special-project loan proceeds, and how much remains to complete them?
A current, account-by-account reconciliation would allow homeowners to understand the difference between cash that exists and cash that is actually available for ordinary expenses.
Corsica needs a clear financial plan and stronger oversight
We believe homeowners should receive timely financial reports showing what the HOA collected, what it paid, what remains in each account, and what obligations are coming next.
A transition in leadership should keep essential services operating while the new Board:
- reviews the HOA’s current cash position;
- reconciles the special-project account and remaining loan proceeds;
- reviews major contracts and recurring expenses;
- uses competitive proposals where appropriate; and
- reports the combined cost homeowners pay through both HOA dues and CDD assessments.
The purpose of the recall is not simply to replace three directors. It is to establish stronger financial oversight, clearer reporting, and greater homeowner participation in decisions that affect what all of us pay.
Read the facts. Review the documents. Make your own decision.
Find the supporting records
- 2025 audited financial statements. The operating statement reports the 2025 operating deficit. The audit is available in PayHOA. Open source location
- HOA financial statements as of August 31, 2026. These were included in the records produced to a homeowner on November 6, 2026.
- HOA bank statements and accounting records through August 31, 2026. These records support the homeowner cash-flow reconciliation summarized above.
- June 30, 2025 financial statements. The balance sheet reports approximately $3.01 million in bank balances, including $2.5 million in the special-project account. This record is available in PayHOA. Open source location
The January-through-August figures are rounded results of a homeowner review, not an independent audit. Later records or corrected classifications may refine the totals.
Access to the November 6 records
The 2025 audit and June 30, 2025 financial statements are available to homeowners through PayHOA. The records produced in response to the November 6 homeowner request—including the August 31 financial statements, bank statements, and related accounting records—are not currently available in the PayHOA portal.
Corsica homeowners who would like to review those records may email CorsicaRecall@gmail.com to request a copy. Because the records were obtained for homeowner review, we will confirm that the requester is a Corsica homeowner before sharing them.
Please do not email a driver’s license, passport, or other government-issued identification. We will provide instructions for confirming homeownership if needed.