Dear Owner,
You will have received an email from Resortalia about your building’s bank account. There is no need to worry about it or take any action. This is just another scaremongering email from them implying there may be a problem with the buildings bank accounts.
The first thing to point out is that the General Community does not “owe” the sub communities money, it “holds” funds on their behalf. This has worked extremely well since our inception. Since day 1, the resort has always operated one main bank account where fees were collected and suppliers paid, for both the General Community and all the buildings.
These transactions were recorded / allocated against each individual “cost centre”, i.e. the GC, EUCC and each building within the accounting system. This enabled specific accounts to be run for each building, while minimising work and costs to the resort.
Each building has never had its own account but rather a “notional” account held centrally. (NB: there are also a number of deposit accounts where 100k euro’s is held under protection, so not all in one account).
This is how it works: If an invoice came in from, say, the building cleaners, it would show each building’s cost (depending on agreed frequency). Resortalia would transfer one sum to the cleaning company but allocate the cost over the 78 buildings.
It is true that the bank account has acted as an inbuilt “funding” source for the buildings. That is, if a building needed something paying (painting, repairs etc) it was done without constant reference to the notional balance the building had.
The financial situation of each building is reviewed quarterly, and once a year the budget is set which enables any potential shortfall to be rectified. Debt collection is done centrally with some buildings having greater debts than others and again, the building president is made aware each quarter of the position and the legal status of each debtor. Again the annual budget is used to cover any potential shortfall.
In summary, we believe there is no need to run a separate account for each building; the benefit in doing it our way being less work for both the staff and the Building Presidents. It is just another attempt from Isaac Abad to disrupt what we are trying to achieve.
Thank you,