UPDATE: Comer's Access to Glenmore Funds Cut-Off

By: Jennifer Black Email
By: Jennifer Black Email
The homeowners

Courtesy: NelsonCountyLife.com

July 6, 2009

Six nights after Mike Comer was reported missing, police and Comer's family are saying little about the investigation. However, CBS19 has learned that Comer has been replaced as secretary/treasurer of the Homeowners Association in what the leader of the neighborhood group calls a "precaution".

"We have no proof that anything has gone wrong, but we are concerned that the accounts are intact," said Trevor Joscelynne.

The group's annual budget is around $700,000 and Comer, as part of his duties, had access to those funds.

The group has taken other steps to protect its bank accounts, including wrapping up an audit that started long before Comer vanished. They are putting off any major expenditures, including a planned road resurfacing, until they get the results of the accounting audit.

Comer was reported missing at Wintergreen last week, but formal search efforts there were abandoned last Friday.

"We are as upset as everyone else and disappointed that he hasn't been found. He is a good person," said Joscelynne.

To repeat, the Homeowners Association says they have no proof of any crime, rather they are just being, in their words, "overly cautious."


The homeowners' association issued this statement after this story aired on CBS 19 News:

Glenmore Community Association – Response to Disappearance of Mike Comer

Mike Comer has been Treasurer of the Glenmore Community Association (GCA) for several years, and all residents are naturally very concerned about his disappearance. He has been a supportive and well-liked board member, representing the developer, Glenmore Associates. The GCA is in the midst of an audit of the 2008 accounts, being undertaken by Robinson, Farmer, Cox Associates. A meeting had been arranged between Mike and two GCA board members for 10:30 AM on Wednesday July 1, to discuss incomplete data made available to the auditor. Mike failed to show up to this meeting and has not been heard from since.

As a result of this, and in an abundance of caution, the GCA board decided to take the following steps to secure its assets:
• Mike Comer was replaced immediately as Treasurer.
• Our bank has been instructed that all account transactions must now be authorized by the new Treasurer or the President.
• We have confirmed that sufficient funds are available to continue normal operations and maintenance, including payments of all outstanding bills.
• We will postpone signing contracts for major projects (such as this year's road re-surfacing) until the audit has confirmed the availability of sufficient funds in the reserve accounts.
• We have extended the scope of the external audit to review account transactions and balances both prior to and beyond the 2008 audit year.
The extended audit is expected to be complete in about two weeks, after which more information will be made available.
Background Information:
• The GCA is the homeowners’ association for residents of Glenmore.
• Current membership represents over 700 homes.
• The annual budget for 2009 is $732,000.
• Financial assets reported at 5/31/09 are $983,000.
• These assets primarily comprise our operating account and various reserve accounts (such as road resurfacing reserves or storm management reserves).
• All GCA assets are fully independent of those held by the Country Club, Glenmore Associates, or any other entity.
• The GCA has never performed an external audit prior to this year. The audit was intended to provide a solid basis for handing over the role of treasurer to one of the elected board members during the second half of this year.

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