Aristocrat Letter from the Treasurer

As Treasurer, I would like to address several issues:

For some time absurd comments from a very small and persistent group of completely uninformed agitators have spread unfounded rumors that absolutely need to be corrected. I will do so now: 1) The Aristocrat has competent accountants (Sharma and Associates). Here is how we scrutinize and pay of ALL invoices: A) We receive an invoice at the office. B) Ali scrutinizes it and sometimes challenges it, depending on what the invoice describes and charges listed. C) She then either rejects or approves the invoice. She then sends the approved invoice to Sharma noting the General Ledger (GL) category that matches classifying the expense for Sharma. D) Sharma takes a photo of the invoice and enters it into the payment/accounting system which is called “Strongroom”* (see below for the details of how that works. Strongroom is a service from Sharma. Ali, the President and the Treasurer have instant access to Strongroom from our computers. E) Strongroom sends the President and the Treasurer an e-mail notification that we have invoices waiting to be approved in Strongroom. That system allows us to be up-to-date from wherever we are in the world and to authorize payments. F) The President approves the invoice or rejects it. G) The Treasurer then approves the invoice or rejects it. H) Strongroom then either sends a check to the service provider, or if the service provider has signed up for direct deposit, OUR bank removes the amount from our bank account, and our service provider receives the funds a day later. 2) In addition we have Insurance for Fraud, Computer Fraud, etc AND 3) We have an outside independent Auditor every year whose report is readily available. Here is how Strongroom works: This computer system allows for remote approval of invoices, tracking and sorting of all invoices by Supplier, check number, and invoice number for our independent Auditor and for our own condo management. In one system, it connects the Bank, the Accountant, and the Invoices etc for easy access. This service has been widely adopted by most accountants who specialize in Condo Associations, because it gives instant, timely and accurate information for the Accountant, the Bank, the Auditor and the condo treasurer. I hope this simple explanation about how our payment system works helps clear up any concern or misconceptions about how our funds are managed. Steve Segal Board Treasurer