Moving Forward with HOAMCO

          As most of you are probably aware, there have been some concerns about the HOAMCO management of the ECIA.  This came to a head with the fraudulent use of the ECIA credit cards by a HOAMCO employee durning a time when our General Manager was on sick leave.  HOAMCO has taken full responsibility for the incident and all losses incurred by the ECIA, and are in the process of conducting a forensic audit of all financial transactions during the employee’s tenure to ensure that there was no other malfeasance.  A full report of that audit will be made public as soon as it is completed.

          This incident alerted the HOAMCO corporate office that all was not well in our community and that they needed to address and correct a number of issues.  The ECIA Board Officers met with HOAMCO’s Chief Operations Officer and their Vice President for New Mexico on June 4th to discuss the credit card fraud and other issues that were brought up by the Chairs of the Finance and the Facilities and Grounds Committees.  These issues included concerns about project management, financial accountability and staffing.

          At the meeting, the HOAMCO senior management shared a new policy on card usage that is being implemented at all the HOA’s they manage.  In addition, they were very receptive to the concerns raised by the committees and agreed to put together a Procedural Improvement Plan to address the issues and present their findings at the June 27th Board Meeting.  The proposal was accepted at that meeting as a general outline of the issues that needed to be addressed.  However, we requested a more specific task list outlining how procedural changes will be implemented and that periodic progress reports be submitted.  In addition the Board requested that HOAMCO corporate staff be involved in the onsite training of the new Assistant General Manager and the Procedural Audit. The HOAMCO senior staff have been in Eldorado numerous times over the past 6 weeks, working with the ECIA staff in a very hands-on way to fulfill that agreement.

          We will continue to evaluate HOAMCO as our management company over the next six to nine months as we move forward together to improve procedures, performance, communication and transparency.  The June 20th “Report to the Board of Directors” and the latest “Eldorado Task List and Progress Update - August 2018” are posted on the ECIA website under Resident Resources.

          Please feel free to contact me with any questions about HOAMCO, or attend the Open Discussion Group that meets informally with Board members on the 2nd Thursday of each month at 6:00 pm in the Classroom.

David McDonald, President

ECIA Board of Directors