Friday, July 24, 2009

Glenmore, After Michael Comer: A New Era of Competence and Transparency?

Glenmore Associates, the Developer of the Glenmore subdivision in Keswick, has decided to pursue its own financial audit, according to The Daily Progress. Michael Comer, the missing Treasurer of the Glenmore Community Association, allegedly transferred monies to the Developer.

In what seems to be an admirable attempt at transparency and regaining a new sense of confidence by residents in the homeowner's association (Glenmore Community Association), the first audit by Robinson, Farmer & Cox has been posted online.

According to the audit:
  • There were "loans or advances" of $465K to Glenmore Associates during 2008
  • There were "loans or advances" of $160K during 2009
  • It is unclear whether GCA has paid Virginia Income Taxes since the year 2000
  • A Federal Income Tax return was prepared for 2008, but contains errors; other tax returns are not available
  • There is an issue with real estate taxes, as ownership of common areas has not been transferred from the Developer to the GCA
From The DP,

Glenmore Associates....does not suspect that it is missing money, according to Jeff Gaffney, Comer’s brother-in-law and one of the heads of Glenmore Associates. Instead, he said, the development firm is seeking to verify the amount owed the community association.

Jeff Gaffney is CEO of Real Estate III.

A copy of the audit may be found at the Glenmore Community Association welcome page. The PDF version is here.

While the FBI and Albemarle County Police have opened investigations, no charges have been filed against Michael Comer.

Related Reading:
Firm Tied to Comer Seeks Audit - Brandon Shuleeta, The DP
Comer Blamed For Missing Funds - Hawes Spencer, The Hook
Comer Won't Be Charged With Embezzlement? - Waldo Jaquith,
Missing Treasurer's Home For Sale
Kandi Kessler Comer Issues a Statement
Association Announces $666K Missing

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