Golden Surf Towers Condominium

Owner Information Update

(Non-Association Communication)

Why This Update Matters

In our prior memo, we summarized what Association records show about loans, special assessments, and financial gaps.

This follow-up focuses on why continued borrowing and deferred transparency create long-term risk for every owner, regardless of how you vote.

This is not speculation. It is based on audits, budgets, financial statements, and transaction records provided by the Association.

1. Debt Does Not Disappear — It Compounds

Even when owners pay special assessments, debt remains a real obligation until it is fully retired.

Based on available records:

• A loan originally issued around 2023 for approximately $1.2 million
• As of late 2025, the balance remains over $1 million
• Interest paid to date: approximately $340,000
• Payments continue through Association funds, not a one-time charge

Key issue:

Owners paid special assessments believing debt would be avoided — yet the loan still exists, accrues interest, and is serviced through ongoing fees.

2. Line of Credit (LOC): A Silent Risk

The Association also maintains access to a Line of Credit (LOC) of approximately $4.7 million.

While an LOC is not automatically debt, it represents borrowing authority that can be used without a new owner vote, depending on structure.

What owners have not been clearly told:

• How much of the LOC has been drawn
• Under what terms it may be accessed
• Whether future draws are planned
• How LOC usage impacts assessments, reserves, and buyer disclosures

This creates uncertainty, especially for owners who purchased after prior assessments.

3. Insurance Overbudgeting Distorted Financial Reality

Two consecutive years show major discrepancies between budgeted vs. actual insurance costs:

2024

• Budgeted: ~$750,000
• Actual: ~$368,000

2025

• Budgeted: ~$827,000
• Actual: ~$350,000
• Policy term: May 8 to May 8

This overbudgeting masked the Association’s true operating position and reduced visibility into how owner funds were actually used.

Owners deserve budgets that reflect real costs, not padded estimates.

4. No Reserve Funding = More Debt Ahead

Despite new Florida structural reserve requirements, the 2025 budget includes $0 in reserve funding.

This means:

• No savings for future structural repairs
• Greater reliance on special assessments or loans
• Higher financial risk for owners and buyers
• Lower property value stability

When reserves are not funded, debt becomes the default solution.

5. What Happens If Debt Continues?

If current practices continue, owners face increasing exposure:

• Repeated special assessments
• Long-term loan servicing built into fees
• Reduced financing options for buyers
• Potential lender leverage over Association assets
• Lower resale values and marketability

Debt does not only affect today’s owners — it impacts everyone’s equity.

6. What Owners Should Expect Instead

Responsible governance means:

• Full disclosure of all loans and credit facilities
• Budgets based on actual expenses
• Transparent accounting for owner-paid funds
• A clear, written plan to reduce debt
• Proper reserve funding to avoid future shocks

These are not political demands — they are baseline fiduciary standards.

Owner Action — February 19 Election

If you support transparency, financial accountability, and owner-first governance, please vote for the full owner slate:

Vote for the Full Team

• Matthew Greimel
• Cynthia Clemens
• John DeLuca
• Tobey Salem
• Oriana Gherman
• Maggie Enriquez
• Larissa Bethel

These candidates are committed to:

• Full financial disclosure
• Responsible debt management
• Proper reserve funding
• Fair enforcement and due process
• Ending retaliation and diversion tactics

Disclosure / Notice:

This communication is from Concerned Owners and the Owner Candidate Team. It is not issued by the Association, its Board, management, or vendors. Statements reflect information drawn from Association records and owner-available documents. Owners are encouraged to independently verify all information using official Association records.