Quote:
Originally Posted by Corndogger
Suburbia's full of shit with his stories. Alberta law requires that condo corps have their financial statements audited every year and that the statements be provided to all unit holders. There's no way everyone in a complex is not going to notice $300K to $400K missing.
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It wasn't missing, rather, they had kept it in a chequing account for two+ years. They didn't realize it was not generating any interest, and didn't realize that maybe they should buy some GICs or "something" with a majority of it, and keep the portion required for the next year in at least a basic high interest savings account.
Quote:
Originally Posted by Deepstar
I was going to say.... I mean really $400,000 was just sitting around and was forgotten about, when it could have been in a higher interest account? I should check all my low interest accounts, maybe there's a million bucks kicking around.
Joking aside, that's a large amount of money for nobody to have paid attention to. Maybe Suburbia got his facts wrong?
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I assure you I relayed the reality quite accurately.