Post by Poor Richard on Jul 25, 2022 20:10:53 GMT -7
GLA June 2022 Financial Reports - Money Missing
Millions of $ In GLA Owned Land Still Missing From Financial Statements
Millions of $ In GLA Owned Land Still Missing From Financial Statements
On May 19, 2022 the Forum broke the story about how 17 million dollars worth of land was missing from Glastonbury Landowner's Association (GLA) Financial reports. 247 acres of land in North and South Glastonbury that the GLA has full title to have never been properly accounted for. The matter was brought to the attention of GLA Treasurer John McAlister in May and again at the public GLA Board meeting in June. McAlister stated that he spoke with the accounting firm, ATS in Livingston, and they said that the land should appear on the Balance Sheet near where Furniture and Equipment are listed. The GLA June Financial Statements were just released. Both the GLA Board and the landowner version are missing all information regarding the 267 acres of land the GLA owns. When asked why, John McAlister refused to reply.
The land has not been properly assessed by a realtor. However similar undeveloped land has recently been sold in Paradise Valley for up to $100,000.00 an acre. Even at $50,000.00 an acre, the land would be worth over 12 million dollars. In June the GLA was offered 2 million dollars for their land holdings in High South Glastonbury alone.
When the GLA Treasurer is told about land assets that are missing from the Balance Sheet and then refuses to correct the error, he is committing a deliberate act to mislead landowners and anyone else interested in the true net worth of the corporation known as the GLA. Landowners are shareholders in that corporation and are legally entitled to correct information. To intentionally mislead landowners and possibly others by omitting key asset information is criminal and called fraud.
One possible reason why McAlister decided not to include land assets on the GLA Balance Sheet may have been revealed by fellow Dissolution litigant Director Andrea Sedlak who wrote the two-page paper titled "Why Glastonbury Should Separate Into North and South" that was included in the recently mailed Annual Election ballots. Sedlak stated on page two under "Separation only requires two changes" that "The GLA's finances and assets will need to be divided fairly between North and South". Fairly, but not necessarily equally.
Since the court would be dividing Glastonbury they would look to the official GLA Financial Statements to determine what the assets were. Since land is NOT included as an asset the court would not know that the GLA owned 247 acres of prime real estate. All they would see is the money the GLA has in the bank and some old furniture and equipment valued at less than $1,000.00. So whatever the land is worth, 213 acres that are in High South would remain under the legal jurisdiction of a new South Glastonbury board of directors. If the land were properly listed as an asset then the court would have to determine how it could best be shared with North Glastonbury.
Concerned landowners should let Judge Gilbert know that 247 acres of GLA-owned land are being deliberately omitted from the GLA Balance Sheet. If the court divides Glastonbury and does not account for valuable real estate owned by the GLA then North Glastonbury could be short-changed for the value of 213 acres in High South. That could be several million dollars less for a new North Glastonbury board and several million dollars more for a new South Glastonbury board.
The most effective way to insure that the 247 acres are accounted for equally is to write a short email to Attorney Swandal who represents the GLA and Attorney Lofing who represents the Dissolution litigants. Your email will then become part of the official record and eventually be addressed by Judge Gilbert if the GLA separates. Attorney Swandal may be reached at Swandal.Law@gmail.com and Attorney Lofing's email is njlofing@garlington.com
The parcels owned by the GLA in High South are:
Geocode: 49-0431-03-2-01-01-0000 AKA SG 096 (~149 acres)
Geocode: 49-0431-02-3-01-04-0000 AKA SG 102 (~ 64 acres)
In North Glastonbury the GLA owns:
Geocode: 49-0519-28-3-50-20-0000 AKA NG 16A (~ 20 acres)
Geocode: 49-0519-33-2-80-01-0000 (~14 acres)
All of the parcels are listed on the Montana Cadastral and Park County Property Tax records as owned by the GLA. None of the parcels are listed on the GLA Financial statements which greatly undervalues the net worth of the Association.
The land has not been properly assessed by a realtor. However similar undeveloped land has recently been sold in Paradise Valley for up to $100,000.00 an acre. Even at $50,000.00 an acre, the land would be worth over 12 million dollars. In June the GLA was offered 2 million dollars for their land holdings in High South Glastonbury alone.
When the GLA Treasurer is told about land assets that are missing from the Balance Sheet and then refuses to correct the error, he is committing a deliberate act to mislead landowners and anyone else interested in the true net worth of the corporation known as the GLA. Landowners are shareholders in that corporation and are legally entitled to correct information. To intentionally mislead landowners and possibly others by omitting key asset information is criminal and called fraud.
One possible reason why McAlister decided not to include land assets on the GLA Balance Sheet may have been revealed by fellow Dissolution litigant Director Andrea Sedlak who wrote the two-page paper titled "Why Glastonbury Should Separate Into North and South" that was included in the recently mailed Annual Election ballots. Sedlak stated on page two under "Separation only requires two changes" that "The GLA's finances and assets will need to be divided fairly between North and South". Fairly, but not necessarily equally.
Since the court would be dividing Glastonbury they would look to the official GLA Financial Statements to determine what the assets were. Since land is NOT included as an asset the court would not know that the GLA owned 247 acres of prime real estate. All they would see is the money the GLA has in the bank and some old furniture and equipment valued at less than $1,000.00. So whatever the land is worth, 213 acres that are in High South would remain under the legal jurisdiction of a new South Glastonbury board of directors. If the land were properly listed as an asset then the court would have to determine how it could best be shared with North Glastonbury.
Concerned landowners should let Judge Gilbert know that 247 acres of GLA-owned land are being deliberately omitted from the GLA Balance Sheet. If the court divides Glastonbury and does not account for valuable real estate owned by the GLA then North Glastonbury could be short-changed for the value of 213 acres in High South. That could be several million dollars less for a new North Glastonbury board and several million dollars more for a new South Glastonbury board.
The most effective way to insure that the 247 acres are accounted for equally is to write a short email to Attorney Swandal who represents the GLA and Attorney Lofing who represents the Dissolution litigants. Your email will then become part of the official record and eventually be addressed by Judge Gilbert if the GLA separates. Attorney Swandal may be reached at Swandal.Law@gmail.com and Attorney Lofing's email is njlofing@garlington.com
The parcels owned by the GLA in High South are:
Geocode: 49-0431-03-2-01-01-0000 AKA SG 096 (~149 acres)
Geocode: 49-0431-02-3-01-04-0000 AKA SG 102 (~ 64 acres)
In North Glastonbury the GLA owns:
Geocode: 49-0519-28-3-50-20-0000 AKA NG 16A (~ 20 acres)
Geocode: 49-0519-33-2-80-01-0000 (~14 acres)
All of the parcels are listed on the Montana Cadastral and Park County Property Tax records as owned by the GLA. None of the parcels are listed on the GLA Financial statements which greatly undervalues the net worth of the Association.