SEE THE REPORT THAT THE SHER/SHAW GROUP DOESN'T WANT YOU TO SEE!!
Cedar Run homeowners recently received a letter from the receiver (HHSG), indicating that the report from the accounting firm Frost, Ruttenberg, & Rothblatt (FR&R) is now available to all homeowners. This report (referred to in court as 'The Frost Report')contains an analysis of the Cedar Run HOC financial records going back from 2011 through early 2015.
The Sher/Shaw group has been FIGHTING DESPERATELY FOR MONTHS to keep YOU from seeing this report!
(see the 11/4/15 hearing transcript for the final stage of this battle along with judge's decision)
There are two main components to the Frost Report:
Body of the report
About 27 pages that explain and summarize FR&R's findings and methods used to come up with their findings.
Exhibits
Over 3000 pages of contracts, bank records, invoices, receipts, and all other backup material referenced in the body of the report. It also includes reconstructed ledgers that FR&R created since the Sher/Shaw group had no real financial system in place.
How to obtain copies of the report
As stated in HHSG's letter, printed copies of the body of the report (27 pages) may be obtained at the Cedar Run clubhouse (in English only for now). Electronic copies can also be requested by emailing hsd@hhsg.net.
OR
You can view and download the English version right here on the blog. Click HERE
(Spanish version to be posted when available)
The exhibits (3000+ pages) can be viewed in person, at the clubhouse by any homeowner. We are still trying to get clarification on exactly how this will be handled, but we believe that it will require an appointment.
What's in the report?
We'll post a more detailed summary and analysis of the report at a later date. But here are just a few highlights:
- $168,920.55 paid to Robert Sher & Jack Shaw since they took over Cedar Run
- ($103,479.98 to Robert; $65,440.57 to Jack)
- $218,105.04 in legal fees paid out to Shaw Legal Services through February of 2015
- (That may not include what was paid out to them after February of 2015, which is over $20,000)
- $35,462.52 paid to board members
- $27,395.58 in debit card transactions with NO RECEIPTS OR BACKUP DOCUMENTATION
- $18,817.86 in reimbursement checks payable to Robert Sher with NO RECEIPTS OR BACKUP DOCUMENTATION
- $167,905.92 in delinquent assessments that were never collected
- (about $107,000 may now need to be written off as noncollectable, bad debt)
- $43,833.91 paid to settle unnecessary, frivolous lawsuits with vendors.
- $10,147.86 in loans given out to Zac's Landscaping with no evidence of it being paid back or any agreement to pay it back.
- (plus $2000 of homeowner funds given to Zac's to purchase a snow plow with with no requirement for Zac's to pay it back)
- Countless examples that show a clear pattern of utter incompetence, lack of organization, and irresponsible handling of the association's finances.
Stay tuned for a more in-depth breakdown of the Frost Report's findings and what these findings mean for Cedar Run. For now, please encourage your fellow homeowners to obtain their own copy of the report and read it thoroughly.
Spanish version of the report will be available soon for download/distribution to Latino homeowners.
The Frost report is the first real dose of transparency that we've seen in over THREE YEARS!
We'd love to hear your feedback!
(224) 544-9058
This literally makes me sick.
ReplyDeleteIt is quite disturbing, but it is important that all homeonwers receive and fully understand the information from this report.
DeleteWe would have preferred that the receiver mail a copy to each owner, but the judge and receiver did not believe it was worth spending the money to do that.
We hope that this blog plus a little neighbor-to-neighbor dialogue will help get this report to most or all Cedar Run homeowners.
I pray that some how Sher/Shaw get punished for all this... It is FRAUD!
ReplyDeleteany up date or info whats going on with our ''ALMA MANAGEMENT COMPANY'' no more sending our assesments to Itasca bank ? also whats the other side of this story since its all sher /shaw blog? I am sure the ''zink /alma '' side have problems as well remember 2 sides of a coin. thank you. HAPPY HOLIDAYS
ReplyDeleteAlma switched banks and accounting systems. They were supposed to send owners a new statement every month until their new system/bank can produce payment coupon books. They have failed to send these statements out.
DeleteWe have inquired with them, and we are told that payments to the Itasca address will still be accepted. There will soon be a Chicago payment address. Late payments as a result of this confusion will not incur a late fee until the transition is complete.
So feel free to send your payment to Itasca just as you did for your November payment...unless or until they tell you otherwise.
parking problem that we need to address without another law suite . today 2 vehicles parked in my spot and the one in front of mine,whithin a half hour the owners showed up to leave who wre these people?they were putting bible pamflets on each homeowners unit ,last time I heard a permit from village is required they said no signs not to park in numbered ereas is posted,we paid $120.00 to have a spot on street the management should have signs poste again we cant tow unless signs state on why that goes for the flyers for retail ers need to comply with the village ,than HAPPY HOILDAYS
ReplyDeleteLongtime concern in Cedar Run.....solicitors. There has always been a sign at the entrance prohibiting solicitors. That sign was taken out in the same traffic accident that took out the "Cedar Run" sign. It will likely be replaced soon.
DeleteThat said, a good many solicitors (both religious and commercial) have often ignored it. As long as nobody complains,they can continue as if there was no sign.
As for a car being parked in your spot (solicitor or otherwise), you are free to call Northwest Recovery and have them removed. Then again, if you have the ability to locate the car's owner and tell them to move, it may be a lot quicker than waiting for a towtruck.
how do we homeowners no the money sher/shaw had over the time didn't perchase these units in cedar run and continue buying for cash then sell ?
DeleteAll home sale info is public record and could be accessed at http://ccrd.info
DeleteBased on a recent search, no Cedar Run units can be tied to Robert Sher or Jack Shaw other than the unit Sher lives in. If any scheme like this ever took place, it would have to have been under a different person's name, or a business, or a trust.
In all honesty, there would be no reason to hide their names other than the concern of political backlash. That's because it would not be illegal for them to purchase units, so long as they wouldn't do anything rasical like forgiving delinquent assessment debt.
Sher/Shaw NEED TO BE LOCKED UP
ReplyDeletehttp://abc7chicago.com/home/housing-headaches-rental-agency-complaints-/409816/
after reading several months now going into years? does this story have an ending ?
ReplyDeletePhilosophically, we don't want an ending when it comes to homeowners paying attention to and always being concerned about mattwers affecting the community.
DeleteBut assuming that by "ending", you are referring to the court involvement and receivership, we are looking at early spring of 2016 at best.
The court date for Judge Garcia's final ruling is set for late February. Assuming that all goes as planned (and we have learned not to keep our hopes up to high), then an election should be announced shortly thereafter.
The receivership will end shortly after the election, and the new board will need to decide what to do about management going forward. We certainly hope that homeowners will continue to participate in the process and give valuable input to the new board.
''YES ''court involvement if sher/ shaw are ''NOT'' going to jail then whats the punishment ? I suggest this button up fast and stop waisting our assesments for court! .THAT MONEY IS FOR REPAIRS AND NESSESARY WORK NEEDED FOR CONTRACTORS TO KEEP IT UP .THE INSURANCE POLICY YOU ALL ON MASTERBOARD SHOULD BE picking up the tab .NOT US !!! ''ALMA /ZINK'' &''SHER/SHAW'' ARE THOSE RESPONSIBLE FOR THIS MESS !THOSE ''4''SHOULD REPAY CEDAR RUN AFTER ALL THEY CAUSED THIS MESS . HAPPY HOLIDAYS
ReplyDeleteHas anyone talked to Alma lately? What's the story on getting coupons? Would like to get my Jan payment in.
ReplyDeleteYes,
DeleteThey supposedly sent out letters recently that should be in your hands in the next day or so. The new payment address is as follows:
Cedar Run __ (your phase number) c/o Alma Property Management
27 N Wacker Dr, Suite 825
Chicago, IL 60606
Cedar Run posted 12/18/15 - today 12/24/15. Still no letter from Alma regarding new payment address. Mailed payment yesterday to Wacker Drive address. Hoping this information is correct. Happy Holidays!
DeleteThat is most definitely the correct address. It came directly from Alma. As long as you had your unit address somewhere on the check, they will process your payment. If you didn't, you may need to call them up and tell them the check number. They now have a call center with extended hours.
DeleteTheir transition to the new system is obviously not going as smoothly as they planned. Apparently nobody has gotten the letter yet that we know of.
Towing started Dec. 15th, has anyone been towed or heard of someone being towed, or seen a tow truck? Or is this just another continuation of shers B.S.
ReplyDeleteSee the latest blog post. Apparently, there have been some cars towed, and stricter enforcement will begin after the first of the year.
DeleteI still see alot of vehicles parked in spots without the proper tags. So, I wonder also. I also would like to know which units have which spots, do to I feel there is some open spots on my court, that visitors should be able to use, without being told they can not park there.
ReplyDeleteWe just posted some information that came right from the receiver regarding parking. Among other things, they mentioned a waiting list for any spots that aren't sold. You may want to give them a call or email to inquire about getting on this waiting list and what the eligibility requirements are.
DeleteThanks for the comment.
welcome to reality attention home owners unless every street for numbered parking must provide a sign regarding these are private parking unless you have permission to park will be towed again no where does it specify these spots are paid by owners HEY RECIEVER PUT UP SIGNS THAT SPECIFY SO THOSE WHO COME IN HERE SEE A SIGN OTHERWISE YOU WILL BE IN COURT !
ReplyDeletehappy holidays this is expensive mess ?but we believed in those on masterboard were decent ,honest homeowners without commission or benefits for power ?but we were fooled & lied too those who think to take over or take power ? bewhere of carma ,happy holidays
ReplyDelete2:30am Sunday morning just counted 26 open spot just on Spruce and Locust alone and 3 illegally parked cars, some cars with no stickers. Didn't count the courts but Cedar Run Dr. was jammed tight. So what is the truth about this parking program???????
ReplyDeletewe were all notified to call tow company I suggest you do so and how do you no these empty spaces don't belong to a unit?you have to use common sense and either call tow truck or take a chill pill happy holidays
ReplyDeleteI counted 3 parked vehicles on my court with no proper sticker, also saw a vehicle with a sticker, the owner only has 2 vehicles. So, Yes what is the truth about this parking solution and who is enforcing it?
ReplyDeleteInteresting....nobody seems to give a damn that we've been robbed blind and had all of our funds drained over the last three years....BUT BOY ARE WE PASSIONATE ABOUT PARKING!!
ReplyDeleteAll of you that can't stop whining about parking, I wonder how many of you actually read the financial report....hmmm, maybe NONE!?
With intellect like this....gee I wonder how Sher was able to convince people to vote for his takeover......
Grow up already!!
PS: If you don't like the parking program, start offering up some ideas on how fix it instead of just complaining.
cunfuzzed happy holidays I totally agree with you these people need to open garage prove they have a vehicle in it a vehicle on driveway and 3rd car all 3 vehicles registered to address these homeowners one honest idea OPEN GARAGE AND PROVE IT I NO WHO YOU ARE I LIVED HERE LONG ENOUGH TO NO YOU LIERS AND YOU CONTINUE TO LIVE A LIERS LIFE START GOING TO CHURCH OR TEMPLE OR YOU NEED RELIGION!
ReplyDeleteYes, I agree, open the garages.
DeleteWell thank you for that, kind sir, but you are missing my point. That point is that it's disturbing how we are not discussing the accounting report and where our money has gone (or will soon go). Instead, everyone is yapping about parking. How many of the parking commenters actually read the report?!
DeleteHow about discussing the $100K of uncollectible debt and the owners that got away with or soon will get away without paying their dues?!? As someone who always pays (on time), that enrages me!!
If everyone is all up in arms about parking and doesn't give a damn about the major legal/financial issues, then some other dictator could swoop in and take the place over again.....as long as he/she can pander to everyone's parking grievances, nobody will question his/her motives.
I have followed the blogs and comments for so long, hoping for some intelligent discussions.....only to be let down nearly every time. Tsk, tsk...
I believe the emphasis on parking and the illegal use of garages is a good comparison to what was and is still going on in Cedar Run. Many people do as they please. With total disregard to policy and rules. The only way that this will stop is to follow through with consequences and fines. Talk is cheap.
DeleteDEFINITELY open the garages. Best Christmas gift for Cedar Run residents: Send Sher/Shaw to jail! Happy Holidays!
ReplyDeletecunfuzzed I am as mad as you are but the problem is the court system did nothing? sher/shaw walked a way with almost a million dollars with no consequences and the next election will end up with criminals running the show after all we chose to live here when we have every opportunity to move out as other onwers are doing if you look at the market these units are going within a month SOLD have a safe ,holiday and try to find some peace take care.
ReplyDeleteThanks, but I don't know how to respond to that. I'm no fan of of the Sher/Shaw, but I see nothing that adds up to a million dollars. Where are you getting your numbers? You could argue it's about half a million at most from the numbers I see.
DeleteSecondly, you're saying that we should already accept that the board we will elect will be a bunch of crooks?? If most owners share that attitude, then your prediction will be right. Nice way to encourage good, honest people to serve on the board....telling them that you already consider them to be criminals.
Last but not least, we've read enough of you telling everyone to sell. Give it up already! Someone on here even called you "the drunk Remax guy" or something like that. Sure, maybe I can sell my place for a decent buck, but where do I go after that? Prices are up even more outside of Cedar Run...and I work in this area. I'm not about to move to Bu-Fu and deal with a long commute. Also, I'm guessing that you don't have kids because you'd understand how tough it is on them to switch schools.
A safe and Happy New Year to you, Mr. "Drunken Remax Guy"
...........MERRY CHRISTMAS........................
ReplyDeletesher/shaw /zink/alma thanks for honesty ,integrity ,loyal commitment to the home owner that trusted you happy holidays and thanks again for all you didn't do for our interest merry Christmas
ReplyDeleteAt 5:30 pm today I came home, the cats are parked in the clubhouse parking lot (off) someone was in the clubhouse and some car was stuck in the parking lot blocking the entrance . Some people were stuck on 3 different courts and locust and spruce are almost snowed in. So lets all just sit around and wait for it to go away. Maybe the clubhouse attendant would think to do something.......naw it will melt by Wednesday.
ReplyDeleteThanks for the feedback. We just posted an update from the receiver that included snow removal info. Apparently they are not getting to us on a timely basis.
Deletewhats the news for 2016 ?
ReplyDeleteNothing new on the legal front. Please read the latest blog entry for an update on parking, snow removal, and a few other items.
DeleteWe have been told that the Spanish version of the Frost report will be available very soon.