Subject: Proposal for the Establishment of an Advisory Committee
Dear Director,
I am writing Board Members to formally propose the formation of an advisory committee that would act as an intermediary between the KPRC Board of Directors and Vesta Property Management.
The need for such a committee has become apparent due to a growing concern among condominium owners regarding the lack of direct oversight and accountability. It is essential that there be a system in place that ensures our community’s financial health, proper maintenance of facilities, and judicious expenditure of resources.
Most of all, the Board needs to be independent of the management company. The fact that Lisa Manzione, represents Vesta with a seat on the Board (even though she does not vote), her presence alone creates a major conflict of interest. Vesta is currently Kings Point’s largest vendor with an annual fee of $6,375,000 plus automatic increases. While these fees may be justified, it is concerning that there is no oversight mechanism to ensure that they are being used efficiently and in the best interest of the King Point owners.
Furthermore, the historical decision made by the Board of Governors in 2006 to transfer all employees to Vesta has resulted in a situation where the Board no longer has direct control over Kings Point operations. This separation may lead to a lack of alignment between the Board’s objectives and the company’s actions since Vesta itself has no incentive to lower operating costs, raise revenue or add/improve facilities.
Therefore, with the Boards approval I would like to form an advisory committee (WITH NO AUTHORITY OF ITS OWN) to be made up of five talented individuals who reside in Kings Point (including myself) for the following key responsibilities:
1. Regularly review and assess the operational performance of the management company or any other vendor contract the Board requests.
2. Provide the KPRC Board of Directors with independent advice on strategies to enhance our community’s services while maintaining or reducing operational costs.
3. Act as a liaison between the Board and Vesta to ensure that the Board’s directives are implemented effectively.
4. Establish transparent reporting practices to maintain accountability and oversite for all financial actions taken
As to me, I have more than 40 years of executive leadership experience, multiple graduate degrees, expertise in management, corporate law, finance, securities, sales and marketing. Since moving here nearly three years ago I have acquired and studied multiple KPRC documents including: organizational documents, audited financials, tax returns, by-laws, contracts and other documents. My only interest is to improve an already great community where I live.
**Remember we are ALL OWNERS, and interested in lowering monthly maintenance cost, improving/adding facilities and increasing home values. I’m available to discuss this matter further, either in person or by phone/email. My number is 702.415.0905 and my email is: nevadaonly@yahoo.com