Reply To: PPP Loan Situation

#3587
RSF Supporter
Participant

I attended the meeting last night with about 200 (estimated) other members. There were several member input items. The vast majority thanked the Board for their volunteer service and recognized that they have the unfortunate task of cleaning up this issue. The Association’s outside counsel gave a summary of the confidential negotiation with the DOJ. It seems that they did an excellent job of reducing the potential penalties that could have been levied agaisnst us. A few members are seeking information on how the Board will attempt to hold accountable whoever is responsible for this problem. However, due to the litigious nature of this issue the Board is not able to disclose at this point what will be done or if it’s even possible to attempt to recover funds from errors and omissions, the financial institution or D & O insurance.

My personal opinion is that this will take time for the Board and our attorneys to review the facts and see if there is an opportunity to move forward. We need to give the Board time to do this. Bringing in legal counsel to harrass, depose and to intimidate the Board only slows the process and prevents the Board from not only working on this issue but the countless number of items they address. I believe that the Board has been completely transparent when possible to release the information.

For those that are concerned about how to repair our reputation I would say that the best thing we can do is to work together as a community to continue to make Rancho Santa Fe one of the most desirable places to live in the world. Our golf course is world class, our equestrain trails are superior to any other community in the western United States, and there are many committee openings which need your help as a volunteer.

I would like to thank the Board and our excellent management for their service to our community. We need to give them the time and the support they need to work through this issue.