PPP Loan Situation

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 11)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 10)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 9)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 8)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 7)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (attachment 1 to page 6)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 6)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 5)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 4)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 3)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives. (page 2)

[Editor]

This a legacy post from the RSF Post that was lost when the former editor took down the site. Thank you to members for sending it to editor@RSFPost.com to preserve the archives.

[Anonymous]

@RSF4VR
Vimeoo link doesn’t exist, at least not an official recording by the association. They said “meeting at the Ranch Clubhouse will not be livestreamed or recorded.”

 

 

[Anonymous]

Can someone pls share VIMEO link for the PPP debacle meeting last night

[Longtime Resident]

page 2 of the Association’s FAQ

[Longtime Resident]

I got the FAQs too, ElleS & RSF Supporter. Here it is. Answers a lot of my questions that I posted before the meeting. Mistakes were definitely made (big ones), but I agree about moving on and work on restoring our reputation. That’s the most painful part for me.

[Anonymous]

Thanks, RSF Supporter. I appreciate your sharing what happened at the meeting.

A friend sent me a FAQ the board handed out that was also helpful reading on the issues – at least from the board’s view. I’ve attached it for anyone like me who missed the meeting.

BTW, my friends said they thought 200-300 people attended. Wow!

PS Don’t know how to attach a document so I’ll send the FAQs the editor@rsfpost.com email and ask them to post

[RSF Supporter]

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.

[wanderfield]

Would be great to get a recap of what happens at the meeting for those who cannot attend. Will there be another Vimeo link provided? Definitely want to keep updated on what’s happening, I can sense the outrage (justifiably) growing over this issue and I want to make sure all responsible are held accountable

[Longtime Resident]

We have an upcoming meeting on January 9th at 5PM at the Ranch Clubhouse. Please, everyone, do attend.

This is a video on the RSFA’s vimeo of the first meeting with the RSFA Board on Dec 7th about this in case you weren’t able to attend https://vimeo.com/892301078

Please share what your thoughts are on what we should try to accomplish at this next meeting.

Here are some ideas:

1. What format do we want for the meeting? In the Dec 7th meeting, the board let people speak for just 3 minutes. Do we want to change that?

2. Why were members not told about the loan application, forgiveness application, DOJ inquiry, RSFA hiring a white collar criminal attorney to represent us in the investigation, and that the settlement on behalf of the Association was agreed to and signed until AFTER all this happened?

3. How is the PPP Loan and its penalties, fines, legal fees etc being paid for? It was already paid by the Association from reserves, but is the Association looking to members to repay it? Is that fair (regardless of how much is actually charged to members per household).

What is the board doing to recoup the penalties, fines and legal fees from responsible parties?

Why not hold the people/institutions responsible who actually committed what the DOJ determined were frauds – once in April 2020 when the PPP Loan was applied and once in December 2020 when the forgiveness of the PPP loan was applied for?

The bank (that got a cut of the loan and should have known we were not eligible since they knew we were a 501-c-4), the lawyer who was consulted about applying, whoever signed and oversaw the loan application and the forgiveness application?

3. Do we have a strategy to restore our reputation which has been tarnished – read this as a cringy example https://www.reddit.com/r/SanDiegan/comments/18905b6/rancho_santa_fe_homeowners_group_illegally/

If we get the bank to repay even some of the penalties, fines, etc. will that move the blame to them for misguiding the RSFA to apply, and at least somewhat restore our reputation?

What other ideas for restoring our reputation??

[Author]

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