Dear Members of the Association:
We have audited the accompanying balance sheet for Turnberry on the Green Condominium Association, Inc., as of December 31, 2010, and the related statements of revenues, expenses and changes in fund balances, and cash flows for the year then ended. These financial statements are the responsibility of the Association. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Please click here to view the complete Audit report 2010.
IN 2009, THE ASSOCIATION SUFFERED A LOSS OF FUNDS IN THE AMOUNT OF $165,000, STOLEN BY THE FORMER MANAGEMENT COMPANY, KRAVETZ REALTY GROUP, ALSO KNOW AS KRG. In 2010, the Association was involved in a lawsuit with KRG. On June 29, 2010, Circuit Court Judge Scott Silverman issued the Final Judgment against KRG. CLICK HERE to view the Summary Final Judgment.
This year, the Association is involved in a lawsuit with Travelers Casualty and Surety Company of America in order to recover the loss of funds of $165,000.
The total loss, including but not limited to all other expenses regarding Kravetz Realty Group activities, is $198,000. A detailed chronological report (which consists of more than 20 documents) related with the KRG hearing will be posted on our website after September 3, 2011.
Gregory Arzumanov
President
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