Iván M. Bou for the
Bocar Board of Directors

New Board Leadership — Management Structure Changes

New board leadership takes over and makes several significant changes. Check-signing authority is concentrated in a single individual. The existing property manager is terminated and replaced by a company that lacked the required state license (LCAM), engaged without competitive bidding at higher-than-market fees (~$150K/yr). The association's insurance is placed through a business connected to board leadership. Several roles — board president, property management, and insurance — become connected to the same individual. Independent legal counsel is replaced. Board composition changes as members depart.

DBPR Complaint Filed — Objections Raised

DBPR complaint filed in April 📎 source citing licensure, conflicts of interest, and lack of documentation. Budget adopted at $1,863,079 (3.3% increase over 2024) — but actual spending would reach $2,064,970 (10.8% over budget) by year-end. Written objections raised by owners regarding governance procedures.

Reserve Contributions Stop, Financial Reporting Gaps

Reserve fund contributions stopped after April ($37,170 of $111,510 funded — only 33%). Financial statements published sporadically. Accounts payable climb to ~$116K. Labor costs escalate from ~$9K/mo to $25K/mo after the management transition. Community members, including Iván M. Bou, continued volunteering to support the association — fixing EV chargers, researching cost-saving technologies, providing landscaping guidance, and sharing financial analysis.

Financial Reporting Ceases — Last Reliable Statement Was April

The last reliable financial statement was produced in April 2025. An August 2025 statement was issued but was full of errors and inaccuracies. From this point forward, no financial statements are distributed to the board or owners. Undocumented expenses begin accumulating at ~$39,038/month. Cash is being spent without documentation, transparency, or board oversight.

Vendor Payments Stop — Obligations Accumulate at $71K/Month

Vendor payments are stopped. Only essential costs continue (utilities, labor, loan auto-drafts). Landscaping, pest control, repairs, fire/security monitoring, and insurance premiums go unpaid. $70,904/month in obligations begin accumulating. Formal records request served by legal counsel via certified mail on November 3, 2025 under Florida Statute 718.111(12). The statutory deadline to respond was November 18 — the association did not respond until December 1 (13 days late), and then rejected the request entirely in violation of the statute. The bank balance appears stable — but only because vendors aren't being paid.

Contract Amendment Stopped & Election Cancelled

An attempt was made to amend the Blue Stream cable contract without a documented board vote — a change that, per verbal communication received at the time, would have increased association costs by approximately $50,000 per year — well above the $5,000 threshold requiring a board vote under Florida statute. The amendment was stopped after board members demanded documentation of the underlying vote, which could not be produced because no vote had occurred. This prevented a significant additional expense. Separately, a scheduled board election was cancelled due to procedural defects, denying owners their right to vote. These events occurred immediately before the state's referral for legal action.

DBPR Refers Case to General Counsel for Legal Action

The Florida Department of Business and Professional Regulation (DBPR) refers Case No. 2025004495 to its General Counsel 📎 source for potential legal action against the association. The board president resigns. New interim board members step in to manage the transition.

Estimated $306,356 Net Gap — Financial Remediation Required

No reliable financial statement since April 2025. Based on our analysis: an estimated $273,263 in undocumented expenses 📎 source. Estimated unpaid vendors: $354,520 (5 months). Unfunded reserves: $120,805 (11 months). Operating cash estimated at $168,969 against $475,325 in obligations. The 2025 budget itself ended in an estimated ($167,625) deficit 📎 source. Based on these estimates, the financial gap is estimated at $1,563 to $3,574 per unit depending on the scenario — requiring a comprehensive remediation plan.

All Board Members Appointed — No Recovery Plan Presented

A board member resigns. Rather than scheduling the long-overdue election, the board appoints a replacement. No member of the current board has been elected by the owners of this community — every sitting member was appointed.

The DBPR now has five complaints on file against this association since 2024 — two received in legal (Cases 2025004495 and 2026012867), one assigned to an investigator (Case 2026026207 📎 source, filed for records access violations under FL Statute 718.111(12)), and two previously closed for "Lack of Documentation." A formal letter 📎 source has been sent to the General Counsel requesting expedited review. A state senator's office is now actively working to get answers from the DBPR on behalf of the community.

The community's tennis court is now closed after a project to resurface and change its functional use was initiated without required city permits and without sufficient funds in association accounts. The project sits half-finished.

To date, no recovery plan has been presented to owners addressing the financial gap, the unpaid vendors, the unfunded reserves, the tennis court, or the DBPR cases. Owners who have asked questions have not received substantive responses. The community remains without a clear path forward while the association's credit continues to deteriorate and vendors send debts to collection agencies.

Experian Confirms Crisis — Score 6/100, Vendors in Collections

An Experian business credit report 📎 source independently confirms the financial crisis. Bocar receives a Business Credit Score of 6 out of 100 — placing it in the bottom 5% of all businesses nationally. The Financial Stability Risk Rating is 5 out of 5 (worst possible), indicating a 35.27% chance of payment default or bankruptcy within 12 months.

The report reveals two active collection accounts totaling $54,129 with Altus Receivables Management — $45,322 filed in April 2026 and $8,807 filed in May 2026. $0 has been collected. Vendors have given up trying to get paid directly and are sending debts to a collection agency. Seven credit inquiries in nine months show additional vendors and creditors are checking the association's credit — a sign they too are concerned about getting paid.

This is no longer based on estimates or analysis of limited data. An independent national credit bureau has independently confirmed that Bocar Condominium Association is in severe financial distress. The state senator's office is now involved, attempting to get answers from the DBPR on the pending complaints.

$200K+ in Unpaid Vendors Acknowledged — Election Announced

At the board meeting where the election was announced for September 16, 2026, the board acknowledged over $200,000 in unpaid vendor obligations. An independent analysis from April estimated the actual figure at $354,000. The gap between these numbers raises questions about what else may be undisclosed.

The board also disclosed that it has no complete financial records — including no records of whether individual owners are current on their assessment payments. Despite all of this, no remediation plan, investigation, or forensic audit has been authorized, and no recovery plan has been presented to owners. No reserves have been deposited since April 2025 — now over 15 months. The association's credit is at 6/100. Loans cannot be refinanced.

The former property management company — which lacked the required state license and was engaged without competitive bidding at higher-than-market fees — was terminated earlier this year. But the damage — unpaid vendors, empty reserves, collapsed credit, missing records — was already done. The community needs a plan to move forward.