Recently, a small group of residents wrote the following mis-information on their website: "On any given day, neither the Board nor the Finance Committee knows where our money is, and they only require an annual report for our investments. "
This is false. According to the Chair of our Finance Advisory Committee, The Sun City Shadow Hills Association receives a monthly report showing all credits and expenditures by Comerica Bank on our accounts involving all investments and cash going through the account.
Comerica Bank is a 165 year old firm listed on the NYSE and insured through FDIC. Comerica Securities LLC is a national Corporation dealing in stocks, bonds, securities, and money market funds. Our investment broker is licensed and bonded. He has a copy of the Sun City Shadow Hills Board of Directors criteria for investments and has been very careful to purchase money market funds, bonds, and other investments strictly in accordance with the criteria established by our Board of Directors.
In addition, the Finance Advisory Committee meets once or twice per year personally with our Broker to review our investments in detail to ensure the proper type of investments are purchased and that they are appropriately laddered in accordance with our community’s financial needs and to achieve maximum interest recovery as well as being sufficiently scattered among a variety of banks so that our portfolio, which is largely money market investments is held to limits with each bank in order to maintain qualification for FDIC coverage.