By Dennis Hanzel | Sun City West
On Nov. 7, 2023, Sun City West’s investment adviser Captrust made a presentation to the community. Captrust officials stated the association’s investment of reserve account funds is currently $3 million underwater, but advised the association to stay the course. Officials have indicated that actual losses will not be sustained unless actual sales occur.
A review of Recreation Centers of Sun City West financial statements show sales have occurred in the reserve fund account. In the fiscal year ended June 30, 2023, and during the first several months of the fiscal year starting July 1, 2023, sales were made of the reserve funds invested. Captrust did not disclose that the association incurred recognized (real) losses of $416,004 in the fiscal year ended June 30, 2023, and recognized (real) losses of…
