Between January 2023 and December 2024, Mr. Malden has personally reimbursed himself a total of $108,887.28 from Association accounts. These reimbursements were processed through both the operating account and the reserve account and cover a range of expenses. After repeated records requests, all we have is the ledger. Specifics and/or receipts have been withheld. 

Below are just a 30-day example of these expenses:

The comments for each transaction above merely indicate:
●      Building-wide improvement projects, including door and window replacements and painting projects.
●      Supplies and materials commonly associated with vendor-provided services.

Concerns:

Bypassing Professional Management:
Collins Towers has an active management contract with Trident Management, a licensed and insured professional association management company that is contracted to handle day-to-day operations and financial transactions on behalf of the Association. Despite this, Mr. Malden has assumed the role of directly coordinating projects and making out-of-pocket purchases for which he subsequently reimbursed himself from Association funds. This raises serious questions about adherence to standard industry financial controls and accountability.

Lack of Transparency and Oversight:
Many of these reimbursements were processed without competitive bidding, without the Board voting on the expenditures in open meetings, or without properly documented project scopes and vendor invoices provided to the ownership at large. This undermines the checks and balances required in our community’s governance.

Improper Use of Reserve Funds:
Some of the funds reimbursed to Mr. Malden were drawn from Association reserves, which are legally required to be used for capital repairs and replacements (over $10,000) pursuant to Florida Statute 718.112(2)(f) and our governing documents. Using reserves for discretionary reimbursements—particularly those without competitive quotes—raises serious concerns about compliance with fiduciary and statutory duties.

What This Means for You as an OwnerWhile no formal allegations of misconduct have been made at this time, the pattern of self-reimbursements by Mr. Malden is highly irregular for condominium governance and raises significant concerns over:
●      Financial risk to the Association.
●      Loss of confidence in Board leadership.
●      Lack of financial accountability.