Has each member of our Board of Directors considered that potential purchasers of property might turn away from a community such as Big Canoe with such an outrageous level of debt? That is the question just recently posed to the board with the President responding that “all involved determined it was in the best interest of owners both present and future.” Maybe, but not actually. Continue reading “What if . . .”
Category: Capital Funding
Speechless . . .
Not one of our better times, the first month of 2022 has been filled with unfortunate events and broken promises as the level of secrecy and non-transparency exhibited by our board of directors continues to escalate to new levels. And while just weeks ago, this writer tried to envision the next fifty years of Big Canoe, (1) we now know that for the next eighteen years, we will be burdened with debt. Continue reading “Speechless . . .”
Always needing more . . .
In a special January 4th board meeting, the POA directors voted on a $500 increase (20%) to the $2,500 capital contribution fee (CCF) which is the maximum annual increase allowed per the governing document. According to the fourth amendment to the general declaration of covenants which was approved by property owners last year, these fees “will be deposited and held as part of the Board Designated Master Plan Fund . . . “ . Continue reading “Always needing more . . .”
All for naught . . .
As we celebrate the past fifty years of Big Canoe that have been so good to so many, the 2021 board of directors has simultaneously sought to position us for the next fifty years fraught with broken promises, flawed budgets, unfunded capital plans and an evermore spin and twist on what should be some of the most basic understandings of truth. Continue reading “All for naught . . .”
A betrayal of trust . . .
As was expected, the revision and consolidation of Board policies 152 and 153 eliminating the property owner approval requirement for all maintenance or replacement capital projects exceeding $1 million was approved unanimously by this board on September 30th. What was not expected was the statement that there had been little property owner opposition to the proposed change. (1) Continue reading “A betrayal of trust . . .”
Mission accomplished . . .
Flashback. It’s time to wake up and take a moment to reflect back on December 2019, and the outrage felt by this community regarding the “significant drafting error” found in the previously proposed capital contribution fee amendment that would have eliminated Article VI, Section 13 of our covenants regarding the restricted “Capital Reserve Fund”. (1) (2) (3) Further, consider that this is exactly what is taking place now, only in a craftier manner. Systematically chipping away, bit by bit, piece by piece, little by little. Continue reading “Mission accomplished . . .”
Imaginary numbers . . .
Apparently persistence pays off as this writer has finally received answers to those questions regarding the $265k discrepancy in the Master Plan Fund that have been submitted multiple different ways via management, the board and the Audit & Risk Management Committee since the beginning of 2021. Truthfully, it has been exhausting and probably just as exhausting to those of you who read this blog. And even more truthfully, the news is not good. Continue reading “Imaginary numbers . . .”
Getting the facts straight about our money . . .
Sincere appreciation is extended to the Chairman and members of the Big Canoe Audit and Risk Management Committee for any assistance provided in determining a resolution to the 2020 balance discrepancies found in the Master Plan Fund. After resubmitting questions (1) that had been previously asked as far back as February 2021, the Chairman responded by stating that the request had been forwarded to the Board and that “They are opening a ticket to ask the POA and will be addressing your inquiry.” Round and round the questions seem to go. Continue reading “Getting the facts straight about our money . . .”
In discussion of recent communications . . .
After a studied review of the recent POA Board Eblast regarding Big Canoe’s finances that references communications from several property owners, an explanation provided appears to be directed, at least partially, in response to recent posts on this site. (1) (2) But first, it must be emphasized that an accurate representation of this writer’s research, ideas and observations can always be found on the pages of this blog which is maintained exclusively by this writer without collaboration. Any attempts by leadership to characterize otherwise should be disregarded. Continue reading “In discussion of recent communications . . .”
“Ask the Board” yields no real answers . . .
To be honest, after the June 3rd post noting that the beginning balance in the restricted Capital Reserve Fund as shown on the updated Capital Reserve Study was approximately one million dollars LESS than the balance disclosed on the year end financial statements, it was anticipated that leadership would provide some type of public response or explanation. Continue reading ““Ask the Board” yields no real answers . . .”