Only in Big Canoe could monthly financial results reflecting a $46k net operating loss be considered acceptable without explanation or discussion. (1a) Further, and with all due respect, it appears that our monthly board meetings have become little more than scripted dog and pony shows designed to impress and mislead while full of conflicting details and an abundance of incorrect and/or missing financial information. Given that, along with the constant trickle of other emerging news, it is difficult to know where to even begin. Continue reading “The basics . . .”
Category: Financial
Connect the dots – part two . . .
Still stunned by the February 23rd announcement that the capital fund account balances would be restated as of the 2022 year end, (1) additional issues continue to surface regarding those accounts as well as other questionable financial information currently being peddled to the community. Continue reading “Connect the dots – part two . . .”
Connect the dots . . .
For those of you who have not viewed the February 23rd board meeting, the Chairman of the Finance Committee informed the board and the community that the capital fund accounts would be renamed and the cash balances in these accounts would be “restated” as of December 31st (1) based on a recommendation from management. An unusual if not also shocking announcement indeed. Continue reading “Connect the dots . . .”
Just keeping up with the facts . . .
And here we are again in late February with no year end financial reports posted to the POA website. Without that information, as the stakeholders of a $51 million corporation, we have no fourth quarter itemization of the association’s capital expenditures and few details of the overall year end performance. In fact, details found in the GM’s constantly changing and creative slides are so sketchy, that the financial performance for the month of December was not even included in his January board meeting presentation. Continue reading “Just keeping up with the facts . . .”
Keeping with the facts . . .
With our 50th anniversary year now behind us, it would be fair to say that 2022 was a year of change with property owners seeing escalating and often extravagant capital expenditures, dwindling property owner rights, OSHA investigations, new Association debt, Lake Petit dam concerns and sewer expansion issues . . . the list seemed to go on and on making it impossible at times to just keep current. Continue reading “Keeping with the facts . . .”
Self-inflicted Chaos updated . . .
One would think that while presenting details of the 2023 budget to the community for the third time, the GM could have gotten it right and at least attempted to refrain from spouting untruthful information to the property owners. But alas, during the December annual meeting, the GM continued to erroneously insist that the association’s debt service is included in the $4.2 million net income before depreciation. (1) Again, as stated in a previous post, it is not there. (2) https://bcmatters.org/self-inflicted-chaos/ Continue reading “Self-inflicted Chaos updated . . .”
Self-inflicted Chaos . . .
There’s been a lot going on in Big Canoe recently to include the unveiling of the 2023 budget revealing leadership’s plans for the coming year coupled with the $20 per month assessment increase (with $5 of the increase allocated to the Master Plan Fund). Unfortunately, rather than presenting the community with a concisely constructed financial plan, the GM’s budget presentation has become a media blitz of power point slides and pie charts containing often misleading, manipulated and incomplete information. Continue reading “Self-inflicted Chaos . . .”
A look behind the numbers . . .
For that feel good, warm and fuzzy, disney like experience, property owners should look no further than the August POA board meeting. With a “trust me” attitude ever absent any full disclosure of facts or information, leadership continues to boast their perceived accomplishments, all without ever acknowledging the property owners who finance every Association endeavor, good or bad, via dues and assessments. Continue reading “A look behind the numbers . . .”
With red flags waving . . .
Quite an extravaganza, the August board meeting was filled with leadership’s self-applause and vague references to purported misinformation imagined to be swirling about the community. In fact, it seems that leadership sometimes goes to extraordinary lengths to ensure that the property owners “believe” that all is financially wonderful in Big Canoe. Unfortunately, all is never exactly as it may appear. Continue reading “With red flags waving . . .”
The domino effect . . .
An unfolding of events all began with a recent unusual Friday morning e-blast announcing “POA Board of Directors to Vote on Financing New Fire Engine”. (1) What a misleading choice of words, as the Association already owned the fire engine delivered in late June after paying cash in advance to have the fire engine built eighteen plus months before. Instead, the fire truck just happened to be yet another item of collateral pledged on a loan for the purpose of generating additional cash which will be deposited in the “Capital Replacement Fund”. Continue reading “The domino effect . . .”