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 . . .”
Category: Financial
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 . . .”
Let’s revisit that $20 million credit facility . . .
It’s been awhile since the last post on this site. During that interval, a January board decision destined to shape the future of Big Canoe for many years to come has now been etched in stone with the May 4th, 2022 closing of the Wells Fargo credit facility. It is done. It is closed. It is real. And our board now has unfettered access to $20 million in loan commitments while remarkably still seeking and wanting even more. Continue reading “Let’s revisit that $20 million credit facility . . .”
Guest Spot: Michelle Toups with more Chimneys talk . . .
A Big Canoe property owner for 23 years, Michelle has requested that her op-ed on the Board approved $1.25 million Chimneys project be posted on bcmatters.org. Thank you Michelle for providing additional insight and knowledge on this very important issue. (Patricia)
Continue reading “Guest Spot: Michelle Toups with more Chimneys talk . . .”
POA President requests retraction of Chimneys article . . .
The POA President has now weighed in on this site’s previous post (1) by stating, “I read your blog on The Chimneys. It contains many inaccuracies and the sentence containing a reference to a photograph on April 20 and a 3D tour is very misleading. The building is locked, virtually empty and a blight on Big Canoe . . . Continue reading “POA President requests retraction of Chimneys article . . .”
About that Chimneys renovation and the visual deception . . .
A collaboration by: Wayne A. Huey and Patricia Cross
With almost two months elapsed since the Big Canoe board blindsided the community with the shocking revelation that they would be spending an unbelievable $1.25 million to renovate the Chimneys for meeting space, the outpouring of concern and questions have continued. And even more disturbing is discovery of the complete misrepresentation of the present condition of the facility coupled with the planned gutting and destruction of much of the historical character of the building. Continue reading “About that Chimneys renovation and the visual deception . . .”