As the community continues to quietly settle in with new management, this writer views the future Big Canoe with hopeful anticipation. Meanwhile, with everything currently in a bit of a lull as we await the reveal of the 2027 budget, it might be a good time to ponder a few more financial questions along with some comparisons to other similar communities.
Gone . . .
Since a previous post on this site noting multiple errors in the new software (Vena) generated balance sheet, (1) https://bcmatters.org/hide-and-seek/ it seems that rather than correct the errors, management has reverted to its manually prepared version of the report in subsequent financial packages. It should also be noted that the previously cited adjustments to the December 2025 year end totals of fixed assets and accumulated depreciation have now been reversed. (1)
Also since that post, it has been determined that the software generated income statement that replaced two internally prepared income reports contains errors in the calculation of variances to prior year. (2)
In other words, just like the balance sheet, the math does not add up.
And unlike the replaced reports, the software generated income statement does not contain any breakout of net financial performance by department or amenity. Instead, one must go through a mathematical exercise to determine the net results of each.
Note: Given that the Vena software program represents a $240k Association investment (3), perhaps the source of these errors and deficiencies could be determined in order to realize the application’s full potential especially since the POA Treasurer has stated that the purchase of the Vena accounting system would allow the Association to “run more like a corporation than on . . . spreadsheets that [the Director of Finance] is the only person on earth that knew how it all worked together.” (3) https://www.youtube.com/watch?v=fiaQGkb7-EE at 1:4:30 (4) https://bcmatters.org/midpoints/
Once again, due to the continued unreliability of the posted financial reports, this writer will continue to refrain from further “public” analysis.
Time to revisit . . .
However, with the Association continually and blindly acclaimed by leadership for its “really good financial position”, (6) https:www.youtube.com/watch?v=iinH5-5yico at 21:21 and 24:01 cash levels, revenue generation and ability to consistently exceed budget in arguably astounding amounts, it might be worthwhile to put everything in perspective by revisiting a few comparisons to some other similarly situated communities.
Over the years, it has not been uncommon to hear the names of communities such as The Landings at Skidaway Island, Connestee Falls in Brevard, NC and of course, Palmetto Dunes at Hilton Head, SC tossed about in conversation by leadership and/or this writer whether comparing water facilities, capital contribution fees, financial metrics or reserve fund levels. (7)
Beginning with the ownership structure . . .
Golf courses and other amenities at the Landings and Palmetto Dunes are owned and maintained by a separate entity. This ownership structure is presumably reflected in the lower annual assessments. In the case of Palmetto Dunes, these facilities are owned by Greenwood Communities & Resorts. (14)
Similar to Big Canoe, Connestee Falls amenities are owned by the Association. However, the golf courses are considered semi-private with memberships available to non property owners. (8)
Capital Contribution Fees . . .
It does not appear that The Landings has any contribution fee due at closing. Connestee Falls, Palmetto Dunes and Big Canoe each have some form of contribution fee due at closing described below which is generally intended to be used for capital enhancements.
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Connestee Falls Amenity Fee @ $16,000 (8)
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Palmetto Dunes Community Enhancement Fee @ ½ of one percent of purchase price (9)
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Big Canoe Capital Contribution Fee @ $5,000
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Budgets . . .
Most interestingly, the governing documents of the Landings and Connestee Falls (10) both require property owner approval of the operating, capital and reserve budgets. While Connestee requires member approval annually, the Landings requires approval every three years.
After two attempts, the Landings 2027 budget vote failed which means the annual assessment will remain unchanged. (11) The Connestee vote is currently underway.
Note: Unbudgeted capital expenditures exceeding $350k (10) also require property owner approval at Connestee Falls.
Governing documents of Big Canoe and Palmetto Dunes do not mandate member approval of operating, capital or reserve budgets.
Assessments . . .
2026 annual assessments for each community are as follows:
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The Landings – $2,594. (12)
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Connestee Falls – $4,229 (8)
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Palmetto Dunes – $2,000 (9)
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Big Canoe – $4,980
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Debt . . .
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The Landings, Connestee Falls and Palmetto Dunes are all debt free. (13) (14) (15)
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According to the 2025 year end financial statements, audited by Mauldin & Jenkins, Big Canoe had debt and lease liabilities totaling $15.4 million. (16)
Asset size, cash and reserve balances, etc. . . .
And perhaps most startling is the level of cash, investments and reserves held by these communities at the 2025 year end (audited) in comparison to Big Canoe.
As shown below, fixed assets, total assets, cash and reserves and percentage (%) of cash to total assets are reflected for each community.
Landings P. Dunes BC
Cash & Reserves $13,404,450 $30,288,500 $13,608,174
Fixed Assets $ 8,980,738 $24,841,804 $55,343,198
Total Assets $25,999,150 $56,015,570 $72,292,394
Cash as % of total 52% 54% 19%
Note: The Landings (13); Palmetto Dunes (15)
Additional note: As of first quarter 2026, Connestee Falls carries $12.5 million in investments exclusive of operating cash. Total assets are approximately $29.8. However, as this writer has been unable to confirm 2025 year end information, fixed and total asset totals and cash as a percentage (%) of total assets can not be determined.
Given the stark differences displayed in this chart, coupled with the fact that the other communities have zero debt, it becomes clear that Big Canoe is in a less than enviable position.
Perhaps rather than being overwhelmed and/or overly impressed by the number of zeros displayed on a balance sheet, (i.e. cash) consistency in reporting and keeping things in perspective would be a more accurate measurement of the Association’s financial health.
Ponder that.
. . . . .
Should you believe the information found in this post is important, please continue to share with your friends and neighbors wherever possible. As for those who wish to see additional articles posted in the future, please subscribe for an email notification or check back frequently. And as always, feel free to contact me directly at thepcrosses@gmail.com for questions or further discussion. Meanwhile, take care and thank you for your readership.
Patricia Cross
10438 Big Canoe
References:
1) “Hide and seek”, bcmatters.org, September 8th, 2026, https://bcmatters.org/hide-and-seek/
2) September 2026 Financial Package, Income Statement, pg. 5 (POAwebsite>login>POA>financials>2026>September)
3) Contract price of $240k for 41 months as recommending in the Finance Committee Meeting Minutes, November 18th, 2025 (POAwebsite>login>POA>Committees>Finance>Minutes>2025>November)
4) Big Canoe POA Town Hall Meeting, July 25th, 2026, video on Youtube at 1:4:30; https://www.youtube.com/watch?v=fiaQGkb7-EE
5) “Midpoints”, bcmatters.org, August 3rd, 2026, https://bcmatters.org/midpoints/
6) Big Canoe POA Board Meeting, October 29th, 2026 video on Youtube at a) 21:21; b) 24:01, https:www.youtube.com/watch?v=iinH5-5yico
7) A few examples include: https://smokesignalsnews.com/archive/big-canoe-water-committee-describes-uig-relationship/article_23856084-b599-11ea-88c3-7392de9b9fcb.html
“Circling the wagons – part two”, bcmatters.org, April 10th, 2024, https://bcmatters.org/circling-the-wagons-part-two/
9) https://pdpoa.org/service-providers/attorneys-realtors/
10) Article V of 2016 bylaws at: https://connesteefalls.com/documents/20124/102690/Bylaws_091516.pdf
11) https://landings.org/presidents-update-may-2026-2-2-2/
12) https://landings.org/budget-box-annual-dues-assessment/
Thirteen: https://www.landings.org/sites/default/files/resources/Annual%20Reports/2025%20Annual%20Report.pdf pgs. 34-36
14) Connestee Falls 2027 Proposed Budget Presentation, https://www.youtube.com/watch?v=IP4EA9Z1xYY
15) https://pdpoa.org/annualreport/, pgs. 4 and 30 – 33
16) 2025 Audited Financial Statement, dated June 25th, 2026, by Mauldin & Jenkins (POAwebsite>login>POA>financials>AuditedFinancials>2025)