Board Members present:
President Rick Noffsinger Betts Winsor
Vice President Charles Wood Ray Massey
Secretary Jack Watson Doc Norwood
Treasurer Tom Lockette Byron Efird
The Town Meeting was almost 2 hours long. It is always my goal to be complete in this report. To do this accurately, today’s notes will be posted in segments.
President Rick Noffsinger asked Ray Massey to open our meeting in a word of prayer.
Terry Shipp was allowed to speak to the membership ‘without rebutal’.
To hear what Terry had to say: Please click on " Read More>> "Mr Shipp quotes from the March 2011 Audit: Asset value is 4.6 million… liabilities of $700,000.00 … Equity of 3.9 millionOf the $700,000.00 that is shown as accounting liabilities, only 368,000.00 are due to somebody else. 329,000 is un-earned revenue, money we received in advance for POA dues, and we are obligated to provide services for that money. We owe 368,000 and we have a gross asset of 4.6 million.
Income statement from last year shows that assessments from members decreased 140,000. That is a significant decrease and it is a problem we have talked about before. We will have to face it in the future. I think the budget was built with the assumption that there will be continued reduction in assets and assessments received from owners. 49% of the lots are delinquent. 9% of the houses are delinquent. That 49% continues to increase. As I recall, Tom said “we have a budget of 50%”. That is a reduction in revenue that we are going to have to address. Expenses are up, as are the expenses at my house. Golf course expenses are 178,000 higher than last year. We put $200,000 into the roads. We did loose some money on the golf course. Net income for equity was $11,000.00. So, we almost broke even in that area. These are facts that I think you should all be aware of. We do have serious problems facing us. We are going to have to make some hard decisions. We only owe $300,000. And we have assets of 4 million dollars.
Treasurer’s Report – Tom Lockette
“I wish I had a lot of good news, but it seems like I never get very much good news sitting in this job.”
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