Members present: John Porter, Mike Wynn, Nancy Smith, Tom Moore Martha Lindvall, Board Liaison Dennis Dubuque, DPOA G.M. Gary Pritsch, DPOA Board Pres. Jim Lewis, Staff Accountant Visitors: Sharon Perisho; Diane Porterfield
Members Absent: James Meredith
Meeting was called to order at 5:35 pm Minutes of the September meeting were approved as presented.
Old business discussed as follows: Questions concerning the August financial statements as follows: Waived fees, 19th Hole payroll taxes; Golf Shop insurance expense and Chemicals for the Golf Course. Jim will research the Golf Shop Insurance expense. Accrued wages were discussed again. Tom Moore suggested that we post wages on a cash basis during the year and only accrue wages at year end to avoid issues of negative amounts in payroll. This would also save accounting time and labor. All agreed this would be appropriate.
Cash flow for the 3 years ended September 30 was presented. Jim pointed out formula errors to be corrected in the report. We will still need to monitor cash expenditures over the next 4-5 months.
Financial Highlights report, prepared by the office was presented. The format of the report was discussed. The report was designed to provide full transparency and disclosure to the DPOA members. Format changes may be made in the future.
A report detailing cash expenditures over a 9 year period comparing Security and Roads (necessary amenities) Vs. Golf, 19th Hole and Pool (pleasure amenities) was presented from the audited financial statements. The average expenditures for “necessary amenities” were $393,000 and those of the “pleasure amenities” were $296,000 per year.
Review of the September Financial reports resulted in the following: Balance Sheet Items questioned: • The March 31st year- end Balance Sheet has not yet been tied out to the Auditors report. Jim will handle this task. • Club house and Pool rental have a balance of $300. Jim researched the item and found that deposits for pool rentals need to be reclassified since the rental events have taken place in August. Monthly Income Statement by department: • Golf Course: payroll expense is over budget. Dennis reported that there will be less expense over the next several months as some course employees have been assigned to Roads and Grounds. • Golf Course: it was pointed out that budget numbers for employee group health insurance has been omitted. budgeted Health Insurance expenses for All other departments have also been omitted. Jim will correct this oversight. • Golf Course: Repairs to golf course grounds expense of $2500 was for Cart path resurfacing and will be reclassified to capital expenditures. • Pool : reimbursement to Lifeguards for one half of their certification cost, as proposed by the GM, will be in the form of a Christmas bonus from POA donations, not from operating expenses. • 19th Hole-Revenue from food sales is still under budgeted expectations. • Common Grounds: Insurance Expense is over budget. Jim will research the allocation of insurance expense. • Security: Several payroll items have been misclassified within the Payroll category, related to cafeteria plan expense. • Security: Year to date expense for repairs and maintenance includes a capital expenditure for the sewer replacement and will be reclassified.
• Security: Vehicle expense and repairs are high due to the age and mileage of the police vehicles. We need to look at replacing them. • Dennis discussed the possibility of amending the Bill of Assurance to encourage more building of homes and Garden homes/town homes. The committee voted to ask the Board to pursue the issue with our developer, DRC.
Other items briefly discussed concerned bundling of loans, borrowing for major capital improvements, and special assessments for Capital items. No action was taken.
The meeting adjourned at 7:40 (approx)
John Porter, Chairman
