(Added to website 10/19/24)
Summary Provided by RFRS Club Member
Agenda
- Old Business
- September 2024 Financial Statements Update
- Presenter: Terry Dempsey
- Highlights:
- Month End Balances:
- Operating: $4.8M
- Reserve: $6.4M
- Capital Improvement: $1.6M
- Income Analysis:
- September Income before Depreciation: $24K (vs. $318K Sept 2023)
- Year-to-Date Income (Jan-Sept 2024): $77K
- Cost of Goods Sold (F&B): No improvement noted.
- Golf Revenue: Largest driver, YTD: $978K (vs. $728K Sept 2023)
- September Quarter Investment Report
- Presenter: Campbell Chaney
- Key Points:
- Investments primarily short-term (~1 year).
- Current CD/Bonds earning: 4.6%.
- $4.3M with Schwab earning 4.6%.
- New Fidelity Account set up; $1.5-$2M of operating funds to be moved.
- MV Loan/Assessment Account: $530K (planned transfer to Reserve Account).
- Audit Firm Search
- Presenter: Campbell Chaney
- Subcommittee Review:
- Reviewed bids from 3 firms; recommended keeping Beach Fleishman.
- Discussion on negotiating audit pricing, particularly for the 401K portion.
- Motion to Recommend Audit Firm to Board:
- Clarified scope of Audit (Reserve fund adequacy not included; Troon operations audited separately).
- Motion approved; recommendation to be presented at the next Board Meeting.
- New Business
- Schedule Special Finance Committee Meeting for Draft #2 Discussion
- Draft #2 changes made and available for review tomorrow.
- Special Meeting: October 24, 2024, 1-3 PM.
- Draft #2 will not be published for resident review prior to the 10/31 Board Budget Town Hall.
- Next Regular Finance Committee Meeting
- Date: Thursday, November 17, 2024
Closing
Thank you for your attention. We look forward to further discussions in the upcoming meetings.