(Added to website 9/1/24)
Summary Provided by RFRS Club Member
$$$$ Had a presentation by Fidelity Investments. Looking at moving more of our operating fund money ($3-5 million)from no interest accounts to Fidelity Money Market. Could be a bottom line addition of about $500K/year and is very liquid and only a couple days lag to receive funds. Focusing strategy to make every dollar earn money while still meeting our monthly obligations.
Terry shared his re forecast of the 2024 Budget. Unfortunately several of the numbers were incorrect. He is going to make corrections and then we asked that he make it available to residents which they agreed to add to the website.
$$$$ In 2024 Links was 80% worse than budgeted. Obviously MV closure was a factor. Remains to be seen if this type of an operation can indeed make money or at the very least not add to the F&B subsidy costs.
$$$$ MV kitchen was $15K over budget
$$$$ Troon Fee was much worse than expected by 43%. Need accurate KPI’s to see if they pay for themselves as promised.
$$$$ Seed was way up 37% above budget. Not sure if that was cost/unit or if we used more than forecast.
$$$$ All CAM equipment and vehicles very old and need replacing
$$$$ Spent $114K on consultants versus the budget of $25K
$$$$ about $300K still outstanding on assessment payments (200 residents). 15 are on payment plans. Will increase cash flow by $600K and save additional $20K by paying it off using our Reserves and freeing up $’s to invest as well.
$$$$ moved the collateral money ($4.3 million) to Schwab money market where it is now earning approx 5% , $200K/yr
Tasked various members of the committee to follow up with department heads to determine disposable assets and potential value and means to dispose of them. Sell, donate, discard. Mention of Matt Kambic forming a sub committee of the finance committee to work on the Reserve Study. This was temporarily shelved until the new COO starts as some board directors in the room felt we need to see if we might be doing reserve studies differently in the future.