Sandy Filkowski has written a white paper explaining what the Amenity Reserve Fund is and how the money from this fund has been spent. I have converted his document to a PDF:
Amenity Reserve Fund for Big Canoe
by Sandy Filkowski on 04/01/08
If you do not have Adobe’s free PDF reader installed, you can get it here.
5 users commented in " Amenity Reserve Fund White Paper "
Follow-up comment rss or Leave a TrackbackInteresting. In our meeting with the board I was told there was no amenity reserve any longer. It appears there is some reserve. So why has the reserve not showing up in our financial documents or reports? Should we not show that an amount is deducted from our operating assessments Revenue? How is it calculated? So does the developer have the right to just pop us for 1.5m a year at their discretion? Seems odd. What Land did we buy and what portion of the debt is payment of principal and payment of interest?
Seems like there are still alot of questions to answer. I continue to request a redo on the format of the financials to allow a better understanding. Maybe I am missing something, but are the contributions to the Amenity Reserve outlined in the budget and is this the first time the reserve activity has been published. What was the history on the Reserve for the past 5 years?
I could resist. Please see the Wiki explanation of the term White Paper. Note the last sentence.
Since the mid 1990s, the term “white paper” has also come to refer to documents used by businesses as a marketing or sales tool. For example, many white papers today expose the benefits of particular technologies and products.
These types of white papers are almost always marketing communications documents and are designed to promote a specific company’s solutions or products as it relates to the issue or topic examined. As a marketing tool, it is important to note that these papers will always highlight information favorable to the company authoring or sponsoring the paper, while minimizing any negative aspects related to the company’s involvement with the issue, product or technology.
Today the commercial white paper is the most common type of white paper. Such white papers are often used to generate sales leads, establish thought leadership, make a business case or to educate customers. This is quite different from the original use of white papers, though generally valued by sponsoring company. White papers, when written objectively, are often regarded as a credible source of information.
Sandy’s White Paper is certainly different from what I was lead to understand.
I’ve been thinking for some time that what is needed is an additional monthly financial report: a Cash Flow Statement.
Each of the amenities, facilities, (specific) debt payments, etc. would all be categories. This type of financial report would answer a myriad of questions.
The data is in the ’system’. It’s only a matter of formatting a spreadsheet.
Way to go Deas! Someone who knows what a White Paper is…
I realize the Board is volunteer. Many in the community have held similar roles/resonsibilites in our lives, so you have to look at these proposals with a jaundice eye considering the poor past financial/manangement performance. This is just the honest truth.
Norton
From the White Paper No. 2 above:
“The reserve fund monies are held in a separate account in Wachovia Bank.”
I was told last week by an ex-POA Board Director that this is not true (unless this account was opened recently – in 2008).
Would the CFO provide the details on this account?
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