Comments on: Is a POA bailout needed? http://4kfee.com/every-thought-counts/is-a-poa-bailout-needed/ What are your thoughts on the proposed fee? Sat, 04 Sep 2010 20:51:59 +0000 http://wordpress.org/?v=2.5.1 By: Just a Resident http://4kfee.com/every-thought-counts/is-a-poa-bailout-needed/#comment-443 Just a Resident Sat, 15 Nov 2008 17:01:45 +0000 http://4kfee.com/?p=129#comment-443 When you think of the new Sconti, consider this (excerpt from 9/2008 financials: Sales of $148,404 were over the budget of $110,200 by $38,204 or 35%. Cost of sales were 59% for the month compared to a budgeted cost of sales of 35%. The year to date cost of sales is 40%. The year-to-date variance accounts for $36,163 of additional expense. There was a total of $26,062 of prior month invoices (June-August) charged into the current month that caused the increased Cost of Sales. Salaries and wages were over budget by $35,063 or 57% for the month and $153,786 or 40% on a year to date basis. When 1099 contract wages are added to our payroll expenses, total staffing expenses exceed budget for the month by $42,296 (66.8%). Year-to-Date total staffing expenses exceed budget by (42.9%). Overtime continues to be an issue. Based on the club industry standards wage expenses are typically 60%-62% of gross revenues. For the month, salaries, wages and contracted labor as a percentage of revenues was, 72.6%. Year-to-date the percentage is 76%. Cost of sales = 59% (40% ytd) Wage expenses = 76% ytd Our ytd subsidy for food and beverage is $442,551. Additionally, we have subsidized "Clubhouse Management" by $180,105. So, we lose 35% on every meal served, the kitchen can't keep up with the volume, and there are other design deficiencies in the building, as BCInsider mentions. The most recent budget for 2009 indicates that we would have a $200,000 subsidy for food and beverage, which the finance/audit committee feels is unrealistic, as would anyone else. Is another special assessment likely? It's either that or a dramatic increase in the monthly POA bill. When you think of the new Sconti, consider this (excerpt from 9/2008 financials:

Sales of $148,404 were over the budget of $110,200 by $38,204 or 35%. Cost of sales were 59% for the month compared to a budgeted cost of sales of 35%. The year to date cost of sales is 40%. The year-to-date variance accounts for $36,163 of additional expense. There was a total of $26,062 of prior month invoices (June-August) charged into the current month that caused the increased Cost of
Sales. Salaries and wages were over budget by $35,063 or 57% for the month and $153,786 or 40% on a year to date basis. When 1099 contract wages are added to our payroll expenses, total staffing expenses exceed budget for the month by $42,296 (66.8%). Year-to-Date total staffing expenses
exceed budget by (42.9%). Overtime continues to be an issue. Based on the club industry standards wage expenses are typically 60%-62% of gross revenues. For the month, salaries, wages and contracted labor as a percentage of revenues was, 72.6%. Year-to-date the percentage is 76%.

Cost of sales = 59% (40% ytd)
Wage expenses = 76% ytd

Our ytd subsidy for food and beverage is $442,551. Additionally, we have subsidized “Clubhouse Management” by $180,105.

So, we lose 35% on every meal served, the kitchen can’t keep up with the volume, and there are other design deficiencies in the building, as BCInsider mentions. The most recent budget for 2009 indicates that we would have a $200,000 subsidy for food and beverage, which the finance/audit committee feels is unrealistic, as would anyone else.

Is another special assessment likely? It’s either that or a dramatic increase in the monthly POA bill.

]]> By: BCInsider http://4kfee.com/every-thought-counts/is-a-poa-bailout-needed/#comment-442 BCInsider Sat, 15 Nov 2008 16:13:29 +0000 http://4kfee.com/?p=129#comment-442 Let’s not forget that the architecture firm forgot to add a loading dock to the building and that the garbage room design may become a health department issue due to its poor design. And of course the architecture firm forgot to install any public water fountains in the building. Maybe the committee can address these issues also. Let’s not forget that the architecture firm forgot to add a loading dock to the building and that the garbage room design may become a health department issue due to its poor design.

And of course the architecture firm forgot to install any public water fountains in the building.

Maybe the committee can address these issues also.

]]> By: BCInsider http://4kfee.com/every-thought-counts/is-a-poa-bailout-needed/#comment-441 BCInsider Sat, 15 Nov 2008 15:21:31 +0000 http://4kfee.com/?p=129#comment-441 As for another assessment, it may be needed due to the deficiencies in the Sconti restaurant design. The kitchen is too small and can service no more than half the dining room. A committee is looking at design changes to the kitchen; this will cost more money. As for another assessment, it may be needed due to the deficiencies in the Sconti restaurant design.

The kitchen is too small and can service no more than half the dining room.

A committee is looking at design changes to the kitchen; this will cost more money.

]]> By: BCMP http://4kfee.com/every-thought-counts/is-a-poa-bailout-needed/#comment-431 BCMP Sat, 08 Nov 2008 19:25:16 +0000 http://4kfee.com/?p=129#comment-431 Get hold of your pocket books. There is information from a reliable insider that the Board is considering a "second" special assessment. I would be willing to pay another special assessment if the entire Board would resign due the financial malfeasance that has occurred during their watch. Get hold of your pocket books. There is information from a reliable insider that the Board is considering a “second” special assessment.

I would be willing to pay another special assessment if the entire Board would resign due the financial malfeasance that has occurred during their watch.

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