Let’s draft Jim Owens for the Board. Give his last few columns a read. He has consistent, clear-minded thoughts in relationship to the financial peril that we are headed toward as a community. Our debt will approach nearly 15 million dollar….YES 15 MILLION dollars.
Jim speaks the truth. Smoke Signals must swallow hard when they publish his columns in the name of diversity.
The Board should start to note the quiet discomfort people are feeling about the community and the lack of direct reppresentation. The perceived arrogance is striking a chord. The go along to get along crowd and I am sad to say that it includes most of the HOA board will soon realize that those asking questions are truly the “patriots of Big Canoe”. “They” are our true neighbors that care about the character and intregrity of this community.
We truly have to wait to see if the new Sconti is viable. We have SUBSTANTIALLY increased our overhead. We were budgeted to lose $300K a year in food and beverage when we were at the swim club. Now with the increase in fixed overhead as well as the significant bloat to staff and “management”we could easily be in the red (the loss column) double or even be more. $600k per year to support the food and beverage isn’t out of the question. In addition think of the of the money we spend each year to service the interest on the debt. That would go a long way to paying for needed upgrades.
RUN JIM (Forrest) RUN!!!!
PS: The originator of this site needs to migrate and transform (if you put a call out for donations they will come) this to an alternative community site where property owners may exchange and share ideas, thoughts and community news. It has been well moderated and in turn lived up to a high decency standard. Well Done!!
9 users commented in " Jim Owens for the POA Board "
Follow-up comment rss or Leave a TrackbackI concur. Jim if you have time please run! I will support you. In addition, I would support a fee to be paid to each board member as compensation for all the work. Although that fee would have strings. If would be based on performance standards and fiscal responsibility. Jim, we all know being on the board is usually a thankless experience but your passion and wisdom would be a nice addition.
It would be resonsible for those who do not like the direction that Big Canoe is heading to have representatives run for the Board.
Those that choose to run should do their homework first.
There is no $15M long term debt.
Ed. Note: According to POA Financial Director Sandy Filkowski, the statement in Jim Owens column (above) “Long term debt in Big Canoe will soon top $15 million”, is incorrect., Filkowski states the correct figure is not $15M but $8.865M.
Further, she responds, ” The Association had current Debt due to Wachovia in the amount of $2,729,427 at December 31, 2007. This was debt on the Fitness Center and an old Golf Course loan. In addition to that there was $901,925 due to the Developer for the Wildcat Pool and the land purchased for the Clubhouse project. Finally, I made the first draw request for the Clubhouse in December of 2007 in the amount of $750,000 bringing the total long term debt at December 31, 2007 to $4,381,352.
During 2008 there will be principal payments made on the Wachovia Fitness Center and Old Golf Course notes reducing that balance to an estimated $2,450,031. The Developer will receive the third payment on the notes due to him in December of 2008 bringing the remaining balance to $450,963. Finally, the construction loan draws for the Clubhouse will be completed and Permanent Financing will be put in place by early September 2008. Based on current estimates a total of $6,000,000 will be borrowed for the Clubhouse construction. I have estimated the principal payments of $35,000 will be made on that loan during the last three months of 2008 bringing the estimated debt outstanding on the Clubhouse to $5,965,000 at December 31, 2008.
You [Jim Owens] asked how much we have drawn down on the Clubhouse as of May 31, 2008. We have drawn down $4,390,832. That amount is included in the long-term debt on the balance sheet at 5/31/2008 which reflects a total long-term debt of $7,892,273.
All of this information has been shared with the Property Owners over the last several months so it is important that the message regarding our long-term debt be accurate and consisten
Just Asking…thank you very much for the clarification. If the Sandy number was in his column, personally it would not change a thing for me. The context of the article wouldn’t have changed either.
$8,650,0000 for a communitity association is still a BIG number. We are a not-for-profit, expense driven concern. We are a retirement community, many either a part of the greatest generation or a product thereof. Paying as we go and not putting the burden on others would seem to be the sensible thing to do.
Personally I am FOR the need for reserves. From what I read so is Mr. Owens. No matter the debt number Jim speaks a sensibility that has seemed to escape this board…slow down, take a breath, let the dust settle from these latest expansion/improvements. This would be a good time for a full fledge independent audit of the associations financial position.
Why won’t the Board embrace this…this is a no brainer for anyone with nothing to hide. Officers and directors insurance doesn’t protect you from everything. An independent audit sure covers your tail end.
We spend enough on attorneys, why not the peace of mind of an independent audit?? If these fellow resident board members had the genuine concern for their neighbors, they should draw from a past experience where they held a legal fuduciary responsibilty and exercise it now in Big Canoe. If their past experience hasn’t included this as a businessman, a citizen or a neighbor now would be an excellent time to gain such a christian-like experience.
Just Asking a sincere thank you the clarification. The community needs accuracy and transparency. You write “It would be resonsible [responsible] for those who do not like the direction that Big Canoe is heading to have representatives run for the Board” for which I wouldn’t argue. But isn’t the hypocrisy laughable that what those concerned property owners are yearning for is someone who isn’t afraid of operating in the “sunshine” - openess, transparency, fairness, sensibility and honesty.
Run ‘Just Asking’ Run!!
Run ‘Jim Owens’ Run!!
President “Just Asking” is already on the POA Board.
In response to those few who urged me to run for the POA Board, I thank you for your confidence. My age and effort to sell my home and move from Big Canoe make running for the Board out of the question. My record while serving on the Board from 1998-2000 is open for all to see and decide. The results of the Bob Crouch leadership record has yet to be determined by subsequent history which judges us all–ready or not. The following PS which constitutes my apology for my error to my readers and the POA will appear in my July column. Mr. Crouch knew about my apology when he sent his message to you about my error. The expected 2008 debt(furnished by the POA) of $8,865,994 still constitutes record debt according to the POA response document. Mr. Crouch chose not to call me about the error, but reported it to our editor.
” P.S. to July Article for Smoke Signals
It is important that I call to the attention of the readers of my June article in Smoke Signals entitled “Stop, Look and Listen” an inadverdent error. Just above my picture at the top of that column you will find the following sentence: “Long term debt will soon top $15 million.” The predicted long term number of $15 million is substantially overstated. Sandy Filkowski, CFO of the POA, expects the long term debt of the POA as of December 31,2008, to be $8,865,994. That number includes the permanent loan on the Sconti complex construction. I appreciate Sandy’s help and apologize to the POA and my readers for my error.
The point of my article was not the amount of the long term debt of the POA at a given date in the future, but rather the adverse economic environment in which we now find ourselves. My error was caused by my erroneous use of the projected cost of the Sconti complex, rather than the long term debt aspect of that project. I have been writing about community related subjects for many years, and this is the first time I have received any reaction from the POA, Again, my apoligies to all.”
Nuts…I understand, take it as a compliment to your simple sensibilities. I did see you out at lunch today…think that was you with your wife…I didn’t want to disturb you but know you struck a chord with me and many others of what I feel is becoming the ’silent majority’. I’ll send the paprazzi next time!!
If I articulated anything not accurate in my response to the debt correction response by ‘just asking’ my apologies to all. I wasn’t intending to speak on your behalf. I thought I read you correctly…one debt figure is BIG and the other debt number in your original column is BIGGER. I wouldn’t ‘puff my chest out’ that our projected debt only being $8,650,000 is a good thing.
I also hate to see this sizing up that ANY candidate for the board be stigmatized as anti-Bob or anti-Board. That isn’t how I read this undertow vibe. It’s a let’s be sensible, calm and take a breath.
I sense more of a ‘circling of the wagons’ by the Board and Smoke Signals. Now is not a time to be head strong.
Jim, best of luck…ya know if you aren’t one of the lucky ones to sell you may have plenty of time to serve another term…just a joke, a little joke my realtor friends!! But seriously I hope you will continue writing and if Smoke Signals chooses not to publish your insights please pop by here or any other subsequent site and post.
disclosure: I have no affiliation with this site other than sincere gratitude for some good soul’s efforts.
Bear, if Just Asking is Bob or someone close to him or some other boardmember I tip my hat for the postings. We need the dialogue.
We especially need the dialogue to foster support of the amenities. They will need everyone’s support. It would be great to erase the Food and Beverage deficit the community has carried for years and years.
That instead would go nicely to reserves.
On a positive note it is good to see the POA states that no food minimums will be instututed and that only once a month will the facility be closed for outside functions. Let’s hope they post those dates online as they become available. I think I read that the bar will always be open even when they have an outside function.
Keep engaging the folks ‘Just Asking’
Guess that I am one from the old school where if you have something to say, you say it and sign it with your real name.
For several years now, going back to at least 2002, I have suggested that ths community needs to institute a dining room minimum. This will force people to come and eat their dues so to speak. It can be a minimal fee of !5-20 dollars monthly and be accumulated in the calendar year so that part-timers can eat it all when they come and visit, whenever! In so doing, we can cut the $300,000 plus(?) loss and give the Sconti a budget they can count on. When people
come to eat their fee , more than likely they will bring others and spend more. They might even enjoy the experience! Let’s be real here!
Any loss will be covered one way or another to offset the extra cost. Every club I ever belonged to that had a real dining room had a minimum for monthly dining.
If our over-burdened directors feel that they want to run this POA as a corporation, then let’s do it right. Every amenity will need to be a profit center. If the profit center is losing money then raise the rates or cut the expense.
And let’s see if we can’t reduce costs of the over-all POA operation which seems to be on a flying leap over the cliff of over-spending.
I agree completely with the profit center. Our employees should have compensation based upon a profit incentive and customer service incentive.
We asked if it was possible to seat a group last night inside. Total party was 10. The hostess laughed at us. So we ate outside where TOM was the only one helping us. He had 10 tables and did a great job. I think the rest of the staff sat and handled the 8 tables for the main dining room. I believe our tab was $200 for outside. It would have been $500 if we were “allowed” to sit there. A real restaurant owner would have accommodated our crowd ready to spend more money.