August Financial Statement

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Jeannie Pilgrim

Louisville, TN

#1 Sep 22, 2011
I have just looked at the August financial statement (balance sheet) that was given out at yesterday's board meeting.

Folks I hate to say this, but we are in terrible financial shape.

We have CURRENT cash on hand of $882,600.00. We have cash reserves of $3,493,000. Please understand that BY LAW all reserve money has to be used for what it has been reserved for. I don't care what the POA and manager say I can send you the copy of the law. Now in case of an emergency the reserves can be borrowed from, but all members must be informed, and it must be paid back.

Our SHORT TERM LIABILITIES (accounts payable, payroll payable, insurance(s) payable) total $1,464,000. Prepaid Revenues (members assessments paid in advance, fitness club memberships paid in
advance, golf rounds paid in advance, dock fees pd in advance, rv storage pd in advance) total $1,927,000.(these funds are basically services pd for that will be provided at a later date). Then we still have the payments (monthly I believe) on the TRDA Lease and the Fitness Center of $1.9 million dollars payable monthly over a long term.

We need to cut, cut cut. We need to stop buying - I don't care what is in the long term planning already approved including a pool cover for $55,000???? We have spent all our money - they spend it faster then it comes in.

Now go look at this financial statement and tell me I am wrong. And the cash reserve money is never considered a current asset - go read the law. We have been assessed every year in the budget for that money to go to specific areas. I will gladly send you a copy of the law.

Why would we raise salaries and give bonuses? Pray tell someone tell me.

Now if you know anything about accounting you should know that we do not have money. If people did not pay their assessments for one month we would be out of current cash.

Is this another reason Winston just got his bonus????????
So What

United States

#2 Sep 22, 2011
What does Blazer care whether he is bankrupcting this place or not? Chances are if POA goes belly up he will get his half a mil severance package before any other debts are paid.
Glenn

Loudon, TN

#3 Sep 23, 2011
So What wrote:
What does Blazer care whether he is bankrupcting this place or not? Chances are if POA goes belly up he will get his half a mil severance package before any other debts are paid.
The new accounting firm, Coulter and Justus should be looked into with a fine tooth comb. Please note, that often in the south one member of a family will use the last name of another branch of the family for the first name of a child. So Bud COULTER Gilbert may have ties to the Coulter family from the Nashville area. The firm here list Sam Coulter but not a lot on him other that name, address, telephone and members of his family. However, other Coulter's live in Brentwood, Tenn. Could it be ties thick as blood for Bud and Sam?
Nation of Imbeciles

San Antonio, TX

#4 Sep 23, 2011
Ha ha, doesn't anyone realize that America is going to collapse?
Oldtimer

Loudon, TN

#5 Sep 23, 2011
What is going to happen here in the Village is a few years from now (soon) the Vilage POA will be bankrupt and all these bunch of ignorant people will be standing around saying "I can't believe this happen, why did NO ONE tell us anything or give us any warnings". This is really bad. DUH! I have never seen so many stupid people in one place at the same time. They act as though Winston Blazer is their saviour and believe every word he says. Do they not understand he is really Jim Jones and leading them to Guyana?
Nation of Imbeciles

San Antonio, TX

#6 Sep 23, 2011
Oldtimer wrote:
What is going to happen here in the Village is a few years from now (soon) the Vilage POA will be bankrupt and all these bunch of ignorant people will be standing around saying "I can't believe this happen, why did NO ONE tell us anything or give us any warnings". This is really bad. DUH! I have never seen so many stupid people in one place at the same time. They act as though Winston Blazer is their saviour and believe every word he says. Do they not understand he is really Jim Jones and leading them to Guyana?
Once the village is in bankruptcy, the same people that got them there will say they are the only ones to take them forward. It's the end game.
Jeanne Dixon

United States

#7 Sep 23, 2011
What is going to happen is that people already living on reduced incomes,who own homes in the interior will soon be unable to pay the increased dues, fees, taxes and other costs of owning property here. Wasn't it announced at the Board meeting that 43 homes are now in serious arrears on their dues? That's up from 29 a few months ago. The owners of these interrior homes will be unable to find buyers for those homes because anyone with enough money to afford the high cost of owning property here will not want to live in any of the lower cost, no view ,or lake access homes because they will be able to afford one of the luxury homes on the lake. When that happens, Friends of POA and insiders will either pick up those homes at bargain prices and rent them out, or they will fall into disrepair and become run down slum dwellings. Either way, Tellico Village is destined to become a divided community, with neglected, run down homes in the interior and million dollar mansions on the lake.
Unless things change for the better soon, Tellico Village is destined to become the slum area of Loudon County.
Benevolous

Lebanon, TN

#8 Sep 23, 2011
Jeannie Pilgrim wrote:
I have just looked at the August financial statement (balance sheet) that was given out at yesterday's board meeting.
Folks I hate to say this, but we are in terrible financial shape.
We have CURRENT cash on hand of $882,600.00. We have cash reserves of $3,493,000. Please understand that BY LAW all reserve money has to be used for what it has been reserved for. I don't care what the POA and manager say I can send you the copy of the law. Now in case of an emergency the reserves can be borrowed from, but all members must be informed, and it must be paid back.
Our SHORT TERM LIABILITIES (accounts payable, payroll payable, insurance(s) payable) total $1,464,000. Prepaid Revenues (members assessments paid in advance, fitness club memberships paid in
advance, golf rounds paid in advance, dock fees pd in advance, rv storage pd in advance) total $1,927,000.(these funds are basically services pd for that will be provided at a later date). Then we still have the payments (monthly I believe) on the TRDA Lease and the Fitness Center of $1.9 million dollars payable monthly over a long term.
We need to cut, cut cut. We need to stop buying - I don't care what is in the long term planning already approved including a pool cover for $55,000???? We have spent all our money - they spend it faster then it comes in.
Now go look at this financial statement and tell me I am wrong. And the cash reserve money is never considered a current asset - go read the law. We have been assessed every year in the budget for that money to go to specific areas. I will gladly send you a copy of the law.
Why would we raise salaries and give bonuses? Pray tell someone tell me.
Now if you know anything about accounting you should know that we do not have money. If people did not pay their assessments for one month we would be out of current cash.
Is this another reason Winston just got his bonus????????
What Title of the Tennessee Code, restricts the use of "reserve funds" for POAs, HOAs or Condominium Associations?
Jeannie Pilgrim

Louisville, TN

#9 Sep 23, 2011
Benevolous wrote:
<quoted text>
What Title of the Tennessee Code, restricts the use of "reserve funds" for POAs, HOAs or Condominium Associations?
First give me your opinion of the POA cash position based on the August balance sheet.
Benevolous

Lebanon, TN

#10 Sep 24, 2011
Jeannie Pilgrim wrote:
<quoted text>
First give me your opinion of the POA cash position based on the August balance sheet.
I agree with you that the POA spends too much money and there needs to be a change. It is time to change from a developer controlled rubber stamp board, too a board that is more active in setting the policies and procedures that management follows. By that I mean to a board that is in charge, rather than showing up for meetings and voting in favor of management ideas. The board should set the process of how the POA should be administrated and the manger should be in charge of implementing that process and policy. Now the manager is in complete control, with the board acting as his puppets.

I disagree with your analysis of the financial statement. I think you are analyzing our statement from the standpoint of a retail business, for example an auto dealership. In the case of the POA, most of the deferred revenue listed on the liability side, will be fulfilled with service, not goods. What I mean by that, is that there will zero, to little marginal expense when the liability is fulfilled. When a prepaid Golfer or Wellness patron uses the service there is no extra cost to the POA. The only scenario that would cost money is if, the prepaid patron uses a facility and pushes the facility to capacity. Thus the cash paying patron would be pushed out and the facility would loose the income from the current cash paying customer. To my knowledge none of our facilities are not at capacity.
If a customer pays an auto dealership in advance for their auto and the dealership does not pay the manufacturer at the same time, the dealership must lay out cash in order to fulfill itís obligation to the customer. When a prepaid patron uses a TVPOA facility, TVPOA does not need to lay out cash to fulfill the obligation.

Unless you count the money that we have in Reserves, the TVPOA has consumed the monies paid in advance by the prepaid patrons. I would rather see a reserve account set up to put the prepaid money in, which is then drawn against, as services are used by the prepaid patrons. I think this would give us a better picture of current operations.
Lordy Lordy

United States

#11 Sep 24, 2011
Don't you understand that these numbskulls can't think that far ahead. They got to spend the money as it comes in and when they runs out they just raise your dues. They is running the POA like most poor folk run their budgets. They continually rob Peter to pay Paul and they just live for sundown and payday.
Jeannie Pilgrim

Louisville, TN

#12 Sep 24, 2011
Lordy Lordy wrote:
Don't you understand that these numbskulls can't think that far ahead. They got to spend the money as it comes in and when they runs out they just raise your dues. They is running the POA like most poor folk run their budgets. They continually rob Peter to pay Paul and they just live for sundown and payday.
That is the problem with all those pre paid accounts. They add up to $1,972,000 (YES, one million nine hundred and seventy two dollars) and THE CASH IS GONE - THE MONEY HAS ALREADY BEEN SPENT.

Folks this POA is in bad financial shape. Next they will take reserve funds to pay current bills.

WAKE UP. WHERE IS THE MONEY GOING???? WHY DOESN'T THE BOARD UNDERSTAND THIS????
Benevolous

Lebanon, TN

#13 Sep 24, 2011
Jeannie Pilgrim wrote:
<quoted text>
That is the problem with all those pre paid accounts. They add up to $1,972,000 (YES, one million nine hundred and seventy two dollars) and THE CASH IS GONE - THE MONEY HAS ALREADY BEEN SPENT.
Folks this POA is in bad financial shape. Next they will take reserve funds to pay current bills.
WAKE UP. WHERE IS THE MONEY GOING???? WHY DOESN'T THE BOARD UNDERSTAND THIS????
Yes the money from the prepaids has been spent, unless you count reserves.

Also if you compare 2011 prepaids to 2010, the difference is only about 15K.

At any given point in time there will be people paying in advance and others using that which they have prepaid.

The actual money was consumed when the prepays first began. For example when the Wellness Center opened, there was large inflow of prepaid money that was consumed then.
Do the right thing

AOL

#14 Sep 24, 2011
Jeannie Pilgrim wrote:
<quoted text>
That is the problem with all those pre paid accounts. They add up to $1,972,000 (YES, one million nine hundred and seventy two dollars) and THE CASH IS GONE - THE MONEY HAS ALREADY BEEN SPENT.
Folks this POA is in bad financial shape. Next they will take reserve funds to pay current bills.
WAKE UP. WHERE IS THE MONEY GOING???? WHY DOESN'T THE BOARD UNDERSTAND THIS????
Is there a direct correlation between the cash account and the prepaid accounts or is there a direct correlation between the prepaid accounts and the earned revenue accounts? It seems like we are speaking of two different issues. It's not unusual for the total of a prepaid account to be heftier than the month to month accruals until they catch up with themselves. Likewise, it may take the proceeds of the prepaids to be used up faster than the total of the month to month accruals, if the spending reason is heavier on the front end. Only an analysis of these three different accounts will tell the whole story. But the purpose of this forum is not for in depth GAAP discussions for the most part.
Nation of Imbeciles

San Antonio, TX

#15 Sep 24, 2011
Jeannie Pilgrim wrote:
<quoted text>First give me your opinion of the POA cash position based on the August balance sheet.
OK, you're broke. Satisfied?
Jeannie Pilgrim

Louisville, TN

#16 Sep 24, 2011
Benevolous wrote:
<quoted text>
Yes the money from the prepaids has been spent, unless you count reserves.
Also if you compare 2011 prepaids to 2010, the difference is only about 15K.
At any given point in time there will be people paying in advance and others using that which they have prepaid.
The actual money was consumed when the prepays first began. For example when the Wellness Center opened, there was large inflow of prepaid money that was consumed then.
Whoa you keep running around the bush, but have never come out and say we are broke. We are spending money like drunken sailors and are in a terrible cash position - I am waiting. These accounts have nothing to do with reserve accounts. Reserves are in the budget every year.
Jeannie Pilgrim

Louisville, TN

#17 Sep 24, 2011
Do the right thing wrote:
<quoted text>Is there a direct correlation between the cash account and the prepaid accounts or is there a direct correlation between the prepaid accounts and the earned revenue accounts? It seems like we are speaking of two different issues. It's not unusual for the total of a prepaid account to be heftier than the month to month accruals until they catch up with themselves. Likewise, it may take the proceeds of the prepaids to be used up faster than the total of the month to month accruals, if the spending reason is heavier on the front end. Only an analysis of these three different accounts will tell the whole story. But the purpose of this forum is not for in depth GAAP discussions for the most part.
Let's not spin this into a technical analysis to confuse people. Bottom line - My bills that are due are MUCH more than cash I have in the bank. You don't need an "analysis" of these accounts. They are all short term liabilities - my cash on hand does not come close to the amount.

Since: Jan 11

United States

#18 Sep 24, 2011
How about we all withhold our dues money next month. If enough people don't pay for just one month maybe the board will realize just how close they are to the edge. Maybe it will wake them up. Or does the Board know enough about what they are doing to understand the financial statements? We are going to have to push them pretty close to the edge to wake them up. I believe they will comprehend when they get a notice that POA's checks are bouncing. There is no penalty if your dues payments are not more than 45 days late. Why not make them take money out of the reserve funds to pay all those inflated salaries. Once they have done that, they are vulnerable to prosecution if it is illegal to raid those funds to balance the budget. That's a state violation, not a local one.
Nation of Imbeciles

San Antonio, TX

#19 Sep 24, 2011
Village Watchman wrote:
How about we all withhold our dues money next month. If enough people don't pay for just one month maybe the board will realize just how close they are to the edge. Maybe it will wake them up. Or does the Board know enough about what they are doing to understand the financial statements? We are going to have to push them pretty close to the edge to wake them up. I believe they will comprehend when they get a notice that POA's checks are bouncing. There is no penalty if your dues payments are not more than 45 days late. Why not make them take money out of the reserve funds to pay all those inflated salaries. Once they have done that, they are vulnerable to prosecution if it is illegal to raid those funds to balance the budget. That's a state violation, not a local one.
Are you about to rename your little village "Obamaville?"
Jeannie Pilgrim

Louisville, TN

#20 Sep 24, 2011
Nation of Imbeciles wrote:
<quoted text>
Are you about to rename your little village "Obamaville?"
Actually if you want to make this political Obama has only been in charge 2.5 years - this does not occur overnight - I believe the previous 8 years certainly did the trick!! How many years has Blazer been in charge? If we brought someone new in how long would it take them to clean up the mess?

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