January 21st, 2008 by
ODLLC
Back in April of 2007, we wrote about the contingent payments that LHCC might receive from Aqua Virginia. These payments made it on to LHCC’s 2006 financial statements, audited by Kositzka Wicks & Co of Alexandria. They made it on in a big way - in the amount of $794,213. In our April post, Dear Mike Kilmer, we criticized allowing contingent gains that might never be received to be recorded on financial statements. We expressed the view that recording contingent gains was inconsistent with the accounting principle of conservatism and inconsistent with FAS No. 5. Despite this criticism, the only response we received was from Mike Kilmer, which was really no response at all. Through LHCC’s 11/30/07 Balance Sheet, the most recent one we have available as of this writing, the contingent gain remains on the books.
Continue reading "We Probably Will Not Meet That" 
Posted in Board Conduct, Finances |
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January 6th, 2008 by
ODLLC
…can the President of LHCC just pick up the phone, call a homeowner, and say “Oops, we goofed. We’re truly sorry”? Apparently not.
That answer was hidden away in a tab of LHCC’s board book called “For Your Interest.” LHCC directors now bury letters and emails from property owners to the board in this tab instead of reading and discussing them during the open meeting. That’s one way of blocking criticism from making its way to video and onto the internet.
Continue reading "Twenty Certified Letters Later…" 
Posted in Board Conduct, Board Meeting, Utilities |
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