Finances

Dear Mike Kilmer

April 11, 2007 By LakeHolidayNews

Mike:

We’d like you to double-check LHCC’s accounting treatment of the contingent funds which might be received from Aqua Virginia relating to the sale of the Utility. Your name came up in LHCC Treasurer John Martel’s explanation to the board of directors regarding certain accounting entries. He explained that an accountant required that these contingent monies be discounted to reflect their value in today’s dollars, or their present value. In simple terms, he said the discount was required because an accountant “cannot let that ride.”

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Front Gate Contract

April 1, 2007 By LakeHolidayNews

During March, The Haines Agency, a Stephens City-based security firm began providing personnel for Lake Holiday’s front gate. Their friendly staff is a nice addition to the community. We think it is important to look at the process by which the board of directors made the decision to select Haines.

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Ray, Ray, Ray…Please

March 6, 2007 By LakeHolidayNews

LHCC Treasurer John Martel and GM Ray Sohl review spending at the February 26th board meeting. An obviously frustrated Martel begins the discussion after Sohl finishes his opening remarks:

I have a couple of questions, Ray, and I have one more than I had before you started talking.

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Show Me the Financial Documents

February 23, 2007 By LakeHolidayNews

We’re closely following the response to the questions posed by Bill Masters about money issues at Lake Holiday. So far, a few emails have been exchanged, one of which has triggered calls for the resignation of at least 1 director, Noel O’Brien. We’ll update this post as additional responses are received.

It’s Time For Answers

February 19, 2007 By LakeHolidayNews

Bill Masters, a longtime Lake Holiday resident, has sent an email to John Martel, LHCC’s Treasurer, and most of the other LHCC directors. His email addresses a topic important to us all: money. He makes a request for additional documents and asks to get answers to certain questions.

LHCC Dues Are Too High By As Much As 46%

December 24, 2006 By LakeHolidayNews

LHCC’s dues are too high by as much as 46%, and spending is out of control. Worse still, LHCC’s directors want to make a profit of almost $1 million on the backs of members in 2007.

To fully understand this, we need to look at LHCC’s original budgets for 2006 and 2007 and correct them for several financial management mistakes. Since we’ll be developing our own corrected budgets, we’ll refer to the budgets available on LHCC’s website as of today (and linked above) as the “original” budgets and our own versions as the “corrected” budgets.

We’ve Got a Really Sweet Deal For You…

April 5, 2006 By LakeHolidayNews

Some of the most desirable lots in the entire Lake Holiday subdivision are the lots in Sections 1A and 7. For many years, the Association didn’t have enough money. Following the end of the building moratorium, there was pent-up demand for new construction at Lake Holiday. The real estate economy was booming. So what did some of the present and past directors of the Association decide to do? Would you have guessed they would have sold the most valuable lots at the lowest possible prices and thrown in a waiver of all fees and dues for 2 years – just to sweeten the deal? It made it so sweet it might make you sick.