David Steinman, President SCSCAI Board of Directors,
Sun City Summerlin Board of Directors
January 6, 2015 the President & Board was made aware of a report in the January 2015 LINK article titled,, "From the Executive Director", was incorrect and misleading to our community,,, The Executive Director alludes that SCSCAI is financially sound. Not true.
Febuary 2015 LINK Summary of Operations is misleading as to the financial condition of SCSCAI.
(unaudited) October 2014 Balance Sheet
SCSCAI has a very complicated financial structure because it consolidates the balance sheets of the membership funds (Dues) with for profit cash business (golf/restaurants) therefore, co-mingling assets, liabilities and ownership and not providing the accountability of Generally Accepted Auditing Standards, or GAAS to the SCSCAI membership.
True Cost of Volunteer Management (free Management)
January 6, 2015 SCSCAI Board meeting it was established that Sun City Summerlin is a self managed community by nine volunteer Board of Directors. (only Management qualifications needed is membership)
President Steinman stated "It is a big responsibility to govern
a business that amounts to a small city".
--Feb 2015 Link.
Govern - Merriam-Webster Online
to officially control and lead (a group of people)
| Summary of SCSCAI Cash Business
P&L
|
- Loss per month, 4 months (628,469.25)Annual Loss (3,886,317.00)
- 7780 Unit Owners Share of Losses (499.53)
LACK of ACCOUNTABILITY:
$65 million in Assets managed by Volunteers without Background Checks,Trust Me
How can Volunteers be held accountable for co-mingled members funds?
co-mingled unaudited Assets & Liabilities on Balance Sheet.
Refusal of Board to implement a Business Plan/P&L
for our cash business.
Losses approaching $4 million per year
Dwain Kramzar
| Summary of SCSCAI Cash Business P & L | |||||
| Figures from 2015 Link Magazine | |||||
| Current Month | Fiscal Year To Date | ||||
| July 2014 - October 2014 | |||||
| Revenues | Actual | Actual | |||
| Golf Course | 327,361.00 | 1,047,756.00 | |||
| Restaurants | 41,164.00 | 170,682.00 | |||
| Subtotal | 368,525.00 | 1,218,438.00 | |||
| Expenses | |||||
| Golf Golf Pro CoursShops | 109,646.00 | 443,922.00 | |||
| Golf Course Maintenance | 395,081.00 | 1,800,312.00 | |||
| Restaurants | 48,068.00 | 269,643.00 | |||
| Subtotal | 552,795.00 | 2,513,877.00 | |||
| Total P&L | (184,270.00) | (1,295,439.00) |
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