Who is watching the store?

The Bella Vista POA is governed by a board of nine directors who have a fiduciary responsibility to safeguard the assets of the association. Day-to-day operations are delegated to various department heads led by a general manager who is appointed by the directors. Financial results for the year ending Dec. 31, 2017, are available on the POA website.

The results of the consolidated operations are as follows: 2015, a profit of $612,852; 2016, a loss of $82,199; and 2017 shows an unaudited profit of $431,989. The profit for 2017 is primarily due to a very favorable operation of the water department which resulted in a profit of $1,087,464. The operation of the rest of the POA resulted in a loss of $655,475. Looking further into the finances, the food division shows a loss of $1,006,278, and the golf operation shows income of $2,137,218 with golf expenses at $5,004,967 with a net loss on golf of $2,867,749.

How long can the POA survive with these types of losses? The POA is currently looking to fill four vacancies on the board of directors. Historically, these candidates will be cookie cutter examples of those previously elected. Hopefully, the new directors will give the financial statements a closer look and try to limit the losses of the golf and food divisions.

The 2018 budget reflects a projected golf loss of $2,272,977 and a food division loss of $380,409.

The board of directors will soon be asking for an assessment increase and, until the board and general manager can get a handle on these losses, you can count me a no vote. Wally Sheldon Bella Vista