Home › Forums › Anthem Voices › Is Management Hiding $1.4 Million Restaurant Re-opening cost??
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February 26, 2023 at 6:26 pm #7865
Rana Goodman
KeymasterBy Forrest Quinn Former member SCA Board of directors
IS MANAGEMENT HIDING $1.4 MILLION OF RESTAURANT REOPENING COSTS TO HELP RE-ELECT THREE INCUMBENT DIRECTORS?
Management provided restaurant reopening cost information in February’s Board Book (pages 119 and 120). However, this report has two fundamental errors:
1) It answers the wrong question. It only reports spending-to-date, not the total expected costs to reopen the restaurant. For example, when the Board signs a restaurant remodeling or furniture purchase contract, management misleads residents by excluding these amounts until they are paid.
2) Despite the seemingly accurate “to-the-penny” cost presentation, the report doesn’t include the obvious: A total. So why are 7,144 SCA households required to add various amounts from two pages to determine the restaurant’s total spending to date?
I estimate the restaurant’s total reopening costs are about $1.4 million, but the amounts provided by management only total about $683,000. How can directors and residents make informed voting decisions with incomplete/inaccurate information?
Which cost presentation choice helps current directors get re-elected:
- Confuse/mislead voters with an incomplete and messy list of restaurant costs with no total, or
2) Report $1.4 million of expected restaurant reopening costs?
It just so happens that choice #1 likely re-elects three incumbent directors who don’t hold management accountable for providing unprofessional work-product like incomplete and jumbled restaurant costs with no totals.
For transparency, management should have a summary report like this (followed by detailed information):
As summarized below, projected restaurant reopening costs as of xx/xx/xx is $1,4??,???:
1) Spent to date …….…………………………….…….… $ ???
2) Deposits/advances ………………………….….….… $ ???
3). Approved spending not included in 1 & 2 ….. $ ???
4) Other estimated costs to complete ………….. $ ???
5) Expected 90-day pre-opening costs …….…… $ ???
Estimated reopening costs……………………. $1,4??,???
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