3/5/2012 7:26:26 PM
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823630
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Marty: Thank you for your response and enlightening information. I agree fully with your proposal. Opportunity Cost dictates that one cannot have all everything. It is now time to make economic choices. We can't do it all. We can't pay a now deliquent tax, restore a yacht club, spend 10 million on a golf club. I also feel that it was irresponsible of the board to ignore the finance committee's recommendation. That irresponsibility has now placed a major financial burden on the membership who, other than through finance committee, had little input into the board's inaction. It is also my assumption that we paid a very significant legal bill to pursue this action. | ||||||
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For reference, the above message is a reply to a message where: Larry: "How is it possible that OPA made no contingency financial plan for an unfavorable court action?" The Budget & Finance Advisory Committee did recommend that the board do exactly that in the recently approved 2012-2013 budget. The Board of Directors chose to ignore that recommendation based on a memorandum dated January 20, 2012 from the Treasurer Mr. Peter Gomsak. I might add that the same memorandum suggested that the board ignore or reject seven more of the eleven recommendations of the committee. Ocean Pines Association, Inc. has accumulated over $4,000,000.00 in reserves under Mr. Gomsak's tutelage for the purpose of tearing down the existing Yacht Club and spending over $2,500,000.00 on construction of a newer facility. I think it is now time to get a grasp on reality and correct the deferred maintenance at our Yacht Club facility for approximately $1,100,000.00 and use the remaining $1,400,000.00 to pay for the IRS liability. While I am on my soap box I would also like to see any board make their best effort to stop future assessment increases until they have exhausted all means to collect the lion share of the $745,000.00 in delinquent dues. Marty Clarke |
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