Based on the last audited financial report:

First, let's look at Beach Club Parking -- it had a net bottom line profit of $412,846. Now that is a profit number that would attract IRS.

Beyond that one item, however, IRS could not possibly be interested in "profits" on most OPA business amenities. The Beach Club itself made a net profit of $61,000, but IRS never questions that operation. The marinas made a net profit of $87,000, but that operation has never been questioned.

However, the Yacht Club had a net loss of $350,000; it would need to make a profit on operations of around $169,000 to break even at the net bottom line.

Aquatics had a net loss of $390,000.

Golf had a net loss of $565,000.

Whatever tax issues we have are minimal.

As for Thompson's comments about profits versus breaking even, it is OPA Board policy, in writing, that the goal is to at least break even.