Country Club Losses Mount

Sources inside the Diamondhead Country Club and Property Owners Association have revealed that losses at the Country Club will top over $70,000 for the month of August 2015.

Financial-ReportsSince January 1st of this year the accumulated red ink at he country club has totaled over $375,000.  Questions have now arisen about the non profit corporation’s methods of accounting. Certain salaries are not being posted in the official record that the board uses to report to the membership.  A new assistant chef was recently hired for the country club at a cost of $52,500 per year and the cost of the golf and country club consultant, who receives half of his annual $60,000 consultant fee for services to the country club is also not being calculated.

Reported  Profit and Loss for  Country Club Operations:

Month Revenue  Cost of Goods Gross Profit Expenses Profit/Loss
January $       142,645 $           42,326 $         100,319 $       119,113 $           (18,794)
February $       112,522 $           58,042 $           54,480 $         93,714 $           (39,234)
March $       129,334 $           52,377 $           76,957 $       122,875 $           (45,918)
April $       112,250 $           53,198 $           59,052 $       112,776 $           (53,724)
May $       128,771 $           61,885 $           66,886 $       115,224 $           (48,338)
June $       112,791 $           50,156 $           62,635 $       109,191 $           (46,556)
July $       106,009 $           47,812 $           58,197 $       115,202 $           (57,005)
August $         97,244 $           53,118 $           44,126 $       109,944 $           (65,818)
Profit/Loss YTD $       (375,387)

The addition of the assistant chef’s salary and the consultant’s fees would increase the losses for the month of August 2015 at the country club to over $72,500 (Seventy two thousand, five hundred).

 

Do you believe the Diamondhead Country and Property Owners treasurer has the right to hire a forensic auditor without the approval of the DHCC&POA board of directors ?

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2 Comments on "Country Club Losses Mount"

  1. Many cannot afford their prices and a menu change would be good too.

  2. Would be more informative to see an itemized list of “Expenses….which should be “everything” paid out by the POA that relates to the Country Club operation. I would suspect that portions of salary’s or even whole salary’s even maintenance and utility charges are charged to the country club in disproportionate amounts than their actual contribution to the operation effort.

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