8/16/7Residents Voice Meeting1 “Following the Money” 8/16/2007 Conrad Grundke On the Trail.....

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Presentation transcript:

8/16/7Residents Voice Meeting1 “Following the Money” 8/16/2007 Conrad Grundke On the Trail.....

8/16/7Residents Voice Meeting2 The Money Trail (Cont): The Last Episode: 2007 Update on Credit Card Data Aug 1 GRF Special Meeting Bonus & Incentive Plans This Episode: Audit – WHY/WHAT? History of LW (leisure World) Guidelines/Policies/Management Agreements The Future

8/16/7Residents Voice Meeting3 Audits Purpose of Financial Audits: 1.“Yearly” Audit is a “Balance Sheet” Audit –Ensures that Balance Sheet figures were derived from acceptable accounting standards. –These companies all passed yearly audits; GM, ULHM, Starbucks, TLHM, IBM, Enron, GRF, WorldCom, etc. 2.“Forensic” Audit is a “Detailed” Audit “creative” –It can locate “creative” bookkeeping. –Could –Could prevent such accounting problems as; Enron, WorldCom, Tyco, Global Crossing, etc.

8/16/7Residents Voice Meeting4 History – 1960’s Ross Cortese Leisure World Build LW Resales Sell PCM Maintenance

8/16/7Residents Voice Meeting5 Evolution of PCM Maintenance Land Development %OFEFFORT%OFEFFORT

8/16/7Residents Voice Meeting6 Determining Controls via Management Agreement ACTUAL Money Spent Knowing WHERE spent CONTROLS

8/16/7Residents Voice Meeting7 The Future - Guidelines, policies, & controls ACTUAL Money Spent Knowing WHERE spent CONTROLS RESULTS

8/16/7Residents Voice Meeting8 DescOne TimeAnnualYearTo Date Prop Tax1,500,000550, ,600,000 Fed Tax600,000250, ,100,000 State Tax500,00050, ,050,000 Grants400, ,000 Emerg Access Rd950, ,000 Landscape Staffing480, ,200,000 Cable TV850, ,400,000 Wrkr Comp350, ,550,000 Hi-speed Internet500, ,000,000 Composting225, ,375,000 Why would we need controls with the following savings !

8/16/7Residents Voice Meeting9 PCM Cost Savings (Cont) DescOne TimeAnnualYearTo Date Gate Clearance200, ,000 Nursery185, ,145,000 Recycling130, ,690,000 In-house Interior70, ,000 Total3,950,0003,840,00031,730,000

8/16/7Residents Voice Meeting10 Let’s create a simple Budget Assumptions: –No Growth Fixed Amount of Facilities –No Additional Service Levels

8/16/7Residents Voice Meeting11 A simple projection $259 3% CPI Increase

8/16/7Residents Voice Meeting12 Let’s review the actual $259 3% CPI Increase 3% CPI yearly Increase! 4.2% Cost Saving! $90 mil budget and we save $3.8 mil Where should our actual be if we have a 4% cost savings per year ? What happened to the savings? Actual

8/16/7Residents Voice Meeting13 Ask Your Candidate! Support Forensic Audit? Understand Ledgers? Renegotiate Contract?

8/16/7Residents Voice Meeting14 We return to the major ingredient between the Owners & PCM? TRUST

8/16/7Residents Voice Meeting15 How do we get it? Measure & Verify

8/16/7Residents Voice Meeting16 A Success Story Beginning In 1987

8/16/7Residents Voice Meeting17 Nebraska California or Bust

8/16/7Residents Voice Meeting18 Reaching Paradise

8/16/7Residents Voice Meeting19 Community Activities United Board Room Committee Rooms

8/16/7Residents Voice Meeting20 Business woman/editor Jan’s Exterminating Co.

8/16/7Residents Voice Meeting21 The (Ex)Terminator The “Voice”

8/16/7Residents Voice Meeting22 Jan’s guarantee Eliminate from: Home LWV Community Board Meetings LW Globe Articles Any future : Residents Voice Infestation! PCM Rodents will be protected.

8/16/7Residents Voice Meeting23 Jan’s Promise ! Yearly Cost for this service will be a minimal: 1% of Yearly Budget Not to exceed $900,000

8/16/7Residents Voice Meeting24 The End