Scottsboro Parks and Recreation Board Meeting and Audit Review, January 17, 2012, by George Anderson

The Goose Pond Colony/Plantation Pointe Board Meeting and Audit Review by George Anderson

All Goose Pond Colony Board members, except Mike Baggett-prior engagement conflict, were present;  Jim Olyniec presided.

 The audit for 2011 was presented by the Mr. James C.Smith, lead auditor from TUCKER, SMITH & ASSOCIATES P.C., the regular auditing firm for the board. Mr. Smith said that their audit was 'unqualified' or did not disclose any items they would have concluded that were not in compliance with Generally Accepted Accounting Procedures.  In other words, they gave the Goose Pond operations and management an 'attaboy' and said they were doing great.  Mr. Smith also praised the Board for their decision to curtail Plantation's ops and opined the decision should show big savings in 2012 since the course will only be open about 35% of the days the Colony  course is open.


Overall the 2011 audit showed:
Revenues decreased $42,946 (-1.4%) from 2010; Expenses decreased $150,614 (-5.2%) from2010;  $153,034 PROFIT (Increase in Net Assets) - resulting from lower expenses as compared to last year's $13,295 LOSS.

Ending Net Assets for 2011 increased 14.4% to $1,217,087 from 2010's $1,064,053

$29,690 LOSS for the Snack Bar at the Colony.  Board leased the Goose Pond Colony course Snack Bar to Stevarino's starting 1/1/2011.
TOTAL ASSETS on balance sheet decreased $195,930 (-3.2%) from 2010's $6,088,971 due mostly to recognition of depreciation of capital assets.
       
Cash available decreased $32,786 from 2010

80 golf carts purchased; 70 for the Colony, 10 for Plantation Pointe.

Copies of the audit are available to be purchased at the office.

Profits and Losses (Losses) in parenthesis) for the Goose Pond Colony/Plantation Pointe complex for 2011 as shown in the audit.
Colony Golf Course               116,188
Colony Pro Shop                    (28,935)
Colony Snack Bar                   (29,690)
       Total                              57,563             

Plantation Golf Course            (88,480)
Plantation Pro Shop                 (14,106)
Plantation Snack Bar                  5,928
      Total                                (96,658) 

Swimming Pool                     (26,261)
Marina                                 272,259
Bait & Tackle                         13,011
Convention Center                (14,795)
Colony Club House                 (11,201)
Plantation Club House            (19,823)
Patio Restaurant                     (2,694)
Cottages                               304,953
Campground                          179,607
General and Administrative  (333,296)
Maintenance                        (169,711)

GRAND TOTAL                     $153,034

OTHER NEWS:
The Plantation Pointe course course may open either 2/17 or 3/17.  If 3/17/2012 it will be open for 10 days straight because Spring Fling is being played at the Colony. Thereafter - Fri, Sat, Sun - 3 days per week!!
       
The Board is going forward with their plan to move into the [Plantation Pointe] Clubhouse and close the Pro Shop building. Interior modifications are needed, but final details are still being discussed. The board approved $3000 to purchase gravel for the new cart path layout.
  
The first tournament is 2/7/2012;  the current plan is to hold 8-9 tournaments each year.  They pay no lease fees till May or June, then $500 per month + $1 per vehicle launching a boat and parking at the Bait and Tackle Shop.