Hot Springs Village property owners should demand financial transparency from our HSV POA. The following are excerpts from an article authored by HSV property owner, Clark Vernon, and posted on his website.
WE NEED A COMPLETE INTERNAL CONTROL AUDIT TO ASSURE STAKEHOLDERS
The quality of accounting and financial reporting, (directly related to the appropriateness and adherence to good accounting practice), is directly related to the adequacy of internal controls over accounting procedures both in their design and most importantly in their application. The quality of internal control over accounting procedures and processes “the control environment” starts at the top of an organization with the top of the managerial hierarchy.
First among these steps is a SWOT Analysis. A SWOT analysis is a strategic planning technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to project planning. Nor have I found any feasibility studies for the CMP as a whole or any of its major components. In 26 years of banking I can’t recall once approving major financing for any organization that did not prepare and
The POA’s CMP will take millions of dollars to implement, yet we have no tax base to help fund such costs. We have nothing but assessments on our existing residents. Notice I did not mention the majority of lots which have not been built on. Those folks are now used to paying less due to the 2 tier assessment and they will walk if the assessments go too high.
Further, in my experience, there are always one or more known investors who show interest in the project on the front end. I know of no such interests. You can’t interest serious money to get the project done without it. We have no such investors. If there are such investors and we do not know about them already, then we have even bigger problems. With a closed Board sworn to each other and existing management, we have even more reason for our control audit. Who will make sure all transactions are arm’s length and not being made to the detriment of the property owners of Hot Springs Village?