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August 2024

June 2024 Financials Now Available

The June 2024 financial report is now available for review on the Treasure Lake website. Here are the key highlights:

  • June Net Income: $186,901, compared to $31,719 in June 2023
  • Year-to-Date (YTD) Revenue: Down by $42,000
  • YTD Cost of Sales: Decreased by $60,000
  • YTD Operating Expenses: Reduced by $280,000
  • YTD Bottom Line: A profit of $120,447, a significant improvement from the $207,824 loss in 2023, marking a $328,271 year-over-year improvement

Storage Revenue Adjustment: After researching discrepancies in the Storage Revenue numbers, we identified the cause. Due to low cash balances last fall, the previous management, Board of Directors, and Treasurer decided to send out storage billings in early October instead of December, as had been done in previous years. As a result of that early billing, $48,413 in payments were received in October and November, that our accounting firm recorded as income in 2023 instead of 2024 where it should have been.  This error, along with an approximate $13,000 coding error in towing revenue, has now been corrected. We are confident that the Storage and Towing figures are accurate. A letter from Abacus CPA is attached, explaining the 2023 Storage Revenue error and the adjustments made.

The Board of Directors, our new General Manager, and the Finance Committee are committed to improving our financial results every month. I believe you’ll agree that we have made substantial progress compared to the 2022 and 2023 results.  Some of these questions take time to review and research, causing delays in reporting. We appreciate your patience as we work to ensure our reporting is accurate before it is released.

Meet the Manager – August 10, 2024

Additional questions and clarification from the Meet the Manager Meeting on August 10, 2024:
 
1. Cabin Rental and Site Night Cancellation Policy
 
Our cancellation policy requires that cancellations be made at least 48 hours prior to your scheduled arrival to avoid additional fees. Cancellations made within 48 hours of the arrival date will incur a one-night rental fee.
 
If you decide to shorten your stay, please inform the Welcome Center before your check-out time to avoid any extra charges. 
 
For RV site rentals, please note that checking out after 2:00 PM will result in an additional day’s charge. refunds for unused site nights will be refunded as long as check out occurs before the checkout time provided that the site nights to be refunded were not buy back days. 
 
2. Voting Ballot Distribution
 
All owners should have received a statement and voting ballot, regardless of whether they paid their dues early. If someone has not received these documents, please reach out to Stacey, Owner Services Manager () or me ()  to verify your mailing address and update our records.
 
3. Legal Process for Unpaid Dues
 
If dues remain unpaid for two years, we begin the foreclosure process. This involves sending certified letters to notify the owner of the impending foreclosure, as well as placing an advertisement in the local newspaper for four weeks, as required by law. If the outstanding balance is not paid, the deeds are auctioned at the Taney County Courthouse. The Treasure Lake Board of Directors sets the starting bid for these deeds. Any deeds not sold at auction are returned to the Treasure Lake vault and are made available for sale.