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Treasure Lake

About Treasure Lake

Posts by Treasure Lake:

September 2024 Financials Available

The September 2024 financial report is now available for review on the Treasure Lake website. Here are the key highlights:
  • September Net Income $-21,740 compared to $-25,357 in September 2023. A $3,617  improvement year over year (yoy)
  • Cost of Sales: $215,842 compared to $261,735 in 2023.  Decreased by $45,893 yoy.
  • Operating Expenses: Reduced by $328,375 yoy.
  • YTD Bottom Line: A profit of $200,716,  a significant improvement from the $271,367 loss in 2023, marking a $472,083 year-over-year improvement
The Board of Directors, General Manager Steven Mills, and the Finance Committee remain committed to consistently improving our financial performance. We are pleased to report significant progress compared to 2023 results and appreciate your patience as we ensure the accuracy of our reporting before it is released.
 
In September, we continued to face challenges in receiving timely responses from Abacus CPAs. For instance, an unresolved issue regarding a small negative balance in the ATM account remains under review, as it appears to be an error. However, these inquiries do not materially affect the overall monthly results.
 
Additionally, we are making excellent progress toward transitioning the accounting function in-house by January 2025. This change will enable us to provide more accurate and timely financial reporting to you, our owners.
 

August 2024 Financials Now Available

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

  • August Net Income: $76,511 compared to a $36,891 in August 2023. A $39,620 improvement year over year (yoy)
  • Year-to-Date (YTD) Revenue: Showing an increase yoy of $4,882
  • Cost of Sales: Decreased by $38,103 yoy
  • Operating Expenses: Reduced by $361,716 yoy

YTD Bottom Line: A profit of $211,361 a significant improvement from the $240,087 loss in 2023, marking a $451,448 year-over-year improvement.

The Board of Directors, General Manager Steven Mills, and the Finance Committee are committed to improving our financial results every month. I believe you’ll agree that we are continuing to see significant improvement compared to the 2023 results. We appreciate your patience as we continue working to ensure our reporting is accurate before it is released. However for August, we still have some unanswered questions pending with Abacus that they are still researching. Even though these questions will not make any significant change in the overall monthly results, we will update you once we get the answers.


Gary Myles
BOD Treasurer

July 2024 Financials Now Available

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

  • July Net Income: $14,695  compared to a $-68,727 loss in June 2023. A $83,422 improvement year over year (yoy)
  • Year-to-Date (YTD) Revenue: Showing an increase yoy of $43,697
  • Cost of Sales: Decreased by $45,400 yoy
  • Operating Expenses: Reduced by $325,375 yoy
  • YTD Bottom Line: A profit of $134,851, a significant improvement from the $274,608 loss in 2023, marking a $409,459 year-over-year improvement

The Board of Directors, our new General Manager, Steven Mills, and the Finance Committee are committed to improving our financial results every month. I believe you’ll agree that we are continuing to see significant improvement compared to the 2023 results.  We appreciate your patience as we work to ensure our reporting is accurate before it is released.

Gary Myles

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.

Reminder: 2024 Dues Payment

Friendly reminder to all owners! Starting August 1st, a $40.00 late fee will be applied to any unpaid 2024 dues. Avoid the fee by ensuring your payment is on time. Not sure if you’ve paid? No worries! Feel free to reach out to Reservations for assistance. Thank you for your prompt attention and for being a valued part of our community!
 
Stay awesome and enjoy your summer! 🌞

May 2024 – Financial Overview

May 2024 Financial Update

The May 2024 financials are now available for your review on the Treasure Lake website.

Key Points:

  • Year to Date (YTD) Total Revenue: Down by $22,123; monthly decline of $16,745.
  • YTD Cost of Sales: Increased by $18,616.
  • YTD Operating Expenses: Decreased from $1,521,538 in 2023 to $1,337,146 in 2024, an improvement of $184,392.
  • YTD Total Comprehensive Activity: Improved from -$240,884 in 2023 to -$66,627 in 2024, a $174,257 year-over-year improvement.

We are continuing to make progress each month, and with the camping season just beginning, we’re optimistic about further improvements.

Exciting News: The preliminary June 2024 financial report shows very promising results. Although the Finance Committee has not yet reviewed these numbers, we wanted to share some good news with you.

  • Total Comprehensive Activity for June 2024: A profit of $160,160, compared to $31,719 in June 2023, an increase of $128,441.
  • YTD Bottom Line for the First Six Months of 2024: A profit of $93,707, compared to a loss of $207,824 in 2023, a $301,531 year-over-year improvement.

Please note that these are preliminary figures and may change after the review process. Once available, the finalized June financials will be posted on the website.

Your current Board has worked diligently to achieve these significant improvements, overcoming the challenging financial situation we inherited. We look forward to seeing continued progress in July.

April 2024 Financial – Overview

Latest Update on Financials

The final April 2024 financials are now available for review on the Treasure Lake website (www.tlresort.com). I aim to have the May financial report posted by next week and June soon after.

When we receive the preliminary report, the Finance Committee—which includes myself, Dustin Logsdon, and our GM, Steven Mills—reviews it meticulously, examining each line for errors or questionable results. We then submit any discrepancies to our CPA firm for verification and/or correction. Our goal is to provide our owners with accurate numbers.

Key Points from April:

  • Year-to-Date (YTD) Total Revenue is down by $5,379. We are investigating the decrease in Storage Fee Revenue and Show Ticket Revenue to verify their accuracy.
  • YTD Cost of Sales is down by $25,905.
  • YTD Operating Expenses are down by $116,624.
  • YTD Total Comprehensive Activity is at $-179,894 compared to $-287,821 in 2023, reflecting an improvement of $107,998 year over year. This is a significant improvement for this time of year.

Please note that these figures are for April, which is still off-season, so operating at a loss is common. As camping season begins, we anticipate an increase in Treasure Lake’s income and hope to see these numbers turn positive.

I also want to address an ongoing issue. Many of the challenges the current Board of Directors (BOD) is addressing stem from past decisions.

You will see a slide below created and used by the Treasurer at the August 2023 Board Meeting. The July 2023 numbers indicate a $67,669 loss for the month, which is more than double the 2022 figure. The year-to-date (YTD) loss stands at $231,060, an increase of nearly $60,000 from the previous year. This follows a significant loss of $412,000 in 2022.

Despite these inherited challenges, we are making substantial progress and moving in the right direction.

Board Working Meeting Agenda for 7/20

New Business 

  1. Adding Steven Mills as signer on bank accounts
  2. Department budgets
  3. Candidate Forum
  4. Verification of Owners from Candidates Signatures
  5. Investment account liquidation
  6. GM Vehicle
  7. Non-Traditional Campers
  8. Safety Inspection
  9. Long Term & Strategic Planning

Personnel Discussion: Executive Session

Old Business: 

  1. Roof Repair
  2. Storage Audit
  3. Cat tails in Phase two pond
  4. Employee Handbook

Indoor pool update

The indoor pool needs some new parts for the pump and we cannot get them until Monday. We hope to have the pool open by late Tuesday afternoon, after we have repaired the pump and re-balanced the chemicals. Sorry for any inconvenience.

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