November & December 2024 Financials
The November and December 2024 Financial Reports are now available on the Treasure Lake website. We have been working closely with our accounting firm, Abacus, but we still lack full confidence in the accuracy of these reports. However, we recognize the importance of transparency and do not want to delay their release any further.
As many of you know, we have faced ongoing challenges in obtaining accurate financial reports. To address these issues, we transitioned our accounting functions in-house as of January 1, 2025. While we have made every effort to work with Abacus to correct known discrepancies, some errors remain unresolved. For example, the Owners’ Dues Late Fees are incorrectly reported as $192,600. Despite providing the necessary corrections in January, this issue has not been rectified.
That said, the overall year-end financial results remain very positive, reflecting significant year-over-year (YOY) improvements:
Category | 2024 | 2023 | YOY Change |
Total Cash | $508,368 | $154,274 | +$354,094 |
Total Assets | $5,926,863 | $5,463,522 | +$463,341 |
Total Revenue | $3,848,061 | $3,860,000 | ($11,939) |
Cost of Sales | $275,230 | $310,057 | $34,827 savings |
Operating Expenses | $3,487,714 | $3,876,026 | $388,312 savings |
Total Comprehensive Activity | $458,009 | ($21,069) | +$479,087 YOY |
These results demonstrate a strong financial improvement, positioning us well for the future.
With our transition to an in-house accounting system, we are confident that we will be able to provide more timely and accurate financial reports moving forward. This change will allow us to correct errors, resolve inquiries more efficiently, and enhance the reliability of the financial data we share with you, our owners.
We appreciate your patience and look forward to providing our first set of improved financial reports for January 2025, which will be available soon.
Sincerely,
Gary Myles
BOD Treasurer