The amount of assessments collected from Pine Mountain Club homeowners in excess of what it actually cost to run PMCPOA over the past 9 years is still disputed. This chart shows a likely $1,594,000 in excess assessments collected and retained by PMCPOA from 2010 to 2019. It was prepared by former Chief Financial Officer Kim Ryan, an accountant. Meanwhile, board treasurer Bill Lewis II has been trying to figure out and explain to himself and members how this happened, and whether the numbers are actually much different. The jury is still out.
By Patric Hedlund, TME
Jack Throckmorton and Kim Ryan both like to talk numbers. Most their neighbors in the Pine Mountain Club Property Owners’ Association are not so enthusiastic about reading financial statements.
Throckmorton, who has lived in PMC over 30 years, has served as a director, chairman of the board and as a member of the budget and finance committee.
He often asks very good questions about PMCPOA’s financial decisions, though his numbers are not always precise.
To Kim Ryan, who has lived in PMC for over 20 years, it is a thing of beauty when financial reports “tie out to zero.” Translation: she is a numbers perfectionist.
Kim Ryan is an accomplished accountant, named one of the top accounting graduates in the United States by the Wall Street Journal. She worked with the 1984 U.S. Olympic Committee, created budgets for the University of Southern California’s student health center, worked with the Times Mirror Company and Fortune 100 companies.
Ryan was also fired from her brief job as Chief Financial Officer (CFO) of PMCPOA in November 2018, just before…(please see below to view full stories and photographs)
This “Excess revenues” chart shows money collected from PMCPOA homeowners above what was needed to run the association. There are questions about whether that violates the Davis-Stirling Act, which governs how POAs may assess and collect money from homeowners. This chart shows an excess of about $1.6 million projected to be collected from PMC homeowners by June 30, 2019. Treasurer Bill Lewis disputes that. *The $252,440 Prior Period Adjustment (PPA– column 4) for 2018 is for bills (such as taxes) associated with over 50 foreclosed lots. The former POA manager decided not to pay these bills, but the POA must put them on the books as a liability: “Just because you decide not to pay a bill,” said accountant Kim Ryan, “does not mean you don’t still owe that bill.” The auditor agreed.
Bill Lewis II
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This is part of the April 12, 2019 online edition of The Mountain Enterprise.
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