The Board President offered an email retort to a Resident requesting AGI financial data The data was not provided to the Resident. My response (the Voice’s) is in bold italic –
(From Patrick Pollock’s email to me, i.e. the Resident)
In your email, you have merged AGI and ACSA roles and responsibilities. They are two separate entities with two separate Boards. While ACSA “owns” AGI it does not run it.
However, ACSA hires the people to run it, and certainly gives these hires direction on what is expected. The hires are not independent contractors; they are on salary and are in their positions at the pleasure of the Board. To state that ACSA does not run AGI is naive at best. You cannot escape from the fact that ACSA more than just owns AGI, but is also responsible for its performance. As a subsidiary with its parent entity the ACSA, all residents have a right per Florida Statute to know all the financials of AGI.
AGI’s Board operates all things golf, tennis, and Brassie, and produces income that pays about 80% of costs of those amenities.
Really, show the Residents these numbers. Do we just take your word for this statement of 80%. Hmm. If there is at the very least a $200,000 subsidy from the Residents that will certainly be all spent by fiscal year end, and Brassie Grille, Golf, and Tennis pay 80% from their earned funds, then that would mean to run these three operations costs at the minimum $1,000,000 (20% of $1,000,000 is $200,000 – Residents’ subsidy). Please show us these $1,000,000 worth of expenses!
ACSA owns and manages the common properties, and sets overall operational constraints and objectives for AGI.
Mr. President, you may have just contradicted yourself. You earlier stated that the ACSA does not run AGI, yet it sets overall operational constraints and objectives for AGI. Hmm.
ACSA also has the ability to remove any AGI Board member at its sole discretion.
Okay, but remember you said that the ACSA does not run AGI.
Community Members are members of ACSA, not AGI. AGI has no members but sells memberships to residents and non-residents for use of specific amenities like golf.
Yes, but like the other operations, it’s a business, and it has risks like any business, for which the Residents are ultimately responsible at the cost of their contributed funds.
Certainly the Residents have a right as an investor in these three operations and per Florida Statute to see all the financial records of AGI – there is absolutely no excuse otherwise.