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News: Finance Committee Update

Finance Committee Update
23 Jun 2019 - J2 President (Bob Whitty)

Meetings

The members of the finance committee are:

  • Bob Whitty
  • Ian Whyte
  • Blair Johnstone
  • Andrew Nicol
  • Ted Hall
  • Juan Lopez – Admiburgos

The next committee meeting is booked for 25th June when we will agree the strategy and deliverables from the next stage of work

Key areas of work are:

  • Ongoing current year accounts
  • Breakdown and comparison of community fees
  • Understanding and validation of coefficients
  • Validation of level 2 reserves
  • Debtors
  • Audit of accounts

Progress and next steps

Ongoing current years accounts

  • Completed
    • Accounts summary agreed
    • Full cash projection produced as at April
  • Next steps

    • Update scorecard for March and June
    • Update cash projection for June and assess impact of potential Polaris properties being released
    • Agree communication to owners

Breakdown and comparison of community fees

  • Completed
    • 2018 fees comparison
  • Next steps
    • Update for 2019
    • Get historic fees
    • Benchmark against other resorts

Understanding and validation of coefficients

  • Completed
    • Full history of Urban Entity recharges obtained
  • Next steps
    • Obtain similar data for level 1

Validation of level 2 reserves

  • Completed
    • Full history of Urban Entity accounts reconciled
  • Next steps
    • Further understanding of Urban Entity costs
    • Complete same exercise for Level 2s and Level 1

Debtors

  • Completed
    • Full debtor history compiled
    • Bad debt provision calculated
    • Initial graphs produced
  • Next steps
    • Complete graphs
    • Hand over production to Admiburgos
    • Add additional fields to debtor spreadsheet
    • Agree communication to owners

Audit of accounts

  • Next steps
  • Agree what needs to be completed for audit
  • Get it done!
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