Yeah that was me mate. The financials give cause for concern. Huge increases in profit and big decreases in most expenses have resulted in a negligible increase in profit. Their answer that "costs have gone up" is not good enough.
My analysis of the financials (though limited since as stated above we were nto given the notes to the financials) resulted in (these are all from memory):
25% increase in employee expenses (from $840k to $1.07M)
$100k increase in "Other Expenses"
And the big one was a HUGE increase in insurance.
This leads to the question as to why our insurance has increased so much. I assume this has to do with the litigation that is ongoing. I know we cannot find out details about the court case but if this is as a result of the boards decisions, should the association foot the bill? Maybe we do want to protect board members to help promote people applying in which case we should foot the bill but how far is too far?
Anyways, these are just all questions for discussion but I think the board needs to be aware that there will be increased scrutiny in future years.
Any yeah Andy, I couldn't believe the blank looks I got from the Treasurer re: notes to the financials.