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Annual Report

A neighbor recently pressed to find out when SPHC's Annual Report would be published. He received a response from Rudd's Jorge Faerman saying "Financials should be ready mid to late May".

Public companies have 75 to 90 days after the end of their fiscal year to file Annual Reports with the SEC. While SPHC is not a public company, I have learned that an organization that is well-run and that has an auditor who is familiar with their books should be able to make reports available in four months, tops. The fact that it takes us six months raises the concern as to whether our books are not being managed properly.

Aside from this concern, the fact that our Annual Reports have routinely been published very shortly before elections results in a lack of time to consider Board Candidates in light of information the reports contain. New candidates cannot discuss issues in terms of their dollar impact, incumbents cannot present dollar-figures to back up their year's accomplishments, and no information is revealed about the disposition of major issues — potential election issues — such as the balance of revenues versus operating expenses, amounts actually spent on the renovation of the Men's Club and Ladies' Lounge, financial allocations for major projects, and whether money due to us from Cooper Square has been accounted for and collected.