The following was posted by the MCA Board of Directors on the MCA building and in the MCA website.
NOTICE OF SPECIAL MEETING OF THE BOARD OF DIRECTORS OF MEADOWS COMMUNITY ASSOCIATION, INC.
PLEASE TAKE NOTICE that pursuant to Article V, Section 1 of the Amended and Restated By-laws of the captioned Corporation, a Special Meeting of the Board of Directors of the captioned corporation will be held on the date and at the time and place designated hereunder:
TIME OF MEETING: 2:00 P.M.
DATE OF MEETING: Monday, October 28, 2024
PLACE OF MEETING: Meadows Community Lifestyle and Wellness Facility,
Flight – 3350 Longmeadow, Sarasota FL 34235
AGENDA OF MEETING: PRESIDENT’S COMMENTS
PURPOSE OF MEETING
* Short Term Financial Request
OWNERS COMMENTS
Dated this 22nd day of October 2024
IF YOU HAVE A COMMENT ON THE AGENDA ITEMS YOU MUST SIGN UP PRIOR TO MEETING CALL TO ORDER. OWNER COMMENT IS LIMITED TO THREE MINUTES PER PERSON EXCLUSIVE OF RESPONSES BY THE BOARD.
[Above is the full and complete verbatim notice that was posted. Comments below are from us, not the MCA]
The MCA has been sending out near-daily updates on Milton related issues as well as normal MCA event announcements. That’s all great, but why not send this announcement out via Constant Contact? It is possible they may still send something out with a description of the “Short Term Financial Request”, but emailing reminders and information on Board Meetings hasn’t been their recent practice.
The purpose of the meeting is very cryptic, so unfortunately we are left to speculate.
Is the MCA MAKING a “Short Term Financial Request”? And if so, to who? They have lots of cash and lots of borrowing capacity so this seems unlikely.
The more likely possibility is that MCA has RECEIVED a “Short Term Financial Request”. It doesn’t take much thinking to speculate that TMCC has requested a loan from MCA. TMCC alluded to possible 2024 cash problems in March:
In the Treasurer’s Report in TMCC’s 2024 Annual Meeting, they stated:
“Notwithstanding the deficit at 12/31/23 and the small loss for the year, the Club has enough cash to begin 2024. Generally, the Club generates enough cash during the first and part of the second quarters of the year to cover the shortfalls in cash in the later months of the year. However, these shortfalls are generally offset by the program of members’ paying dues for the next succeeding year in the current year.
Cash management of expenses and payments is a paramount management tool which is conducted by the Club’s management and staff and reviewed by the Finance Committee monthly.
The Club has no ability to raise capital and no borrowing ability other than from capital leases and finance agreements, so any reduction in deficits has to be derived from its membership. The Club’s expenses are basically fixed in that the facilities have to be operated for the benefit of members and guests and available when the members decide to use the facilities. Therefore, it is incumbent upon the membership to increase its usage of the golf courses and dining facilities and spread the word to friends and acquaintances about membership herein. “
As MCA Homeowners don’t know what “Short Term Financial Request” means and we won’t know until after the meeting has begun, so if you think you might want to comment or question on the meeting purpose (whatever it is), MAKE SURE YOU SIGN UP TO SPEAK BEFORE THE MEETING STARTS.
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