2016 Year End and 2017 Year to Date



Good Afternoon Ladies and Gentleman,

I would like to introduce myself as the General Manager of Treasure Cay Limited, overseeing all of the resort, restaurants & bars, golf, beach, marina and fuel station operations and your President of TCAML.

We have been very busy with improvements I will outline for you shortly.

However, allow me first to outline what Amenities is all about.


In accordance with the Conveyance that we signed when we bought our properties we are legally bound and obliged to pay an “Annual Sum” based on the square footage of the land we bought.

The purpose of paying the Annual Sum is to provide for the Maintenance of common Ground in Treasure Cay including Greenway and their seawalls, roadside verges, road repairs, tree-trimmings, road Signage etc. In 1985 TCAML was formed, managed half by TCL and half by TCPOA and there are three directors from each entity on the Board.

The Purpose of TCAML is to carry out the duties with TCL under the conveyance in a collaborative transparent way with three directors appointed by TCPOA and 3 from TCL. This structure ensure there is transparency and accountability relating to the management and disbursement of “Amenities” funds.

A challenge that we face is that not all home owners are paying their amenities each year with the result that, as you will see in the latest balance sheet of TCAML, we have 1.41 million owing to us by delinquent homeowners. Clearly this cannot continue and in 2013 when I arrived we the TCAML Board began our promise to vigorously pursue these homeowners to recover the funds owed. I am sure that everyone attending TCPOA AGM today has paid their Amenities as responsible homeowners and neighbors.  TCAML has gained the assistance of legal representation to enforce the collection effort, to include the legal right to place a lien against the property. And the legal right to charge interest on unpaid accounts at 18%. Last year 2016, we collected over $223,441 in past due prior years Amenities fees.

I would like to now recap our improvements and efforts:





Annual 2016 PNL Overview:

We reported on cash basis $326,917 in 2016 income by property owner summary which is up $67,836 from 2015 reported income of $259,081.  A 21% Increase in collections year over year.  We recorded $157949 in 2016 expense.  I will detail these improvements and progress in an outline shortly.

Our usual office general operating expenses are roughly $70475 in 2016. Note in 2016 our legal & professional fees were $11400 as we used a firm strategy to pursue our litigation in collections and for our board’s liability insurance put in place.

These Admin and General expenses include the lease of office space, administrative payroll, usual legal fees and miscellaneous office supplies and general office expenses and the addition of a part time collections agent. We are reporting a cash in the Bank carry forward as of 12/31/16 of $450,798 versus $266,195 at the close of 2015. An improvement of $184603 or 41% cash growth.

TCAML Capital Purchases for a replacement landscape truck totaled $13517.33. This is the primary vehicle used to keep our roads and verges and greenways clean and clear daily. TCL contributed the labor, gas and maintenance to operate this in 2016 at their expense.

$157949 in 2016 expense inclusive of admin costs are managed in these categories roughly:

Road Repairs & Maintenance-                             $45,300 2016 vs $28,800 2015

Includes lighting of many speedbumps

Security contribution-                                 $25000

Miscellaneous Other Expenses                             $14,600

(Miscellaneous expenses include Street sign replacement, Beach Clean-up, tree trimming, community tennis court improvements etc. You will note new signage offering both unlimited play memberships and open to the public hourly play reservations which can be booked anytime for convenience at the resort front office.  Please communicate this excellent amenity to your friends and families and visiting rental guests.

Currently all resident requests from TCAML are complete and handled urgently and timely outside of Capital road resurfacing.




Annual 2017 PNL Overview Year To Date 3/2/17:

We reported $94,983 in fee collection in the first 60 days of 2017 with $3051 in improvements expense through 3/1/17. This collection is +$33,200 ahead of collections pace for same period last year.  This due in part to our increased collections effort.  We reported fee collection for 2016 as of 3/1/16 of $61,763, for the same 2 months compared last year. This a 35% improvement in collections in the first 60 days!  After March 31, 2017 this year, a legal 18% interest will be applied to all unpaid accounts not current.

Our Board is working on estimates for road resurfacing for parts of Windward Beach Road and the road leading to the Treasure Houses, the Cottages and the San dollar condos We are hopeful to in the future work with Beach Villas Assn when they do major road improvements to use our synergies to complete our need areas, by building up our cash reserves for such a large project. Other areas such as dormy villas are being considered pending much needed amenity fee collections there where missing from many for years.

We are also working with BEC and local Government on what was 32 now 18 Street lights out of service.

I have contacted the Pam Hill of the new Bahamas Electricity Corporation, the new CEO of BEC regarding this over month needed improvement that includes key street lights at security interest points such as the public beach road and our Gate house and near the major fuel depot and Rock point road.

We have based on popular survey, stopped consideration of additional street lights for Windward and Galleon bay roads.

We will continue our road side and greenway improvements.

It is our Board’s responsibilities to enforce our legal rights as to the required clean-up of lots or areas with landscape or trash or dump debris as it is illegal to dump in our community. We ask your support to call and report any illegal dumping. We will also be enforcing our legal rights against people who are leaving trailers and equipment on vacant land causing unsightliness we will not tolerate and neither should you.

We have retained a local lawyer that that specializes in Home owner association and enforcement issues.

Finally, the Board of Amenities would like us to encourage all paid up homeowners to tell us if there is something that they would like us to review or investigate in the interest of a better community and constant improvement. We ask all requests be put in writing addressed to our TCAML board and delivered to our TCPOA Office. In return we commit an immediate and timely response. Your input is hugely valuable and appreciated to govern us. We work for you.