The coalition is composed of some very sophisticated international owners that realize the effect of currency fluctuation on the international Hemispheres owners. These coalition members have successfully hedged international currencies over the years.

 

As an example the Coalition pointed out that the Loonie has declined nearly 28.5% and therefore it cost the Canadians owners $1.38 CAD for every US $, 38% more than the end of 2013.

 

The Coalition is very concerned that the current Board has already spend the Insurance money, the AT&T sign in bonus and the Regency money amounting close to 2 millions US dollars upon receiving them.

 

Based on earlier report by the board it seems that a Hemispheres employee was able to steal close to one million US dollars of our money.  The board took credit for discovering it and immediately introduced harsh new rules on March 8, 2012 that hinder any discovery (Rules of inquiry) from owners.  We would have anticipated that they would simplify and encourage discovery instead. 

 

If an ex-employee was able to take that much and go unnoticed for a long time then our budget was fat and excessive to start with.  Why not reduce our assessment by 6 to 9%?

 

We need to consider all proper alternatives to reduce the dues or preserve our cash to prevent a special assessment. Cost control, better management and accountability can achieve it. Appointing the right finance committees to help is required.  Currently our security is close to 10% of our budget. 

 

We have already identified an additional US $750,000 that is wasted due to lack of cost control and restrain.   When we add that saving to our special project line from the budget of $1.25 million it will add up to US $2 million that will be used toward improving our infrastructure or reducing our dues.  On November 18th budget meeting the Coalition attempted to bring it to the board attention.