See here the slide from the 2006 Town Hall meeting as a summary of the prospectus document signed by Messrs Bumgardner, Thomas, and Brown:
Score: None for Four!
Making A Better Tokyo American Club (MABT)
Tokyo American Club- A Better Place For Our Members, A Members Forum
Yes. A year late but that was flagged quite some time ago.
Also gave the BOG an extra year to get their payroll in order which they refused to do.
If one thing has been shown in this whole process, it is the lack of leadership from the President and the BOG. The veil of secrecy is gradually being lifted…but this is all going to end very badly.
One thing that never seems to be mentioned these days is that the information provided at the 2006 Town Hall meeting (and still available at http://www.tokyoamericanclubredevelopment.org/pdfs/tac2010_project_booklet.pdf) says the club will move back to Azabudai for “a grand reopening at the end of 2009 or in early 2010.”
In round figures that is USD20m that should be in the bank but isn’t.
Q: Who is to blame?
A: Noone, because the cat was left in charge of the fish shop.
Re the comment from Geoff (15 Nov) about staff costs at the temporary facility, I looked them up and the estimate was Y1.4 billion (down from Y1.979bn).
Normally a navigation exercise starts with the input of current coordinates. Without this it is very hard to fill in the rest of the flight plan.
There has been consistent obfuscation at all levels in explaining in simple terms the precise current financial position of the club.
The current balance sheet is set up to show the club has a negative net worth of Y224m. Budgeted operating loss for FY2010/11 is Y88m.
At the very least we need the free cash position and a trial balance sheet based on the 2011 budget.
There is a slab of gobbledy-gook in the current asset section of the latest balance sheet that wasn’t there in May. It must be causing someone some heartache…surely.
But as always, the only comment that can be elicited is “I am not a financial person so you will have to ask the experts”.
Well where are the experts?
Tic Tac Toc
These are excellent questions, and all candidates should be prepared to answer them. The point is that the key challenge going forward is to put the Club’s finances right with a business plan (strategic plan?) and a shared vision of where we’re headed – and then all the other things fall into place!
Stay tuned for the correct answers AFTER the elections.
Why meet candidates in the lobby…no Q&A…waste of time.
If any of the candidates can answer the following Q’s they get my vote.
1. How is the balance sheet set up?
2. Where is the kenrikin on the asset side of the balance sheet? How does this affect depreciation?
3. Please explain the depreciation equation.
4. Does TAC have a negative net worth? If so how much?
5. What is the free cash position of the Club?
6. Why amortise the loan at 1% instead of 4% which is the life of the loan?
7. Does the interest on the Y11bn loan equal 10 nw members a month, 20 new members a month or 30 new members a month?
Tic Tac Toc
Well I think that about sums it up!
While you are at it perhaps you could post the page from the financials in the prospectus that showed the wages cost dropping from USD20m to about USD13m at the temporary facility. I can’t remember the exact amounts but it was a substantial reduction that if implemented as promised would have the Club in a more stable condition today.