MARK ROSENBAUM—Q&A (con ’ t)
I propose forming a small 2-to-3-person Board subcommittee, working in conjunction with select members of the Finance Committee, to develop and implement operating and performance- enhancement initiatives. Once a new General Manager is hired, he or she will be a critical part of the process. This group would also ensure stronger accountability among department heads regarding how budg- ets are allocated, spent, and invested. As part of this effort, we should implement zero-based budg- eting annually, requiring each department to justify its expenses rather than relying on incremental increases year over year. With respect to the Finance Committee, it should be engaged earlier and more substantively in the fiscal year during the development of both operating and capital budgets. My experience on the committee has been confirmatory in nature, rather than allowing for meaningful influence in shaping financial priorities and allocations. That must change. 3. Reassess the Long-Term Capital Plan An immediate and comprehensive review of the existing long-term capital plan and budget is essen- tial. We must re-evaluate assumptions, timelines, and funding sources to ensure sustainability and adequate liquidity. For example, the current capital plan assumes a fixed number of annual home sales, which repre- sents a key funding source for capital projects. Market conditions fluctuate, and we must actively monitor and adjust our projections accordingly. Capital planning must be dynamic, not static. Ensuring adequate liquidity for capital projects is critical. Without prudent forecasting and appropri- ate adjustments, we risk being forced into less desirable alternatives, such as special member assess- ments or borrowings from the bank on our unused line of credit.
REGARDING YOUR POTENTIALLY BECOMING A BOARD MEMBER, WHY YOU, WHY NOW, AND WHAT IS YOUR CALL TO ACTION?
Why Me: 1. Experience as a Trustee and Fiduciary I bring many years of experience serving as a trustee and fidu- ciary for individuals, shareholders, and beneficiaries. I am an active and strategic consensus builder with a proven history of success. At Frenchman ’ s Creek, this experience, along with my ability to ac- tively engage with our members, will be critical for the success of our community. 2. Broad Board Leadership Experience During my career, I have served as a member of the Board of Directors for more than 20 companies, with enterprise values ranging from $50 million to more than $50 billion. I have served on various subcommittees focused on strategic direction, evaluating perfor- mance, hiring senior management, and leading management transitions when necessary. 3. Deep Financial Knowledge of Frenchman ’ s Creek As a member of the Finance Committee since 2023, I have developed an in-depth understanding and knowledge of Frenchman ’ s Creek ’ s operating and capital budgets. As a potential Board member, my financial expertise would be more impactful (as compared to my role as a Finance Committee member) in supporting the long-term capital strength of our community.
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