Cordilllera owners won’t deal with members committee
CORDILLERA – You know that agreement between the Cordillera Club owners and Club members to put the 2011 dues money in an escrow account?
Well, never mind.
The Wilhelm Family Trust hired an accounting firm that it says it found no wrongdoing in the way the Wilhelms handled the Club’s money. Therefore, an escrow account will not be opened, Daviid Wilhelm said in a letter to members.
Cordillera Club members’ dues are going up 25 percent, from around $12,000 last year to $18,000 in 2011, or $13,800 if they pay by Feb. 4 by cash or credit card.
David Wilhelm told members that “there is no diversion of funds,” and that the Wilhelm Family Trust has invested more than $10.5 million in the club. Much of that money came through sale of Premier and Charter memberships, Wilhelm wrote.
“We are building this Club for the members who, we trust, are as eager as we are to move the Club forward,” Wilhelm said in his letter. “We are proud of what we have accomplished during our relatively short tenure of ownership and we know that a large percentage of the members are highly satisfied as well.”
Many Cordillera Club members remain unconvinced, and formed the Cordillera Transition Committee to help their club through all this, and on to whatever is next.
That committee says there’s no escrow agreement because Patrick Wilhelm, David’s son, signed the wrong version of the documents, the Committee said in a written statement obtained by the Daily.
Wilhelm also said they will no longer work with the Cordillera Transition Committee, and that they’re forming a Board of Governors.
Four members of the nine-member board will be appointed by the Wilhelms; the other five will be elected by Club members, although it’s not clear what the election rules will be, at least not yet.
“The procedures for the election of this Board of Governors will be disseminated shortly,” Wilhelm wrote.
And members will no longer have the option of buying the Club, which was part of previous agreements between the Wilhelms and Cordillera Club members.
“All ownership options previously submitted to the (Cordillera Transition Committee) are being withdrawn,” Wilhelm wrote. “It is our current intention to retain full ownership of the Club, to solve the issues of divisiveness”
A CPA firm will keep watch over Cordillera’s expenses and report to the Board of Governors once a month, Wilhelm wrote, to make sure the money is used “for valid Club expenses.”
“The bottom line is that we had nothing to hide and we have nothing to hide,” Wilhelm wrote.
Staff writer Randy Wyrick can be reached at firstname.lastname@example.org.