Toad Cove Complex, Resort transportation development districts receive audit ratings

The Toad Cove Complex Transportation Development District (TDD) and the Toad Cove Resort TDD received audit ratings of Poor from the state auditor.

The TDDs, which were formed for leasing and operating a parking lot, are located in Lake Ozark, Mo.

Camden County and the Horseshoe Bend Special Road District are the public entities with jurisdiction over this project, but, because the project is not located on public transportation right-of-way, neither has accepted dedication.

The property owners have not met to elect successor directors. Meanwhile, the board has not met since 2009 and has not adopted budgets for 2010 or 2011.

Because they did not adequately monitor sales tax revenues, the TDD's did not receive approximately $23,000 in taxes due them. After audit staff brought this to the attention of the TDD's board treasurer, the treasurer and the managing corporation prepared amended sales tax returns.

The treasurer does not provide financial records to other board members for review and approval, and the TDD's did not timely submit 2009 or 2010 financial statements to the state auditor's office. Both TDD's may be subject to a maximum fine of $292,500 for the late filing, but the law does not establish the agency responsible for assessment and collection authority of these fines.