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Managerial accounting.Mike Powell, President of the Figure 8 Homeowners Association, left the homeowners meeting confused. The meeting was intended to be informative and detail the

Managerial accounting.Mike Powell, President of the Figure 8 Homeowners Association, left the homeowners meeting confused. The meeting was intended to be informative and detail the long-range plan adopted by the Homeowners Association to preserve the island. Instead, it turned into a war of words between property owners. It was common knowledge that Figure 8 Island desperately needed beach restoration (called renourishment) on the ocean side and canal dredging on the sound side. And, while the homeowners of the island wanted the restoration process to begin as soon as possible, little consensus could be reached as to who would bear the costs. Mike Powell thought the Homeowners Board of Directors presented a fair and equitable costallocation scheme. The homeowners thought differently.

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