Reston Association is seeking RA member volunteers to assist the Board Governance Committee in selecting a consulting firm to review how the Lake House/Tetra project incurred a nearly $500,000 cost overrun this year.
The independent review will look at the budgetary, administrative and governance aspects of RA’s purchase, planned use, and renovation of the Lake House property (formerly known as Tetra), including the recent capital cost overruns associated with renovation of the facility, RA says.
After a member referendum in spring 2015 approved the purchase, RA closed on the 33-year-old building last July. RA said the purchase of the building, which cost $2.65 million, would fend off commercial development and add to RA’s open and community space.
RA intends to use the renovated building on the shores of Lake Newport for event rentals and afterschool care.
However, it was discovered last spring that the project was already $430,000 over budget. While RA has moved money from its operating fund to cover the deficit, it has promised to fully review how the deficit grew so large so fast.
The RA Board, after a long discussion, voted last week to organize a citizen committee to help choose paid professionals to conduct the review. RA hopes the review will be complete by September.
RA members with professional experience in accounting, auditing, law, construction project management, governance, and internal controls are encouraged to apply.
Applicants should submit a résumé and brief letter of interest to [email protected] no later than 5 p.m. on Friday, July 15. Candidates will be interviewed on Monday evening, July 18. For more information, call 703-435-6570.
If selected, volunteers will meet with the RA Board Governance Committee in July and August to review responses to RA’s request for proposals and provide recommendations to the Board of Directors on firms in August.