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The Reston Association Board of Directors moved forward with hiring the StoneTurn Group, LLC to independently review the processes used by the association in its purchase and renovation of The Lake House (formerly known as the Tetra property).
At last night’s meeting the board approved entering into and executed a contract with StoneTurn at a cost not to exceed $45,000.00. The contract calls for the report to be provided to the board by Feb. 28, 2017.
StoneTurn was one of the original finalists chosen by the Tetra Review Committee to conduct the impartial study. After a local company, Mediaworld Ventures LLC, terminated contract negotiations with the Reston Association earlier this month, the board moved to enter into negotiations with StoneTurn immediately during its regular monthly meeting Thursday.
The Tetra Review Committee is comprised of three RA members and the four members of the RA Board Governance Committee. There is also a Lake House Working Group that was established by the RA board to provide recommendations on the use of the new property located on Lake Newport.
As stated in its promotional materials submitted to RA, “StoneTurn is a forensic accounting and expert services firm that works with attorneys, corporations and regulators on high-stakes legal and compliance issues.” StoneTurn is a global company with offices in Washington D.C. as well as other cities.
According to the RA request for proposal document, the goal of the review is to “identify areas for process improvement, potential changes to internal controls and/or modification to governance procedures to help ensure situations like the Lake House cost overrun can be avoided in the future.” Firms were asked to submit their proposals from Aug. 10-12, 2016.
The review committee considered various qualifications, including experience, of firms bidding on the Lake House study project. It also weighed costs, time it would take to complete the report and other factors. Click here to read the full request for proposal document.
RA members voted in a referendum in the spring of 2015 to allow the association to purchase the Tetra property for $2.6 million. The association closed on the property July 23, 2015, and renovations were made over several months.
The renovated Lake House opened its doors to members in the second half of 2016. The association is actively promoting the facility to individuals and businesses looking to lease the space or enroll in one of RA’s after-school programs or classes. The Lake House is located at 11450 Baron Cameron Ave. Click here for more information on the waterfront facility.