Page 3 - 2021-10 Courier website

The Club at Westpark Community Association
Financial Results - July 2021
Income Statement and Highlights
Actual Budget YTD YTD Budget YTD Variance Annual Budget
Revenue $133,189.36 $147,462.00 $927,128.09 $1,032,234.00 -$105,105.91 $1,769,544.00

Expenses
Administration $76,444.48 $67,517.00 $361,674.65 $472,619.00 $110,944.35 $810,205.00
Common Area $2,950.07 $7,110.00 $40,545.81 $49,770.00 $9,224.19 $85,321.00
Land Maintenance $40,950.73 $38,529.00 $230,259.24 $269,703.00 $39,443.76 $462,349.00
Utilities $6,690.41 $5,964.00 $31,912.72 $41,748.00 $9,835.28 $71,568.00
Community Services -$1,482.76 $7,113.00 $3,787.88 $49,791.00 $46,003.12 $85,356.00
Swimming Pool/Spa $750.00 $1,517.00 $3,328.02 $10,619.00 $7,290.98 $18,205.00
Community Buildings $4,515.09 $0.00 $4,515.09 $0.00 -$4,515.09 $0.00

Total Expense $130,818.02 $127,750.00 $676,023.41 $894,250.00 $218,226.59 $1,533,004.00

Net Income/Expense $2,371.34 $19,712.00 $251,104.68 $137,984.00 $113,120.68 $236,540.00

Reserve Contribution $19,717.27 $19,712.00 $137,998.02 $137,984.00 $14.36 $236,544.00
CURRENT PRIOR
MONTH MONTH
Balance Sheet Highlights
ASSETS
Operating Acct Funds $615,135.60 $413,763.06 % of Fully Funded Reserves

Petty Cash $1,000.00 $1,000.00 Based upon Current Balance

Total Operating Funds $616,135.60 $414,763.06 And 10/2020 Reserve Total

Reserve Cash Balance $287,378.78 $284,749.35 39.47%
Reserve Funds Needed For

TOTAL OTHER ASSETS $69,259.73 $53,539.13 Financial Health
70.00%

TOTAL ASSETS $972,774.11 $753,051.54
Current Contribution to

LIABILITIES Reserves equal $28 per Lot

Construction Defect $16,106.17 $16,106.17 equaling $19,712 per month

Prepaid Assessments $7,330.50 $43,419.27
Prepaid Ads $12,933.82 $12,933.82 YTD Budget Variances Due to

Deferred Revenue $253,440.00 $0.00 Retreat Closure and Funds
Transfer to FSR
TOTAL LIABILTIES $289,810.49 $72,459.26

MEMBER EQUITY
Reserve Fund Balance $287,378.78 $267,661.51
Op Fund Balance - Beg of Year $282,478.52 $282,478.52
Current Year Inc/(Loss) $113,106.32 $130,452.25

TOTAL MEMBER EQUITY $682,963.62 $680,592.28

TOTAL LIABILITES & EQUITY $972,774.11 $753,051.54
Understanding the monthly financial results:
The monthly financials to the left contain categories which may appear to be over budget while some appear to be under budget. This is caused by the presenta-
tion of the monthly allocations. When the budget is prepared, the categories are estimated on an annual basis and one twelfth of them appear in each monthly slot.
The reality is that the expenses don’t occur evenly throughout the year so from month-to-month they may be negative variances. Our financial results are also
prepared on an accrual basis and contain non-cash expenses such as depreciation. Since our assessments are based only on the calendar cash requirements of the
association, the budget estimates only include anticipated cash expenditures. Please keep this in mind as you look at the results.
October 2021 Page 3