Page 3 - 2021-05 Courier1.pub

The Club at Westpark Community Association

Financial Results - February 2021

February Year To Date 2021

Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $1,197 $14,075 $384,130 $408,310 ($24,181) $1,769,542

Expenses
Administration $22,598 $19,831 $41,044 $41,763 $719 $261,922

Payroll 23,746 42,694 47,153 85,389 $38,236 $512,332

Landscaping 39,763 38,829 77,595 77,657 $63 $465,944
Common area utilities 322 898 631 1,797 $1,166 $10,780

The Retreat 11,634 20,635 18,042 41,271 $23,229 $282,020
Reserve contributions 19,712 19,712 39,424 39,424 $0 $236,544

Total expenses 118,674 142,600 226,364 287,300 $60,936 $1,769,542
Net surplus (deficit) ($117,476) ($128,525) $157,766 $121,011 $36,755

Balance Sheet Highlights
Assets

Operating cash balance $501,180

Reserve fund cash balance $244,026
Accounts receivable $11,542

Prepaid expenses $8,915
Liabilities/Equity
Contract Liability/Reserve
Fund Balance $226,938
Prepaid assessments $18,300

Accounts payable $60,485
Other liabilities $29,167

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.

May 2021 Page 3