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The Club at Westpark Community Association

Financial Results - January 2021

January Year To Date 2021
Actual Budget YTD YTD Budget Variance Annual Budget

Revenues $382,932 $394,235 $382,932 $394,235 ($11,303) $1,769,542
Expenses
Administration $18,446 $21,931 $18,446 $21,931 $3,485 $261,922
Payroll 23,746 42,694 23,746 42,694 $18,948 $512,332
Landscaping 37,832 38,829 37,832 38,829 $997 $465,944
Common area utilities 308 898 308 898 $590 $10,780

The Retreat 6,408 20,635 6,408 20,635 $14,228 $282,020
Reserve contributions 19,712 19,712 19,712 19,712 $0 $236,544
Total expenses 107,690 144,700 107,690 144,700 $37,010 $1,769,542
Net surplus (deficit) $275,243 $249,535 $275,243 $249,535 $25,707 $0

Balance Sheet Highlights
Assets
Operating cash balance $623,249
Reserve fund cash balance $213,459

Accounts receivable $16,522
Prepaid expenses $13,880
Liabilities/Equity
Contract Liability/Reserve Fund Balance $191,028
Prepaid assessments $18,097

Accounts payable $66,133
Accrued payroll obligation $0
Other liabilities $44,841

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.

April 2021 Page 3