Page 3 - 2021-06 Courier.pub

The Club at Westpark Community Association

Financial Results - March 2021

March Year To Date 2021
Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $1,056 $14,075 $385,186 $422,386 ($37,200) $1,769,542
Expenses

Administration $20,938 $22,931 $61,982 $64,694 $2,712 $261,922
Payroll 22,794 42,694 69,947 128,083 $58,136 $512,332
Landscaping 38,345 38,829 115,940 116,486 $546 $465,944
Common area utilities 421 898 1,051 2,695 $1,644 $10,780

The Retreat 7,905 20,635 25,947 61,906 $35,959 $282,020
Reserve contributions 19,712 19,712 59,136 59,136 $0 $236,544

Total expenses 111,353 145,700 337,717 433,000 $95,283 $1,769,542
Net surplus (deficit) ($110,297) ($131,625) $47,469 ($10,614) $58,083

Balance Sheet Highlights
Assets

Operating cash balance $536,613

Reserve fund cash balance $283,458
Accounts receivable $7,841

Prepaid expenses $32,910
Liabilities/Equity
Contract Liability/Reserve $228,051
Fund Balance
Prepaid assessments $182,210
Accounts payable $100,214
Other liabilities $28,634

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 presentation 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.

June 2021 Page 3