Page 3 - July 2020 Courier
P. 3
The Club at Westpark Community Association
Financial Results - May 2020
May Year To Date 2020
Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $127,687 $140,920 $676,094 $704,101 ($28,006) $1,716,542
Expenses
Administration 21,595 20,323 114,436 108,099 -6,337 250,882
Payroll 34,261 42,522 8,261 189,206 212,608 510,259
Landscaping 40,421 37,616 189,350 188,082 -1,268 451,396
Common area utilities 2,492 838 4,530 4,190 -340 10,055
The Retreat 11,152 21,946 80,228 110,492 30,264 299,646
Reserve contributions 16,192 16,192 80,960 80,960 0 194,304
Total expenses 127,351 139,436 664,900 704,430 39,530 1,716,542
Net surplus (deficit) $336 $1,484 $11,195 -$329 $11,524 $0
Disclaimer
* Month over month variances to budget are expected since timing of expenses can vary from month to month.
The HOA budget is prepared on an annual basis and is expected to be balanced once the year's results are comput-
Balance Sheet Highlights
Assets
Operating cash balance $293,637
Reserve fund cash balance 333,989
Accounts receivable 3,877
Prepaid expenses 24,312
Liabilities/Equity
Contract Liability/Reserve Fund
Balance 332,331
Prepaid assessments 18,365
Accounts payable 5,467
Accrued payroll obligation 1,510
Other liabilities 152,102
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 budg-
et. 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 ac-
crual basis and contain non-cash expenses such as depreciation. Since our assessments are based only on the calendar cash re-
quirements of the association, the budget estimates only include anticipated cash expenditures. Please keep this in mind as you
look at the results.
July 2020 Page 3
