Page 3 - February 2020.pub

The Club at Westpark Community Association
Financial Results - December 2019

Dec-19 Year To Date 2019

Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $137,437 $186,398 $1,674,825 $1,708,292 ($27,467) $1,702,292

Expenses
Administration 23,673 19,503 306,174 24,889 -59,285 246,889
Payroll 39,497 44,167 501,720 529,996 28,276 529,996

Landscaping 33,878 34,168 413,688 410,016 -3,672 416,016
Common
area utilities 265 729 8,834 8,750 -84 8,750
The Retreat 25,891 28,215 278,564 320,785 42,221 320,785
Reserve
contributions 15,488 15,488 185,856 185,856 0 185,856

Total expenses 139,928 142,269 1,709,692 1,702,292 -7,400 1,702,292

Net surplus (deficit) ($2,492) ($46,621) ($34,867) $0 -34,867 $0

* Month over month variances to budget are expected since timing of expenses can vary from month to month.
Disclaimer The HOA budget is prepared on an annual basis and is expected to be balanced once the year's results are computed.

Balance Sheet
Highlights
Assets Liabilities
Operating Prepaid
cash balance $356,314 assessments 193,404
Reserve
fund cash balance 417,768 Accounts payable 14,139
Accrued
Accounts receivable 15,596 payroll obligation 1,460

Prepaid expenses 19,542 Other liabilities 47,822

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.

February 2020 Page 3