Page 3 - January 2020

The Club at Westpark Community Association

Financial Results - November 2019

Nov-19 Year To Date 2019

Actual Budget YTD YTD Budget Variance Annual Budget

Revenues $132,812 $137,922 $1,537,388 $1,515,894 $21,495 $1,702,292

Expenses
Administration 27,187 19,951 282,502 227,387 -55,115 246,889

Payroll 26,278 44,166 462,224 485,829 23,606 529,996

Landscaping 33,567 34,168 379,810 375,848 -3,962 416,016

Common area utilities 884 729 8,569 8,021 -548 8,750
The Retreat 16,694 25,485 252,673 292,570 39,898 320,785

Reserve contributions 15,488 15,488 170,368 170,368 0 185,856

Total expenses 121,335 139,988 1,569,763 1,560,023 -9,740 1,702,292

Net surplus (defecit) $11,477 ($2,066) ($32,375) ($44,129) 11,754 $0

* Month over month variances to budget are expected since timing of expenses can vary from month to month. The
Disclaimer
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 cash balance $271,844 Prepaid assessments 10,349

Reserve fund cash balance 400,130 Accounts payable 4,002

Accounts receivable 15,288 Accrued payroll obligation 1,210

Prepaid expenses 55,867 Other liabilities 165,042

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.

January 2020 Page 3