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The Club at Westpark Community Association
Financial Results - February 2020
Feb-20 Year To Date 2020
Annual
Actual Budget YTD YTD Budget Variance Budget
Revenues $146,344 $140,670 $288,343 $281,590 $6,753 $1,716,542
Expenses
Administration 23,025 20,823 44,311 43,888 -423 250,882
Payroll 40,811 42,252 79,691 85,043 5,353 510,259
Landscaping 35,008 37,616 71,171 75,233 4,062 451,396
Common area utilities 511 838 789 1,676 887 10,055
The Retreat 19,052 21,946 40,053 43,891 3,838 299,646
Reserve contributions 16,192 16,192 32,384 32,384 0 194,304
Total expenses 136,838 139,936 270,875 282,115 11,240 1,716,542
Net surplus (deficit) $7,963 -$1,258 $7,964 -$1,258 $17,993 $0
* Month over month variances to budget are expected since timing of expenses can vary from month to
Disclaimer month. 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 Liabilitites
Operating cash balance $324,537 Prepaid assessments 16,354
Reserve fund cash 416,805 Accounts payable 10,131
balance
Accrued payroll
Accounts receivable 6,789 760
obligation
Prepaid expenses 12,765 Other liabilities 163,625
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.
April 2020 Page 3
