Page 3 - August 2020 Courier.pub

The Club at Westpark Community Association
Financial Results - June 2020
June Year To Date 2020

Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $127,262 $140,670 $803,356 $844,771 ($41,415) $1,716,542
Expenses
Administration 22,309 19,789 136,744 127,888 ($8,857) 250,882
Payroll 29,908 42,522 219,114 255,129 36,015 510,259
Landscaping 37,441 37,616 226,791 225,698 ($1,093) 451,396
Common area utilities ($461) 838 4,069 5,027 $959 10,055
The Retreat 10,062 22,710 90,290 133,202 42,911 299,646
Reserve contributions 16,192 16,192 97,152 97,152 0 194,304
Total expenses 116,689 139,666 781,588 844,096 62,508 1,716,542
Net surplus (deficit) $10,573 $1,004 $21,768 $675 $21,093 $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 computed.
Balance Sheet Highlights
Assets Liabilities/Equity
Operating cash balance $333,596 Contract Liability/Reserve Fund Balance 344,463
Reserve fund cash balance 345,358 Prepaid assessments 188,388
Accounts receivable 3,105 Accounts payable 12,043
Prepaid expenses 47,102 Accrued payroll obligation 1,760

Other liabilities 24747.3
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 (6336.95) 250,882
Payroll 34,261 42,522 189,206 212,608 23.402 510,259
Landscaping 40,421 37,616 189,350 188,082 (1268.05) 451,396
Common area utilities 2,492 838 4,530 4,190 (340.31) 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 (329.05) $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 computed.

Balance Sheet Highlights
Assets Liabilities/Equity
Operating cash balance $293,637 Contract Liability/Reserve Fund Balance 332,331
Reserve fund cash balance 333,989 Prepaid assessments 18,365
Accounts receivable 3,877 Accounts payable 5,467
Prepaid expenses 24,312 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 budget. This is caused by the presenta-
tion 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.
August 2020 Page 3