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The Club at Westpark Community Association
Financial Results - March 2020
Mar-20 Year To Date 2020
Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $129,775 $140,920 $418,118 $422,510 ($4,393) $1,716,542
Expenses
Administration 23,132 24,099 67,444 67,967 543 250,882
Payroll 38,127 42,522 117,817 127,565 9,747 510,259
Landscaping 39,667 37,616 110,837 112,849 2,012 451,396
Common area
utilities 663 838 1,452 2,514 1,062 10,055
The Retreat 26,775 22,710 66,828 66,601 -227 299,646
Reserve
contributions 16,192 16,192 48,576 48,576 0 194,304
Total expenses 145,794 143,976 416,669 426,091 9,422 1,716,542
Net surplus
(deficit) -$16,020 -$3,056 $1,449 -$3,581 $5,029 $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
Operating Prepaid
cash balance $393,485 assessments 220,256
Reserve fund
cash balance 358,147 Accounts payable 10,722
Accounts Accrued payroll
receivable 5,354 obligation 1,010
Prepaid expenses 9,051 Other liabilities 37,463
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.
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