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The Club at Westpark Community Association
Financial Results - January 2020
Jan-20 Year To Date 2020
Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $141,999 $140,920 $141,999 $140,920 $1,079 $1,716,542
Expenses
Administration 21,286 23,065 21,286 23,065 1,779 250,882
Payroll 38,880 42,522 38,880 42,522 3,642 510,259
Landscaping 35,162 37,616 35,162 37,616 2,454 451,396
Common area
utilities 278 838 278 838 560 10,055
The Retreat 21,001 21,946 21,001 21,946 945 299,646
Reserve
contributions 16,192 16,192 16,192 16,192 0 194,304
Total expenses 134,037 142,178 134,037 142,178 8,142 1,716,542
Net surplus (deficit) $7,963 -$1,258 $7,964 -$1,258 $9,221 $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 comput-
ed.
Balance Sheet
Highlights
Assets Liabilities
Operating Prepaid
cash balance $439,601 assessments 14,554
Reserve
fund cash balance 400,251 Accounts payable 14,398
Accrued
Accounts receivable 12,414 payroll obligation 510
Prepaid expenses 38,642 Other liabilities 295,630
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.
March 2020 Page 3
