Page 3 - June 2020 Courier.pub
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The Club at Westpark Community Association
Financial Results - April 2020
April Year To Date 2020
Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $130,289 $140,670 $548,407 $563,181 ($14,774) $1,716,542
Expenses
Administration 25,397 19,789 92,840 87,776 -5,065 250,882
Payroll 37,128 42,522 154,945 170,086 15,141 510,259
Landscaping 38,091 37,616 148,928 150,465 1,537 451,396
Common area utilities
586 838 2,038 3,352 1,313 10,055
The Retreat 2,248 21,946 69,076 88,546 19,470 299,646
Reserve contributions 16,192 16,192 64,768 64,768 0 194,304
Total expenses 120,880 138,902 537,549 564,993 27,445 1,716,542
Net surplus (deficit) $9,409 $1,768 $10,859 -$1,813 $12,671 $0
* 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.
Disclaimer
Balance Sheet Highlights
Assets Liabilities/Equity
Contract Liability/
Operating cash Reserve Fund
balance $412,571 Balance 325267.99
Reserve fund cash
balance 326,164 Prepaid assessments 17,599
Accounts receivable 9,971 Accounts payable 10,369
Accrued payroll ob-
Prepaid expenses 29,276 ligation 1,260
Other liabilities 278,245
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.
June 2020 Page 3
