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The Club at Westpark Community Association
Financial Results - September 2021
Income Statement and
Highlights
Actual Budget YTD YTD Budget YTD Variance Annual Budget
Revenue $135,298.68 $147,462.00 $1,191,439.56 $1,327,158.00 -$135,718.44 $1,769,544.00
Expenses
Administration $63,810.08 $67,517.00 $495,410.73 $607,653.00 $112,242.27 $810,205.00
Common Area $5,159.86 $7,110.00 $72,747.53 $63,990.00 -$8,757.53 $85,321.00
Land Maintenance $74,278.05 $38,529.00 $341,575.03 $346,761.00 $5,185.97 $462,349.00
Utilities $7,158.88 $5,964.00 $45,955.25 $53,676.00 $7,720.75 $71,568.00
Community Services -$31.16 $7,113.00 $4,776.32 $64,017.00 $59,240.68 $85,356.00
Swimming Pool/Spa $2,058.31 $1,517.00 $7,744.37 $13,653.00 $5,908.63 $18,205.00
Community Buildings $2,983.00 $0.00 $2,983.00 $0.00 -$2,983.00 $0.00
Total Expense $155,417.02 $127,750.00 $971,192.23 $1,149,750.00 $178,557.77 $1,533,004.00
Net Income/Expense -$39,835.61 $0.00 $42,810.51 $0.00 $42,810.51 $42,815.51
Reserve Contribution $19,717.27 $19,712.00 $137,998.02 $137,984.00 $14.36 $236,544.00
CURRENT PRIOR MONTH
MONTH (JULY 2021)
Balance Sheet Highlights
ASSETS
Operating Acct Funds $266,949.64 $413,763.06
Petty Cash $1,000.00 $1,000.00
Total Operating Funds $267,949.64 $414,763.06
Reserve Cash Balance $326,817.24 $284,749.35 Understanding the monthly financial results:
The monthly financials to the left contain cate-
gories which may appear to be over budget
TOTAL OTHER ASSETS $40,644.98 $53,539.13 while some appear to be under budget. This is
TOTAL ASSETS $635,411.86 $753,051.54 caused by the presentation of the monthly allo-
cations. When the budget is prepared, the cate-
gories are estimated on an annual basis and one
LIABILITIES twelfth of them appear in each monthly slot.
Construction Defect $16,106.17 $16,106.17 The reality is that the expenses don’t occur
Prepaid Assesments $84,636.76 $43,419.27 evenly throughout the year so from month-to-
month they may be negative variances. Our fi-
Prepaids Ads $12,460.23 $12,933.82 nancial results are also prepared on an accrual
Deferred Revenue $0.00 $0.00 basis and contain non-cash expenses such as
depreciation. Since our assessments are based
only on the calendar cash requirements of the
TOTAL LIABILTIES $113,203.16 $72,459.26 association, the budget estimates only include
anticipated c ash expenditures. Please keep this
MEMBER EQUITY in mind as you look at the results.
Reserve Fund Balance $196,919.67 $267,661.51
Op Fund Balance - Beg of Year $282,478.52 $282,478.52
Current Year Inc/(Loss) $42,810.51 $130,452.25
TOTAL MEMBER EQUITY $522,208.70 $680,592.28
TOTAL LIABILITES & EQUITY $635,411.86 $753,051.54
November 2021 Page 4
