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The Club at Westpark Community Associa on

Financial Results - December 2020

December Year To Date 2020

Actual Budget YTD YTD Budget Variance Annual Budget
Revenues $127,430 $143,045 $1,580,589 $1,716,542 ($135,953) $1,716,542
Expenses

Administra on $18,723 $20,907 $254,226 $250,882 ($3,344) $250,882
Payroll 24,107 425,822 377,929 510,259 $132,330 510,259
Landscaping 37,962 37,616 451,217 451,396 $179 451,396
Common area u li es 1,161 838 11,164 10,055 ($1,109) 10,055
The Retreat 16,015 24,970 153,898 299,646 $145,748 299,646
Reserve contribu ons 16,192 16,192 194,304 194,304 $0 194,304
Total expenses 115,397 143,045 1,457,594 1,716,542 $258,948 1,716,542

Net surplus (defecit) $12,033 $0 $122,995 $0 $122,995 $0

In 2020, we budgeted to use $27,000 surplus carry over - this means we budget to have a deficit of $27,000 at year end. Due
Disclaimer to Covid Restrictions, we had huge savings in Payroll and Retreat expenses giving us a $123k surplus. This brings our new
Operating Fund Equity Balance to $276,753 for 2021. These figures may change with the CPA 2020 Review.

Balance Sheet Highlights
Assets
Opera ng cash balance $513,844
Reserve fund cash balance 225,835
Accounts receivable 3,985
Prepaid expenses 17,729
Liabili es/Equity
Contract Liability/Reserve
Fund Balance 174,251
Prepaid assessments 190,523
Accounts payable 88,322
Accrued payroll obliga on 0
Other liabili es 41,017

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.

March 2021 Page 3