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| OHCC LIVING | MAY 2019 | 5 Treasurer's Report By Greg Kusiak, MBA, Treasurer We want to remind our members that the financial statements are available on our website. Since April first marks the beginning of our new fiscal year, the year-to-date totals for March represent the completed year. The Executive Finance Committee reviewed the financial reports for March in detail. The EFC minutes documenting the completion of this task, along with specific authorizations for transfers of amounts in excess of $10,000, are on the website. By now, everyone should have adjusted their dues payments based on the new village assessments. The Master Association assessment for Fiscal Year 2020 remains at $393 as it was for 2019. For the Fiscal Year just ended, we had a surplus of $311,000. While I would love to say that this was due to outstanding financial stewardship, the truth is that nearly 2/3 of the surplus — $197,000— was thanks to a wet winter, and $28,000 was due to rising interest rates. However, our financial performance last year was even better than it might appear. We absorbed an additional payroll on last year's books equal to about $59,000, and we demolished the old TV shed and created beautiful Inspiration Hill for about $40,000. It is also interesting to note that there were no savings from the water well in the last fiscal year, and none are projected in the current budget year. However, we are working toward savings of around $10 in monthly assessments from the water well in Fiscal Year 2021. A number of people have asked me if the costs of the water well project or the Clubhouse renovation are prohibiting work to begin on the lanai. The answer is "No." We have substantial cash and reserves—in excess of $6 million dollars—and add well over a million dollars per year to those resources. We have the capacity to handle all our current projects, including the golf course renovation, without any increase in contributions to the reserves. There are no current projects whose schedules are dependent on cash availability. As we move toward completing the first month of the new fiscal year, we are pleased to report that your Homeowners' Association maintains its excellent financial status. Just one indicator of that health is our bad debt. We have only two current accounts out of 1,632 involved in any collection actions, and our bad debt last year was 1/10th of a percent. 31 March 2019 Operating Cash and Receivables $ 1,025,000 Reserves and Other 5,398,000 Total Assets $ 6,423,000 Reserve Obligations $ 5,326,000 Current Liabilities 610,000 Equity 488,000 * March Fiscal Year Income $ 651,000 $ 7,832,000 Expenses 612,000 7,521,000 Net $ 40,000 * $ 311,000 *Rounding error There were no noteworthy Under/(Over) Budget Items for the completed year, other than the water expense, interest income and related tax liabilities previously noted. I would be happy to entertain any questions you may have about this report or about the financial status of the Ocean Hills Country Club HOA. ~ Gregory M. Kusiak, MBA, gregory_kusiak@msn.com

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