Image Up Advertising & Design

The June financials have not been reviewed by the Executive Finance Committee as of this writing due to the July 4 holiday. Therefore, this report is based solely on my own analysis. Copies of the June statements have been posted to the OHCC website. The report for May has been reviewed by the EFC and the minutes of that meeting were approved on the Consent Calendar July 10 and are also available on the website. June, the third month of our 2020-21 Fiscal Year, continued the trend of reduced revenue from Clubhouse activities during the pandemic, and slightly reduced expenses in various categories. The net result is that we are $42,000 ahead of budget for the month, and $201,000 at the close of the first quarter with an actual surplus of $205,000. Expenses are marginally lower in a number of categories, with water again leading the way. Overall, our utilities are below budget by $113,000. As a result of our strong finish in the Fiscal Year ending March 31 and our good showing the first quarter, we now have equity of $1,078,000. While we had anticipated applying $96,000 of last year's surplus to this first quarter, we have instead added $88,000 to our equity. Two concerns have been raised by Members in correspondence. The first is whether there will be an assessment rebate based on the temporary closure of various amenities. The simple answer is "no." You own these amenities; you would be digging into your right pocket to give a rebate to your left pocket. However, any savings will be reflected in our financial statements. If those savings result in a year-end surplus, you should expect that it will be applied to your dues for next year. To do so, you need to approve the annual resolution that is included in the Annual Meeting ballot which you received in mid-July. The second question is whether the Association can benefit from the Federal funds available for COVID-19 relief, specifically the PPP (Payroll Protection Plan). Since the OHCC HOA is not an employer, we can't benefit directly from the PPP. However, Keystone has applied for and received PPP funds which come in the form of a loan. Under certain conditions that loan can be forgiven, the exact nature and timing of which remains cloudy. However, in the event that Keystone's loan is eventually forgiven, OHCC HOA would expect to benefit. Your HOA continues to maintain its excellent financial condition. I would be happy to answer any questions you may have about this report, our financial statements or our finances in general. 8 | OHCC LIVING | AUGUST 2020 | Treasurer's Report By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com Ask about our OHCC discount! 30 June 2020 Operating Cash & Receivables $ 1,454,000 Reserves and Other $ 5,888,000 Total Assets $ 7,343,000 Reserve Obligations $ 5,811,000 Current Liabilities $ 453,000 Equity $ 1,078,000 June Fiscal Year Income $ 679,000 $ 2,042,000 Expenses $ 654,000 $ 1,838,000 Net $ 25,000 $ 205,000 * * * *Rounding error

• Cover