4 | OHCC LIVING | SEPTEMBER 2020 |
The financials for July were reviewed by
the Executive Finance Committee on August
12. Copies of the July statements have been
posted to the OHCC website.
July is the fourth month of our 2020-21
Fiscal Year and continues the trend of reduced
revenue from Clubhouse activities during the
pandemic, and slightly reduced expenses in
various categories. We are $28,000 ahead of
budget for the month, and $229,000 for the
year to date with an actual loss for the month
of $5,000 (compared to a budgeted loss of
$33,000) and a year-to-date actual surplus
exceeding $199,000 (compared to a budgeted
loss of $29,000).
While we had anticipated applying
$127,000 of last year's surplus to this first
third of the year, we have instead added
$72,000 to our equity, currently $1,062,000.
The weather remains our perpetual wild
card as it may affect our budget for the
balance of the year. This year we also have the
COVID-19 wild card which will begin making
itself felt as we absorb the extra expenses of
new related staff tasks and new services such
as sanitizing our facilities. Fortunately, we
are in a good position financially to adapt to
these unpredictable circumstances.
Treasurer's Report
By Greg Kusiak, MBA, Treasurer, gregory_kusiak@msn.com
31 July 2020
Operating Cash & Receivables $ 1,554,000
Reserves and Other $ 5,944,000
Total Assets $ 7,497,000
Reserve Obligations $ 5,874,000
Current Liabilities $ 561,000
Equity $ 1,062,000
June Fiscal Year
Income $ 682,000 $ 2,724,000
Expenses $ 687,000 $ 2,525,000
Net $ (5,000) $ 199,000
*
*Rounding error
