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4 | OHCC LIVING | NOVEMBER 2020 | It's my nature to always – ALWAYS – begin any business discussion with any existing bad news, so if you get past my first sentence without seeing trouble, you needn't hold your breath while reading the rest… As your Treasurer, it's an immense pleasure to report that OHCC is in excellent financial health, defined by any reasonable accounting metrics. The numbers and ratios would make most HOAs jealous, and would satisfy the most cautious financial experts, the most critical homeowner. The report could end here, but some homeowners want more details. Those who seek complete financial data will be satisfied by the extract from September's financial report on our website. The full report comprises 201 pages. TWO HUNDRED AND ONE! Read on… Regarding such reporting and this medium, there's a timing problem. The report is about September's performance, but you're reading this in November. I typically receive the report from Keystone perhaps a week after the end of the month, and it is then reviewed by me and by the Executive Finance Committee, which I chair. Only after receiving that committee's blessing is the information considered valid, complete, and correct. But the OHCC Living schedule doesn't provide enough time between receipt of financial data and the cut-off date for publication, so this report – and those that follow – cannot be considered final and validated. We'll do our best to ensure the most complete and accurate data possible! Unfortunately, September's numbers are not yet ready for prime time, due to an error in accounting for the well project. We spent $122,869.12 to dig that hole in the ground, and it was erroneously expensed to Reserves. Because it wasn't to replace or repair an existing well, it should have been charged to our operating fund as a capital expense. The Master Board, in the Feb. 9 Special Open Board Meeting, decided to repay the Reserve account using our budget surplus, which was about $90k. That created what might appear to be negative $90k by September rather than $30k positive (I'm reluctant to use the terms PROFIT and LOSS), but it was moving money from one pocket to another. Even after that adjustment, our fiscal year to date reflects a SURPLUS of $77,331. We're fine… In past years, OHCC has paid its bills using a manual system, with paper invoices and paper checks, always approved by internal bookkeeping, our general manager, and Keystone's accounting people before two Directors sign the checks. We have just adopted (at zero cost) a software package called Strongroom, which brings that process into this century with online presentation of invoices, approvals, and backup data – and it still requires review and approval by two Directors before the check is issued. The result is a lower probability of error, more visibility of backup information, and better security of our money. Progress… As for the numbers-pro-tem: Operating cash $ 1,304,380 Receivables $ 134,217 Cash Reserves $ 5,399,065 Capital improvement reserves total $ 781,934 Other assets $ 53,862 Total assets $ 7,673,458 Total equity $ 875,786 Treasurer's Report By Henry Eisenson, Incoming Treasurer

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