| SUN LAKES LIFESTYLES | JANUARY 2021 | 5
Narrative for October Financials
Net Income for October was $117,971, bringing the YTD Loss to
$127,625 and $13,729 better than Budget.
For the month of October, Total Income (Revenue) was $1,052,796
bringing Year to Date Total Income to $10,861,173. Year to date
Income is below Budget by $1,717,202, primarily due the Restaurant
closure, slightly less golf revenues, and due to reduced Homeowner
reserve assessment revenue recognition required by FASB 606
revenue recognition standards. However, reduced revenues have been
more than offset by reduced spending. Total Expenses for October
were $934,825 bringing YTD total Expenses to $10,988,797 and
$1,730,932 less than Budget. Below Budget spending is primarily
due to the closure of the restaurant and below plan Reserve spending.
October Balance Sheet: Total Assets were down slightly from
September at $12,754,937 including Cash and Investments of
$12,013,535. Total Liabilities were also down by $113,366 including
Current Liabilities, net of reserves, deposits, and prepaids, of $643,076
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