4 | SUN LAKES LIFESTYLES | FEBRUARY 2021 |
Narrative for November Financials
Net Income for November was $51,576, bringing the YTD Loss to
$76,094 and is $21,751 better than Budget.
For the month of October, Total Income (Revenue) was $1,054,417
resulting in Year to Date Total Income of $11,915,590. Year to date
Income is significantly below Budget but is offset by significantly
reduced spending. Reduced revenues are primarily due the Restaurant
closure, slightly less golf revenues, and reduced recognition of
Homeowner Reserve assessments, required by FASB 606. Again
reduced revenues have been more than offset by reduced spending
resulting in the year to date loss being slightly better than budget.
Reduced spending is primarily due to the closure of the restaurant
and below plan Reserve spending. The Restaurant opened on Nov.
18 for curbside pickup and Veranda dining. Restaurant financial
activity for November is depicted in the supplementary Restaurant
and Lounge – Actual vs Budget Report. Restaurant activity is now
pick up and home delivery only due to both Riverside County and
State requirements.
November Balance Sheet: Total Assets were up slightly from
October at $13,007,304 including Cash and Investments of $12,309,
236. Total Liabilities were also up slightly including Current Liabilities,
net of reserves, deposits, and prepaid expenses of $733,805.
