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Sun Lakes Lifestyles February 2021

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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.

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