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| OHCC LIVING | MAY 2021 | 5 The bad news: these reports were criticized by a reader, who complains that they go beyond what should appear in a Treasurer's Report. Well, I invited exactly that — suggestions for more, less, or different content. However, I've received many favorable comments from readers who obviously disagree with my critic. So this report will be a bit… different. Our just-concluded fiscal year ended as a financial success, mostly due to things that didn't happen — like labor that was not expended and expenses that did not arise — all due to COVID-19. That's not presented as a "silver lining" to the pandemic, but definitely improves our basis as we move into our 2021-22 year. As always, for the CPAs and finance experts in our community, our numbers appear on the website. You'll be happy to learn that our primitive, archaic, steam-powered website is soon to be replaced — thanks to Sid Saltzman and his team — and the new one promises to improve access to important data such as our financial reports. As mentioned, I've actively invited comments and questions, and have received many of interest. Two recent questions are so important that I decided to include them in this report: From ND - Why are we spending millions on the golf course without a vote? The HOA decided years ago to begin reserving the money for this job, with voter approval of that plan. Board after board has supported that savings program, and year after year we've reserved funds to do the renovation. As we took money from our revenues and put it into our Reserves, we were effectively "spending" it. From LL - Just what is that reserve thing, and why is it so expensive? OHCC is like a small town, with many assets that wear out and need repair or replacement. Periodically, we hire an outside professional to examine everything we own, and predict when work will be needed and what it will cost. Then, the Board develops annual budgets that include not only our annual operating expenses, but also the funds needed to support all those FUTURE repairs and replacements. The bottom line? Our Reserves is a "savings account" — money set aside in advance of need, in accordance with a specific plan that is supported by board after board and by homeowners. Done properly, that system minimizes chances of unpleasant surprises — such as an emergency assessment. When buying a home in any HOA, it's important to check Reserves as a way of grading financial health. You'll be pleased to learn that OHCC gets an A+. Readers will be pleased by the actual numbers that define our 2020- 21 success. I decided to present that information in two ways; gross numbers describing overall performance of the HOA, and the same data on a per capita basis. Future replication of that depends upon feedback; does that make sense to you? Here's how it looks: That's our current status, our performance over fiscal 2020-21, and our performance this past month--with each number on a gross and on a per-homeowner basis. Is that useful to you? Worth repeating? There is no reason to expect fiscal 2021-22 to be very different, though reserves will diminish as funds are applied to various PLANNED and PREPARED-FOR repairs, replacements, and renovations--including the golf course. In future years, it will build back up as it did in the past. Those who think this report strays too far from the CPA centerline might consider tightening their seat belts; I am not a sleeve garters and green eye shade kind of guy. Future reports will continue this style subject to reader support, critique, and questions — which are always welcome. Treasurer's Report By Henry Eisenson, OHCC Treasurer AS OF MARCH 31, 2021 STATUS ..................................................... HOA ........PER HOME Operating cash and receivables ...... $1,326,000 .....................813 Reserves and Other ........................... 5,871,000 ..................3,597 Total Assets* ..................................... 7,196,000 ..................4,409 Reserve Obligations .......................... 5,713,000 ..................3,501 Current Liabilities ................................ 470,000 .....................288 Equity ............................................... 1,013,000 .....................621 FOR THE FISCAL YEAR Income ............................................ $8,147,000 ..................4,992 Expenses ........................................... 7,741,000 ..................4,743 Net* ...................................................... 407,000 .....................249 FOR MARCH 2021 Income ............................................... $676,000 .....................414 Expenses .............................................. 664,000 .....................407 Net.......................................................... 12,000 .........................7 *Ignore rounding errors

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