Image Up Advertising & Design

4 | OHCC LIVING | DECEMBER 2023 | President's Message, continued from previous page e Executive Finance Committee met on Oct. 30, 2023 to review Sept. 30, 2023 financial statements. is review included comprehensive explanations of variances from the budget. Abbreviated financial statements are posted on the website. e total positive variance from budget as of the sixth month of the fiscal year was $259,426. It should be noted that OHCC Keystone's good management has greatly contributed to this positive half year position by more efficient use of their staff and bringing in house some previously outsourced activities. Other contributing factors are higher interest rates and lower water usage. e equity balance at Sept. 30, 2023 was $542,630. Currently the state of the Association's finances remains sound and stable with equity more than $200,000 above our target level. Treasurer's Report By Ann Collins, OHCC Treasurer Balance Sheet: September 30, 2023 Operating Cash and Receivables $ 1,057,778 Reserves and Other $ 5,150,566 Total Assets $6,208,344 Reserve Obligations $ 5,082,273 Current Liabilities $ 583,441 Total Liabilities & Obligations $ 5,665,714 Equity $ 542,630 Income Statement: Six months ended September 30, 2023 Budget Actual Variance Income $ 4,732,509 $ 4,773,042 $ 40,533 Expenses $ 4,858,996 $ 4,640,103 $ 218,893 Net ($ 126,487) $ 132,939 $ 259,426 the following actions were taken: • Approved the Minutes of the meeting of Sept. 21 • Approved the Report of the Executive Finance Committee meeting on Sept. 25 • Approved the August 2023 Financials • Approved fund transfers exceeding $10,000 • Directed that a lien be recorded on APN #169-388-29-00 • Received the Minutes of the recent construction team meetings for posting on the website • Granted seed money in the amount of $10,000 to the 40-Year Anniversary Celebration • Adopted a resolution giving guidance to the Architectural Review Committee • Authorized the purchase of new computers for the Computer Room at an approximate cost of $4,450 • Accepted the proposal from Pacific Coast Pool Service to replace the three pool heaters at a cost not to exceed $15,909.02 • Deferred consideration of correcting golf course construction defects until completion of other projects • Received a presentation from Director Lesser regarding OHCC streets and traffic safety • Authorized a deposit of $107,200 to Empire Steel to commence fabrication of the Lanai building components • Referred the matter of resident artwork display in the Clubhouse to the Image and Marketing Committee. Additional executive sessions of the Board were held on Oct. 24 and Nov. 8. At the Oct. 24 meeting the following actions were taken: • Ratified the decision of Oct. 19 to approve preparation of foundation plans using helical piers by the FESC engineering firm at a cost not to exceed $6,100 • Approved the lanai design change from caissons to helical piers • Approved proposals from RingCentral to lease phone equipment for all locations at an annual cost of $8,499 and to convert from the present system at a one-time cost of $3,679 • Approved an extension of the consulting agreement with Keystone to oversee the phone system upgrade at a cost not to exceed $6,000 • Discussed an incentive compensation plan for the General Manager. At the Nov. 8 meeting, the Board: • Endorsed the recommendation of the Lanai general contractor to subcontract with Hudson for electrical installation at $25,000, Dils for roof installation at $56,259 and Hometown for plumbing at $17,993.28 • Approved a change order for Berg in the amount of $24,121 to account for the increased size of a retaining wall • Authorized retention of a surveyor to determine the property line relative to the Delos crib wall • Discussed a potential change in the administrative staff configuration. ank you for your interest in the affairs of your Association, and please accept our best wishes for a happy and healthy holiday season.

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