| OHCC LIVING | FEBRUARY 2024 | 5
The Executive Finance Committee met
on December 28, 2023 to review November
30, 2023 financial statements. This review
included comprehensive explanations of
variances from the budget. Abbreviated financial statements are posted
on the website.
The total positive variance from budget as of the eighth month of
the fiscal year is $341,836. It should be noted that OHCC Keystone's
good management has greatly contributed to this positive 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.
The equity balance at November 30, 2023 is $589,015
Currently the state of the Association's finances remains sound and
stable with equity more than $ 200,000 above our target level.
The BFAC (Budget and Financial Advisory Committee) composed
of Members and Directors is currently meeting with staff to lend their
expertise to the preparation of the Master Association budget for 2024-
2025. Projections of operating income and expenses and recommended
reserve balances are being reviewed. Thank you to this committee for their
assistance in this detailed process.
Treasurer's Report By Ann Collins, OHCC Treasurer
Balance Sheet: November 30, 2023
Operating Cash and Receivables $ 1,185,719
Reserves and Other $ 5,103,992
Total Assets $6,289,711
Reserve Obligations $ 5,073,141
Current Liabilities $ 627,555
Total Liabilities & Obligations $ 5,700,696
Equity $ 589,015
Income Statement:
Eight months ended November 30, 2023
Budget Actual Variance
Income $ 6,310,012 $6,347,750 $ 37,738
Expenses $6,472,524 $6,168,426 $ 304,098
Net ($ 162,512) $ 179,324 $ 341,836
