| OHCC LIVING | APRIL 2024 | 5
The Executive Finance Committee
met on Feb. 26 to review the Jan. 31, 2024
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 tenth month of the
fiscal year is $469,930.
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. This
variance has allowed the Master Board to approve a transfer of $250,000
from Equity to the Capital Reserves. The resulting Equity balance at
January 31, 2024 is $537,604.
Currently the state of the Association's finances remains sound and
stable.
The 2024-2025 Master Association Budget was presented and approved
at the Feb. 22 Regular Monthly Board meeting. The monthly Master
Association assessments for the 2024-2025 fiscal year will be $504,
an increase of $27. Thanks again to the Budget and Financial Advisory
Committee for their assistance.
Treasurer's Report By Ann Collins, OHCC Treasurer
Balance Sheet: January 31, 2024
Operating Cash and Receivables $ 1,046,381
Reserves and Other $ 5,211,444
Total Assets $6,257,825
Reserve Obligations $ 5,117,717
Current Liabilities $ 602,504
Total Liabilities & Obligations $ 5,720,221
Equity $ 537,604
Income Statement:
Ten months ended January 31, 2024
Budget Actual Variance
Income $ 7,887,515 $7,931,323 $ 43,808
Expenses $7,979,531 $7,553,409 $ 426,122
Net ($ 92,016) $ 377,914 $ 469,930
