| OHCC LIVING | JUNE 2024 | 5
e Executive Finance Committee met
on April 29 to review March 31, 2024 fiscal
year end 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 fiscal year end March
31, 2024 is $561,799.
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. Negotiations
with major contractors have increased accountability and have controlled
and reduced costs. Other contributing factors are higher interest rates
and lower water usage. e Equity balance at March 31, 2024 is $644,544.
Currently the state of the Association's finances remains sound and
stable.
A certified audit of the fiscal year end March 31, 2024 financial
statements will be conducted. Any resulting adjustments will be reflected
in the financial statements.
Treasurer's Report By Ann Collins, OHCC Treasurer
Balance Sheet: March 321, 2024
Operating Cash and Receivables $ 1,012,571
Reserves and Other $ 4,745,280
Total Assets $5,757,851
Reserve Obligations $ 4,585,229
Current Liabilities $ 528,078
Total Liabilities & Obligations $ 5,113,307
Equity $ 644,544
Income Statement:
Fiscal year end March 31, 2024
Budget Actual Variance
Income $ 9,465,018 $9,521,778 $ 56,760
Expenses $9,504,184 $8,999,145 $ 505,039
Net ($ 39,166) $ 522,633 $ 561,799
