| OHCC LIVING | AUGUST 2024 | 5
The Executive Finance Committee met on June 24, 2024 to review May 31,
2024 financial statements. This review included comprehensive explanations
of variances from the budget. Abbreviated financial statements are posted
on the website.
The total variance from budget as of the second month of the fiscal year
is $ 84,851. The major reasons for this variance is time-phasing estimates
of water usage, more efficient use of Keystone staff and higher interest rates.
The Equity balance at May 31, 2024 is $766,625.
Currently the state of the Association's finances remains sound and stable.
Treasurer's
Report
By Ann Collins, OHCC Treasurer
Balance Sheet: May 31, 2024
Operating Cash and Receivables $ 1,342,760
Reserves and Other $ 4,391,395
Total Assets $5,734,155
Reserve Obligations $ 4,310,612
Current Liabilities $ 656,918
Total Liabilities & Obligations $ 4,967,530
Equity $ 766,625
Income Statement:
Two months ended May 31, 2024
Budget Actual Variance
Income $ 1,672,648 $ 1,676,296 $3,648
Expenses $ 1,635,418 $ 1,554,215 $81,203
Net $ 37,230 $ 122,081 $ 84,851
