| SUN LAKES LIFESTYLES | DECEMBER 2024 | 7
TREASURER'S REPORT: SEPTEMBER 2024 FINANCIAL STATEMENTS
The Association had a net loss (expenses exceeded income) in
September of $169,326 and a year-to-date loss of $663,001 (see
table below). This compares to a net surplus through the end of
September 2023 of $132,553 or an increase in losses of $795,554.
At the end of September, the balance in the Operating Fund
checking account was $244,172. On that same date the Association
had outstanding bills of $1,490,207. If accounts receivable
(primarily amounts due from members house accounts) and cash
are combined outstanding bills exceed cash and accounts receivable
by $815,865 (see the graphic below). Outstanding bills at the end
of September included $858,989 owed to FirstService Residential,
most of which is unpaid reimbursement for payroll.
The restaurant and lounge had a loss in September of $94,399
which is $60,151 greater than the September budgeted loss. Year
to date the restaurant and lounge has a total loss of $644,664 which
exceeds its budget loss by $330,268. In an effort to address the
losses in Food & Beverage, the Board authorized the distribution of
a Request for Proposal (RFP). The Board is reviewing two proposals
received in response to the RFP. Both companies have extensive
experience and specialize in the hospitality business.
Please email any questions to gary.burkel@sunlakescc.com. ~
Gary Burkel, SLCC Treasurer, CPA-Retired
