| OHCC LIVING | FEBRUARY 2025 | 5
The Executive Finance Committee
met on Dec. 20, 2024 to review Nov.
30, 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 eighth month of the fiscal
year is $ 175,885
Additional income was realized from higher interest rates. Water
expense increases have continued. Although water rates increases were
budgeted, usage over the past few months increased. Expense savings
were realized from efficient use of personnel and open positions of
Keystone staff.
The Equity balance Nov. 30, 2024 is $ 766,968
Currently the state of the Association's finances remains sound and
stable.
The budget for the next fiscal year, with assistance from the Budget
and Financial Advisory Committee, is currently in the process of being
prepared.
Treasurer's Report
By Ann Collins, OHCC Treasurer
Balance Sheet: November 30, 2024
Operating Cash and Receivables $ 1,248,120
Reserves and Other $ 4,131,802
Total Assets $5,379,922
Reserve Obligations $ 4,077,497
Current Liabilities $ 535,457
Total Liabilities & Obligations $ 4,612,954
Equity $ 766,968
Income Statement:
Eight months ended November 30, 2024
Budget Actual Variance
Income $ 6,690,593 $ 6,736,017 $ 45,424
Expenses $ 6,736,310 $ 6,605,849 $ 130,461
Net $ (45,717) $ 130,168 $ 175,885
