| SUN LAKES LIFESTYLES | MARCH 2025 | 7
TREASURER'S REPORT: DECEMBER 2024 FINANCIAL STATEMENTS
The Association had a net loss (expenses exceeded income) in
December of $5,195 and a year-to-date loss of $553,852 (see table
below). This compares to a net surplus through the end of December
2023 of $266,203.
At the end of December, the balance in the Operating Fund
checking account was $499,540. On that same date the Association
had outstanding bills of $1,529,704. If accounts receivable and cash
are combined outstanding bills exceed cash and accounts receivable
by $417,660 (see the graphic below). Outstanding bills at the end
of December included $1,106,536 owed to FirstService Residential,
most of which is unpaid reimbursement for payroll.
The Restaurant & Lounge had a loss in December of $19,772
which is $11,300 better than the December budgeted loss. Year-to-
date, the Restaurant & Lounge has a total loss of $855,345 which
exceeds its budget loss by $442,241.
In an effort to address losses in Food & Beverage operations
the Board voted, at its Jan. 22 meeting, to engage a new Food &
Beverage management company. The decision is dependent upon
the execution of a contract with the new management company,
Compass Group. The target date for change in the management of
Food & Beverage is April 1, 2025.
Please email me with any questions at gary.burkel@sunlakescc.
com. ~ Gary Burkel, SLCC Treasurer, CPA-Retired
