| BALANCE SHEET - PWHOA (08/31/04) |
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| ASSETS: |
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| Operating Assets - General |
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| Checking-Bank Atlantic |
4,809.98 |
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| Savings - Bank Atlantic |
80,644.32 |
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| Checking - Union Bank |
37,107.73 |
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| Money Market - SouthTrust |
3,638.40 |
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| Total Operating Assets - General |
126,200.43 |
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| Operating Assets - Cable |
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| Cable Account - Washington Mutual |
28,147.42 |
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| Cable Account - Regent Bank |
106,217.29 |
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| Total Operating Assets - Cable |
134,364.71 |
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| Other Assets |
|||||||||||
| Accounts Receivable |
161.84 |
||||||||||
| Bulk Cable Receivables |
23,763.69 |
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| Newsletter Income Due |
4,443.50 |
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| Prepaid Insurance |
15,599.91 |
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| Total Other Assets |
43,968.94 |
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| TOTAL ASSETS |
$304,534.08 |
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| LIABILITIES & EQUITY: |
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| Operating Liabilities |
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| Accounts Payable |
7,528.96 |
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| Prepaid Assessments |
821.71 |
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| Prepaid Cable Assessment |
115.93 |
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| Deferred Revenue |
93,333.32 |
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| Deferred Cable Income |
160,183.34 |
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| Total Operating Liabilities |
261,983.26 |
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| Members Equity |
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| Members Equity |
37,532.41 |
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| Current Year Earnings |
5,018.41 |
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| Total Members Equity |
42,550.82 |
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| TOTAL LIABILITIES & EQUITY |
$304,534.08 |
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| HOMEOWNERS EQUITY: |
|||||||||||
| Total Members Equity |
42,550.82 |
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| Less Cable Adjustment |
-2,170.87 |
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| TOTAL HOMEOWNERS EQUITY |
$44,721.69 |
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| BUDGET COMPARISON - PWHOA (08/31/04) |
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| MTD |
MTD |
YTD |
YTD |
Annual |
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| Actual |
Budget |
Actual |
Budget |
Budget |
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| INCOME: |
||||||||||
| Homeowner Assessment |
23,333.33 |
23,333.33 |
186,666.68 |
186,666.67 |
280,000.00 |
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| Interest Income |
256.71 |
166.67 |
679.77 |
1,333.33 |
2,000.00 |
|||||
| Bulk Cable Assessment |
16,018.33 |
16,018.75 |
123,824.14 |
128,150.00 |
192,225.00 |
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| HO Dock Ins. Premium |
0.00 |
45.83 |
0.00 |
366.67 |
550.00 |
|||||
| Newsletter Advertising |
283.50 |
320.83 |
7,995.00 |
2,566.67 |
3,850.00 |
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| Golf Tournament Income |
0.00 |
625.00 |
100.00 |
5,000.00 |
7,500.00 |
|||||
| Miscellaneous Income |
0.00 |
0.00 |
2,540.00 |
0.00 |
0.00 |
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| TOTAL INCOME |
39,891.87 |
40,510.42 |
321,805.59 |
324,083.33 |
486,125.00 |
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| EXPENSES: |
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| Maintenance & Common Area Expense: |
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| Irrigation Maint/Upgrade |
0.00 |
833.33 |
7,339.69 |
6,666.67 |
10,000.00 |
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| Landscape Replacements |
0.00 |
550.00 |
13,474.00 |
4,400.00 |
6,600.00 |
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| Lawn/Landscaping/Tree Trim |
4,650.00 |
4,250.00 |
29,459.00 |
34,000.00 |
51,000.00 |
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| Lake & Dock Maintenance |
150.00 |
150.00 |
1,200.00 |
1,200.00 |
1,800.00 |
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| Playground Maintenance |
0.00 |
375.00 |
600.00 |
3,000.00 |
4,500.00 |
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| Pressure Cleaning |
30.00 |
166.67 |
2,780.00 |
1,333.33 |
2,000.00 |
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| Security |
7,618.40 |
8,250.00 |
65,070.16 |
66,000.00 |
99,000.00 |
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| Miscellaneous General Maintenance |
100.00 |
100.00 |
809.88 |
800.00 |
1,200.00 |
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| Street Signs |
73.02 |
250.00 |
753.76 |
2,000.00 |
3,000.00 |
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| Improvements - Golf Proceeds |
0.00 |
375.00 |
0.00 |
3,000.00 |
4,500.00 |
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| Cable TV |
15,820.69 |
16,018.75 |
125,598.17 |
128,150.00 |
192,225.00 |
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| Utilities - Electric |
3,016.34 |
2,250.00 |
18,295.56 |
18,000.00 |
27,000.00 |
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| Total Maint. & Com. Area Expense |
31,458.45 |
33,568.75 |
265,380.22 |
268,550.00 |
402,825.00 |
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| Administrative Expense: |
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| Accounting Fees |
0.00 |
125.00 |
1,250.00 |
1,000.00 |
1,500.00 |
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| Insurance |
2,419.89 |
1,700.00 |
14,597.34 |
13,600.00 |
20,400.00 |
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| Legal |
0.00 |
666.67 |
4,929.11 |
5,333.33 |
8,000.00 |
|||||
| Office Supplies |
296.91 |
500.00 |
2,635.70 |
4,000.00 |
6,000.00 |
|||||
| Postage/Other |
173.08 |
300.00 |
1,786.59 |
2,400.00 |
3,600.00 |
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| Holiday Lights |
0.00 |
8.33 |
24.37 |
66.67 |
100.00 |
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| Meeting Room Fees |
0.00 |
8.33 |
80.00 |
66.67 |
100.00 |
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| Newsletter Printing Expense |
0.00 |
400.00 |
2,707.60 |
3,200.00 |
4,800.00 |
|||||
| Management Fees |
2,900.00 |
2,900.00 |
23,200.00 |
23,200.00 |
34,800.00 |
|||||
| Golf Tournament Expenses |
0.00 |
250.00 |
0.00 |
2,000.00 |
3,000.00 |
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| Website Management Fees |
0.00 |
75.00 |
135.00 |
600.00 |
900.00 |
|||||
| Taxes-Licenses-Permits |
0.00 |
8.33 |
61.25 |
66.67 |
100.00 |
|||||
| Total Administrative Expense |
5,789.88 |
6,941.67 |
51,406.96 |
55,533.33 |
83,300.00 |
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| TOTAL EXPENSE |
37,248.33 |
40,510.42 |
316,787.18 |
324,083.33 |
486,125.00 |
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| NET INCOME/(LOSS) |
2,643.54 |
0.00 |
5,018.41 |
0.00 |
0.00 |
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