May Financials

I do not have a current chart showing YTD.  I lost all of my charts and graphs when my computer crashed, but am working on recreating it all.  You will notice that we are + $14,636.71 for the year in 2011.  Since we have such a surplus at this time, we decided to FINALLY fix the irrigation system that runs along the front of the neighborhood running East to West.  As we mentioned in a previous update, this will allow the shrubbery to grow (which is no longer being trimmed so low) and give the residents at the front of the community their much needed privacy.

You may have also noticed in the past month that pressure in the entire irrigation system was very low.  This has been fixed and the 2nd (backup) pump has been installed and has been running as well.  As more homes are built, both pumps will need to be utilized at all times to provide enough pressure in the irrigation lines.  Both of these projects were costly and therefore June's YTD number will be significantly lower (though still on the positive side at this time). 

Anyway, here is the financial summary for May 2011:

CURRENT ASSETS

 

BB&T - Operating $ 80,999.44

BB&T - Reserve 152,584.34

BB&T - Petty Cash 1,000.00

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Subtotal Current Assets $ 234,583.78

OTHER CURRENT ASSETS

Assessment Receivable $ 53,824.53

Allowance for Bad Debt (26,756.51)

Refundable Deposits 4,155.00

Prpd Liab / Prop Ins: 07/11 535.59

Prpd D&O Insurance: 08/11 275.82

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Subtotal Other Current Assets $ 32,034.43

TOTAL ASSETS $ 266,618.21

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LIABILITIES & EQUITY

 

CURRENT LIABILITIES:

Accounts Payable $ 245.00

Prepaid Assessments 29,303.33

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Subtotal Current Liabilities $ 29,548.33

RESERVES:

Reserves - Clubhouse $ 35,117.84

Reserves - Irrigation 7,290.83

Reserves - Security 6,818.74

Reserves - Streets 57,327.62

Reserves - Pool 26,393.95

Reserves - Gates 9,623.51

Reserves - Lakes / Fountains 7,008.55

Reserves - Contingency 2,631.71

Interest on Reserve Acct 371.59

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Subtotal Reserves $ 152,584.34

EQUITY:

Prior Years Earnings $ 69,848.83

Balance Sheet

As of 05/31/11

Current Year Net Income/Loss +14,636.71

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Subtotal Equity $ 84,485.54

TOTAL LIABILITIES & EQUITY $ 266,618.21