bay colony homeowners association inc n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Bay Colony Homeowners Association, Inc . PowerPoint Presentation
Download Presentation
Bay Colony Homeowners Association, Inc .

Loading in 2 Seconds...

play fullscreen
1 / 15

Bay Colony Homeowners Association, Inc . - PowerPoint PPT Presentation


  • 127 Views
  • Uploaded on

Bay Colony Homeowners Association, Inc . Results of 2012 Financial Operations. AGENDA. Introduction Cash, Receivables, Equity Capital Assets/Reserve Accounts Income & Expenditures Budget Performance Proposed 2013 Budgets Insurance Annual Fee Assessment Publication of Annual Report

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

Bay Colony Homeowners Association, Inc .


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
    Presentation Transcript
    1. Bay Colony Homeowners Association, Inc. Results of 2012 Financial Operations

    2. AGENDA • Introduction • Cash, Receivables, Equity • Capital Assets/Reserve Accounts • Income & Expenditures • Budget Performance • Proposed 2013 Budgets • Insurance • Annual Fee Assessment • Publication of Annual Report • Summary Schedules: • Balance Sheet • Income Statement • Budget Performance • Proposed 2013 Operating Budget • Proposed 2013 Capital Budget • Fixed Assets Amortization Schedule • Budgeted Expenditures Chart

    3. INTRODUCTION To the BCHA Board of Directors: This report is prepared in accordance with the established BCHA policy on reporting and audit of BCHA financial operations, which is to be completed within 60 days of year end. BCHA Financial Operations involves the following steps: • Billing members for association fees on an annual basis and mailing out monthly reminder statements. • Collecting members' payments and vendor statements sent to the P. O. Box (bimonthly) • Recording collections and depositing checks in the Regions Bank. • Issuing/recording checks in payment of vendor invoices and sundry reimbursement requests. • Filing Federal local tax returns. • Issuing information statements related to property sales. • Reconciling sundry bank accounts. • Maintaining Property Amortization Schedule • Printing financial reports from QuickBooks Accounting. • Preparing package in support of annual audit. • Reporting financial status to the Board and Members at year end meetings. The following paragraphs represent the results of BCHA operations for 2011 and BCHA's financial condition as of December 31, 2012. (See accompanying financial statements). AGENDA

    4. CASH/RECEIVABLES/EQUITY See: Balance Sheet • Cash in the Operating and Reserve Accountsat 12/31/2012 was $64,087. There were no significant anticipated accounts payables. • Petty Cash at 12/31/2012 was $300. There were no unreimbursed Petty Cash vouchers. • Accounts Receivables: Total account Accounts Receivable at year end were $1,356 (5% of total collections). • Year-end 2012 Lot owner’s Equity per lot is $3,489, ($160,496 / 46 lots), slightly less than the previous period. AGENDA

    5. Capital Assets/Reserve Accounts • (See Amortization Schedule) • BCHA accumulates sufficient reserve funds to effect major renovation or replacements of its capital assets throughout their useful lives. (Recent examples include the resurfacing of both swimming pool and tennis courts in 2010). The underlying calculations are performed on an Amortization Schedule, that determines the reserve requirements and allocated reserve funds according to asset. (See: Amortization Schedule as of 12/31/2012), • The year-end balance in reserve accounts totals $56,872 ($33,227 in the Regions BankDeposit Account, and $23,645 in a CapitalOne Bank Certificate of Deposit. • The estimated reserve requirements are $56,872 thousand, indicating an excess of $3,788. (Within 7% of target). AGENDA

    6. 2012 Income & Expenditures • (See: Income Statement) • 2012 Income from operations (primarily Association Fees) were $25,584, including $115 of late charges and $89 of reserve interest income, about the same as the prior year.   • Operating Expenditures were $14,329, (exclusive of $5,082 of Reserve Fund additions) about 8% less than the prior year.  • Net Income for the year was $11,255, which was $2,546 (0r 29%) higher than the prior year. See: Budget Performance for the explanations. AGENDA

    7. 2012 Budget Performance • See: Budget Performance • BCHA Expendituresfor 2012 were $14,329 or 1% overthe budget of $14,156. • Uncollectable Accounts of $0 was under the $500, due to the absence of any foreclosures during the period. • Landscaping cost was $1,240 or 26% under budget due to a delay in replacing the prior landscaper who unexpectedly quit. • Repairs & Maintenance was $795 under the $2,900 budget. • Special Functions was $454 over the $400 budget • To the good, most expenditures, including Pool Service, Utilities, Insurance, Federal Income Taxes and others, came in at or under budget. AGENDA

    8. Proposed 2013Budget (See: 2013 Budget Proposal • The Proposed 2013 Budget is based essentially on 2012 actuals, adapted for known changes. • Budgeted Income from all sources is $25,600. • Budgeted Expenditures are $16,635, prior to allocation of $1,294 for funding future reserve expenditures, and the 2013 Capital Budget of $4,171 (per Attachment C). • This results in a modest predicted increase in surplus for the year, assuming that operating expenditures remain fairly constant, and capital expenditures are accomplished in accordance with programmed replacements per the amortization schedule. • The Board will continue their efforts to offset escalating costs by various means, including: • Sponsoring the Annual Cleanup Day, • Competitively bidding of service contracts, • Use of low cost local labor for maintenance, and • Performing accounting in house (via a member’s volunteer services. AGENDA

    9. Insurance • BCHA carries a policy with State Farm Insurance for $1 million per incident in Liability Insurance, $2.1 million in aggregate, as well as $1 million of Directors and Officers coverage and other typical coverage’s. • This coverage, which includes an umbrella coverage, would appear to be adequate for most contingencies. AGENDA

    10. PUBLICATION OF ANNUAL FINANCIAL REPORT • This report will be submitted to the BCHA Secretary, and emailed to each BCHA Board Member. • Copies of this report and attachments will be available via email, upon request to the BCHA Secretary. • The Operating Budget and Report Summary is available on the BCHA Website. "thebaycolony.com“ AGENDA

    11. ANNUAL FEE ASSESSMENT • Continuing higher cost were essentially offset (for now) by careful planning , monitoring and control of expenditures. (e.g., Budget Coordinators, etc) • The Board continues to pursue savings in major expenditures by sponsoring the Annual Cleanup Day, competitively bidding of service contracts, use of low cost local labor for maintenance, and performing accounting in house (via a member’s volunteer services). As a consequence - the annual fee assessment will remain the same for 2013. AGENDA

    12. SUMMARY • Based upon the aforementioned facts and circumstances, it would appear that the Association (BCHA) is financially sound and should continue to be so, as long as conditions remain essentially the same. • AGENDA

    13. Balance Sheet

    14. Income Statement

    15. Budget Performance