Subject: MHOA July 2012 Financial Summary

From: Peter Corio <pcorio2@gmail.com>

Date: 8/8/2012 2:58 PM

 

 

This communication is intended to advise all of our financial status at July 31, 2012 in lieu of an August 2012 Board Meeting.

 

Board members will find attached our Consolidated Balance Sheet, Operating Statement and Operational Expense Variance Report.

 

Consolidated Balance Sheet:

 

Our Consolidated Balance Sheet shows available Cash of $495,531 at month end July 31st and our cash flow trend report shows a continued healthy cash position through the year.

 

Our Reserve shows $810,818, however in August we moved $100,000 from the Reserve to fund various RCC projects approved by Board.   These projects include;

 

1.      Expansion of the RC Grill kitchen which will improve pool side food service significantly during the coming season.

 

2.      Replacing the worn carpet flooring in the Fitness Center and adding five pieces of additional equipment by re-arranging the floor plan.

 

3.      Removing the space on the second floor previously used for administrative offices and expanding of the Aerobics Room.

 

We estimate our Reserve to be $750,000 or more at year end 2012, more than adequate to fund our reserve items.  We will report fully on the reserve items and status during the November normal Board Meeting.

 

Operating Statement:

 

Year to date July 31st earnings, adjusted to budget, are at a positive $20,659 versus a budgeted or projected loss of $25,467 an improvement in financial operations results of $46,126.

 

The Board is grateful to Theresa Berry and Ken Bloom for their commitment and a job well done.

                                                                                                              

Operational Expense Variances:                                                             

 

As always, any Board Member is welcome to address any questions regarding expense variances to Theresa or Ken.

 

 

Peter Corio