Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
OPENINGCall to Order, Roll Call, Establish QuorumProof of Notice of Meeting
HOMEOWNERS COMMENTSAPPROVAL OF OUTSTANDING MINUTES
August 22, 2018 MPOA Monthly Meeting MinutesBOARD DISCUSSION
Strategic Plan, New Club Management System Progress, Marketing Initiatives, Membership Cards, First 10 Policy Updates
MOTIONS FOR APPROVALBob Griswold
MPOA FINANCIAL UPDATEChuck Gregory, Board Liaison
RIVER CLUB MANAGEMENT REPORTDik Hall, Board Liaison
PROPERTY MANAGEMENT REPORTRita Cohen, Sr. Property Manager
UPDATES – COMMITTEE CHAIRSUPDATES – MPOA BOARD MEMBERS
Golf Meeting (Monthly) Sept 13, 2018CDD Meeting (Monthly) Sept 17, 2018
OLD BUSINESSNEW BUSINESSDIRECTORS COMMENTSADJOURNMENT
DISCUSSIONSStrategic Plan Issued, New Club Management System Progress, Marketing Initiatives,Membership Cards/Key Fobs/Colors/RFID/Usage,
First 10 Policy Updates:1. Committee Formation Bob Griswold, Jodi Carroll2. Use of River Club Facilities Dik Hall3. Boat Lift Committee Charter DELETE Bob Grisold4. Design Review Committee Charter Tom Werner5. Marketing & Communications Committee Charter Jodi Carroll6. DELETED 20097. Activities Committee Charter Dik Hall8. Hurricane Protective Devices Bob Griswold9. Capital Projects Reserve Acct Bob Griswold10. Community Expressions of Sentiment Bob Griswold
NEW ITEMS: Alternative Revenue Impacts
REQUEST FOR MOTION
I move that the Board approve new paint scheme #12 to be added to the paint scheme book for exterior painting of homes within Waterlefe. This paint scheme was approved by the DRB at their meeting on September 16, 2018 and is displayed in the Members Room for the Board to view.
APPROVED BY MPOA BOARD on _______________________________
REQUEST FOR MOTION
REQUESTED ACTION: Motion to transfer $57,253.00 from the BB&T Reserve Account to the BB&T Operating Account.
BACKGROUND: In order to reconcile the cash accounts to the Reserve Fund balances, $57,253.00 will need to be transferred from the reserve account to the operating account for reserve projects that were paid through the BB&T operating checking account.
REQUESTED MOTION:BE IT MOVED that the Waterlefe’ s Treasurer be directed to allow
the Comptroller to transfer $57,253.00 from the BB&T Reserve Account to the BB&T Operating Checking Account for purposes of fund reconciliation.
REQUEST FOR MOTION REQUESTED ACTION:
Increase $3045 budget for Christmas lights outside River Club by $1000 to highlight new landscape. (takes more lights)
APPROVED BY MPOA BOARD on _______________________________________________
REQUEST FOR MOTION REQUESTED ACTION:
The commercial garbage disposal in the River Club kitchen has failed and must be replaced. It is original equipment and cannot be repaired. I move that the Board approve reserve funds to purchase a new unit from Fox Restaurant Supply. Total cost is $2410.50. We have a $1223.80 credit at Fox from the kitchen dish pit fix. This motion requests approval for $1186.70 in additional funding.
There will be an additional charge, less than $500, for installation by a plumber.
APPROVED BY MPOA BOARD on _______________________________________________
REQUEST FOR MOTION REQUESTED ACTION:
Motion to pay $750 from BB&T operating account, expensed to general ledger acct# 6168 Computer Software Support (additional expense is covered by $900 YTD surplus for this line item)
BACKGROUND: The scope of work to transfer our Declaration of Covenants to the new website requires more labor hours than the website committee can allocate. We therefore respectfully request the Board of Directors approve payment to ClubComm to build the new pages. ◦ Scope: Recreate layout of page within a table◦ 61 PDF documents currently on page that are linked twice within the page◦ Download, upload, creat 2 hyperlinks for every document (open in a new window)
REQUESTED MOTION: BE IT MOVED that the Waterlefe’ s Treasurer be directed to allow the Comptroller to pay ClubComm $750, payable from BB&T operating account.
APPROVED BY MPOA BOARD on _______________________________________________
Monthly YTD Actual % Actual %
Revenues - PM MPOA $164,594 UNDER -0.31% $1,358,159 OVER 1.90%Revenues - Riverclub $37,413 OVER 13.16% $506,735 OVER 5.37%
Total Revenue $202,007 OVER 2.25% $1,864,894 OVER 2.83%
Cost of Goods Sold $16,723 OVER 13.76% $197,857 OVER 2.93%Payroll Expenses $112,567 UNDER -5.30% $742,353 UNDER -2.39%Oper & Res Expenses (No Deprec Incl) $91,674 UNDER -6.50% $839,151 UNDER -1.91%
Total Expenses $220,964 UNDER -4.60% $1,779,361 UNDER -1.59%NET -$18,957 $85,533
Bal
ASSETSASSETS
ASSETSASSETS
Current AssetsCurrent Assets
BB&T Operating - 6819BB&T Operating - 6819121,973.86
BB&T Payroll - 7588BB&T Payroll - 7588791.49
BB&T MM Operating - 0354BB&T MM Operating - 035426,672.31
BMO Harris Operating CheckingBMO Harris Operating Checking1,560.11
BB&T MM Reserve - 0346BB&T MM Reserve - 034675,076.98
BMO Harris - Reserve CDBMO Harris - Reserve CD170,173.00
BB&T CDAR ReservesBB&T CDAR Reserves90,534.95
A/R - River ClubA/R - River Club53,405.20
A/R - Owners/MembersA/R - Owners/Members27,553.40
A/R - VillasA/R - Villas5,176.14
AR Shores Addt'l AssessmentAR Shores Addt'l Assessment14,978.15
Bad Debt AllowanceBad Debt Allowance-10,134.62
Bad Debt Allowance - Shores AddlBad Debt Allowance - Shores Addl-14,978.15
Inventory - BeerInventory - Beer2,410.15
Inventory - WineInventory - Wine4,883.68
Inventory - LiquorInventory - Liquor12,257.95
Inventory - FoodInventory - Food15,383.19
Prepaid ExpensePrepaid Expense215
Intercompany BillingsIntercompany Billings657.25
Prepaid InsurancePrepaid Insurance15,208.59
DepositsDeposits1,835.00
PY River Club DuesPY River Club Dues1,430.30
--------------
Total Current AssetsTotal Current Assets617,063.93$617,064
--------------
Property and EquipmentProperty and Equipment
Cap Assets RC-Furn & EquipCap Assets RC-Furn & Equip107,425.14
Cap Assets RC-BuildingCap Assets RC-Building3,399,775.51
Cap Assets RC-Lease Fitness EquipCap Assets RC-Lease Fitness Equip63,500.00
Cap Assets PM-Property & EquipCap Assets PM-Property & Equip12,214.50
A/D - RC Furn & EquipA/D - RC Furn & Equip-28,459.19
A/D - RC BuildingA/D - RC Building-856,919.12
A/D - RC Lease Fitness EquipmentA/D - RC Lease Fitness Equipment-56,091.56
A/D - PM Property & EquipA/D - PM Property & Equip-12,214.50
--------------
Total Property and EquipmentTotal Property and Equipment2,629,230.78$2,629,231
--------------
TOTAL ASSETSTOTAL ASSETS3,246,294.71$3,246,295
==============
LIABILITIES & CAPITALLIABILITIES & CAPITAL
Current LiabilitesCurrent Liabilites
Accounts PayableAccounts Payable1,088.13
Prepaid Owners AssessmentsPrepaid Owners Assessments18,321.85
Event DepositsEvent Deposits-1,995.00
Service Charge PayableService Charge Payable2,345.17
Gift CertificatesGift Certificates362
Year End Gratuity FundYear End Gratuity Fund289.06
Credit Card PayableCredit Card Payable-1,779.40
Sales Tax PayableSales Tax Payable2,633.35
Due to CDDDue to CDD14,529.32
--------------
Total Current LiabilitiesTotal Current Liabilities35,794.48$35,794
--------------
Long Term LiabilitiesLong Term Liabilities
Deferred Revenue - AssessmentsDeferred Revenue - Assessments127,727.20
Deferred Revenue - VillasDeferred Revenue - Villas25,333.70
Construction Loan Payable #1Construction Loan Payable #1310,000.27
Construction Loan Payable #2Construction Loan Payable #2129,325.79
Capital Lease ObligationCapital Lease Obligation16,598.03
--------------
Total Long Term LiabilitiesTotal Long Term Liabilities608,984.99$608,985
--------------
Total LiabilitiesTotal Liabilities644,779.47$644,779
--------------
CapitalCapital
Retained EarningsRetained Earnings-676,081.36
Contributed CapitalContributed Capital2,993,213.00
Reserve Fund GeneralReserve Fund General188,241.72
Reserve Fund Boat LiftReserve Fund Boat Lift18,117.63
Reserve Fund - Shores B&RReserve Fund - Shores B&R48,654.00
Reserve Fund InterestReserve Fund Interest15,744.67
Current Year Surplus/DeficitCurrent Year Surplus/Deficit13,625.58
--------------
Total CapitalTotal Capital2,601,515.24$2,601,515
--------------
TOTAL LIABILITIES & CAPITALTOTAL LIABILITIES & CAPITAL3,246,294.71
20,122,547.73608,984.99
$20,122,547.73644,779.47
0.003,246,294.69
Act
Current MonthActualCurrent MonthBudgetCurrent MonthVarianceYear to DateActualYear to DateBudgetYear to DateVariance
RevenuesRevenues
Assessment IncomeAssessment Income114,988.91116,455.17-1,466.26938,004.44931,641.466,362.98
Villa Landscaping IncomeVilla Landscaping Income24,690.8225,012.00-321.18201,945.30200,096.001,849.30
Late FeesLate Fees0250-2501,081.001,250.00-169
Legal Fee Reimbursement/IncomLegal Fee Reimbursement/Incom000690.160690.16
Misc Income - EstoppelsMisc Income - Estoppels3,242.971,300.001,942.9715,863.558,000.007,863.55
Owners Interest IncomeOwners Interest Income0900-9001,121.264,650.00-3,528.74
Kayak IncomeKayak Income750756,525.007,200.00-675
Management FeesManagement Fees8,160.428,250.00-89.5865,703.3666,000.00-296.64
Work Order IncomeWork Order Income00030030
Owner Sale/Lease IncomeOwner Sale/Lease Income8004004006,500.003,400.003,100.00
FoodFood24,773.4123,731.001,042.41345,614.66322,696.0022,918.66
LiquorLiquor6,182.283,296.002,886.2850,907.0944,819.006,088.09
BeerBeer1,792.001,319.0047317,743.2517,927.00-183.75
WineWine4,665.134,615.0050.1360,503.6462,747.00-2,243.36
Fitness RevenueFitness Revenue0100-1008,687.003,700.004,987.00
River Club Minimum AssmntRiver Club Minimum Assmnt00023,279.6329,000.00-5,720.37
Reserve Assessment IncomeReserve Assessment Income11,000.0011,000.00088,000.0088,000.000
Shores Reserve Assess IncomeShores Reserve Assess Income416.67416.6703,333.363,333.360
Boat Lift Reserve AssessmentBoat Lift Reserve Assessment28128102,248.002,248.000
3% Fee Income Shore Add'l Asm3% Fee Income Shore Add'l Asm000-10.630-10.63
Shores Maintenance Income CDDShores Maintenance Income CDD00016,268.8715,000.001,268.87
Sales Tax Vendor RebateSales Tax Vendor Rebate303002402400
Interest Income - OperatingInterest Income - Operating5.5813-7.4294.05104-9.95
Interest Income - ReservesInterest Income - Reserves591.3830561.382,132.552401,892.55
Other IncomeOther Income311.53167144.538,388.861,336.007,052.86
-------------------------------------------------------------------------
Total RevenuesTotal Revenues202,007.10197,565.844,441.261,864,894.401,813,627.8251,266.58
-------------------------------------------------------------------------
Cost of SalesCost of Sales
COGS FoodCOGS Food12,182.9310,944.00-1,238.93147,221.49148,974.001,752.51
COGS LiquorCOGS Liquor2,074.241,312.00-762.2416,039.0615,457.00-582.06
COGS BeerCOGS Beer981.08552-429.087,481.836,743.00-738.83
COGS WineCOGS Wine1,485.071,892.00406.9327,114.9221,057.00-6,057.92
-------------------------------------------------------------------------
Total Cost of SalesTotal Cost of Sales16,723.3214,700.00-2,023.32197,857.30192,231.00-5,626.30
-------------------------------------------------------------------------
Revenues Less COGSRevenues Less COGS185,283.78182,865.842,417.941,667,037.101,621,396.8245,640.28
-------------------------------------------------------------------------
Payroll ExpensesPayroll Expenses
Salaries & WagesSalaries & Wages95,748.03102,323.006,574.97611,454.34647,893.0036,438.66
Payroll Tax ExpensePayroll Tax Expense8,277.548,459.00181.4662,681.5154,003.00-8,678.51
Workers Comp InsWorkers Comp Ins2,861.203,075.00213.819,262.1918,521.00-741.19
Contract LaborContract Labor1,140.00979.17-160.839,823.657,833.36-1,990.29
Insurance BenefitsInsurance Benefits4,540.324,031.16-509.1639,131.4832,249.28-6,882.20
-------------------------------------------------------------------------
Total Payroll ExpensesTotal Payroll Expenses112,567.09118,867.336,300.24742,353.17760,499.6418,146.47
-------------------------------------------------------------------------
Operating ExpensesOperating Expenses
Equipment RentalEquipment Rental576375-2015,621.034,300.00-1,321.03
Equipment LeaseEquipment Lease2,054.732,272.67217.9418,669.8218,181.36-488.46
Cable & InternetCable & Internet30,043.7230,487.50443.78225,243.43243,900.0018,656.57
Fuel & OilFuel & Oil354.341,166.67812.3310,211.419,333.36-878.05
SuppliesSupplies1,607.872,600.00992.1315,581.5820,800.005,218.42
Supplies - MaintenanceSupplies - Maintenance599.04708.34109.35,527.115,666.72139.61
DecorationsDecorations02202204,226.912,760.00-1,466.91
R&M - Pool FacilityR&M - Pool Facility1,140.001,250.001109,687.4810,000.00312.52
R&M - BuildingR&M - Building2,482.162,083.33-398.8319,269.4016,666.68-2,602.72
China/Flatware/CrystalChina/Flatware/Crystal000982.61,000.0017.4
R&M - Boat LiftR&M - Boat Lift03753755,001.933,000.00-2,001.93
R&M EquipmentR&M Equipment3,436.551,454.17-1,982.3822,537.3711,433.36-11,104.01
R&M IT/DATA/PhonesR&M IT/DATA/Phones753.97666.67-87.36,175.765,333.36-842.4
UtilitiesUtilities7,018.283,216.67-3,801.6126,732.1425,733.36-998.78
Uniforms/Linens/LaundryUniforms/Linens/Laundry732.481,416.67684.198,840.7511,333.362,492.61
Dues & SubscriptionsDues & Subscriptions28441.67-242.33345.951,533.361,187.41
Music/Events/EntertainMusic/Events/Entertain25050025010,657.8211,166.66508.84
TelephoneTelephone250983.33733.333,190.287,866.644,676.36
Telephone - MaintTelephone - Maint75125506001,000.00400
Postage & DeliveryPostage & Delivery0130.42130.42989.472,583.361,593.89
MeetingsMeetings0166.67166.67859.831,333.36473.53
Software/Computer SupportSoftware/Computer Support425.85754.33328.4816,310.9417,207.64896.7
Water/SewerWater/Sewer1,020.891,181.67160.788,420.339,453.361,033.03
Promotions & AdvertisingPromotions & Advertising30583.33553.333,793.324,666.64873.32
Community PromotionsCommunity Promotions02502504,758.312,000.00-2,758.31
HR Background ChksHR Background Chks198.166.67-131.43572.92633.3660.44
Legal FeesLegal Fees-290.71,250.001,540.7010,453.7210,000.00-453.72
Audit FeesAudit Fees00015,250.0015,000.00-250
HR & Payroll FeesHR & Payroll Fees2,025.001,679.17-345.8312,313.8113,433.361,119.55
Lawn Service/LandscapeLawn Service/Landscape14,150.0013,600.00-550109,387.50110,800.001,412.50
Supp 20 ObligationSupp 20 Obligation2,788.181,667.00-1,121.1818,942.7513,334.00-5,608.75
Permits & LicensesPermits & Licenses1,646.880-1,646.884,138.133,575.00-563.13
Turf & Palm Fert/PestTurf & Palm Fert/Pest12,935.005,178.33-7,756.6744,970.0041,426.64-3,543.36
TravelTravel43.0183.3340.32640.05666.6426.59
Insurance - Boat LiftInsurance - Boat Lift102.33308.41206.08818.642,467.281,648.64
Insurance - E&OInsurance - E&O138150.1712.171,104.001,201.3697.36
Insurance - UmbrellaInsurance - Umbrella296.8326.4229.622,374.402,611.36236.96
Insurance - FloodInsurance - Flood127.17123.92-3.251,013.34991.36-21.98
Insurance - D&OInsurance - D&O158.25149.58-8.671,241.331,196.64-44.69
Insurance - Crime/Fidelity BoInsurance - Crime/Fidelity Bo55.7559.53.7544647630
Insurance - Gen Lia & PropInsurance - Gen Lia & Prop1,861.312,767.17905.8617,243.3322,137.364,894.03
Insurance - Shores BridgeInsurance - Shores Bridge191.6767.92-123.751,533.36543.36-990
Insurance - Worker's CompInsurance - Worker's Comp59.580-59.581,196.480-1,196.48
Education and TrainingEducation and Training1,200.00158.33-1,041.671,465.001,266.64-198.36
Bank & Credit Card FeesBank & Credit Card Fees-474.899751,449.8916,115.339,825.00-6,290.33
CommitteesCommittees083.3383.33289.87666.64376.77
Rental ExpenseRental Expense46.320-46.32468.010-468.01
Reserve Expense - General FunReserve Expense - General Fun-1,737.1611,000.0012,737.1670,241.8388,000.0017,758.17
Reserve Expense - Boat Lift FReserve Expense - Boat Lift F028128110,099.342,248.00-7,851.34
Reserve Exp - Shores Bridge &Reserve Exp - Shores Bridge &0416.67416.677,600.003,333.36-4,266.64
Interest ExpenseInterest Expense2,041.362,150.00108.6416,748.1317,880.001,131.87
Depreciation ExpenseDepreciation Expense8,988.460-8,988.4671,907.680-71,907.68
R&M MailboxesR&M Mailboxes05005002,348.954,000.001,651.05
R&M - Pointe & River ClubR&M - Pointe & River Club977.042,000.001,022.9618,763.4822,000.003,236.52
R&M Backflow TestingR&M Backflow Testing00017,136.0017,500.00364
-------------------------------------------------------------------------
Total Operating ExpensesTotal Operating Expenses100,662.3498,051.03-2,611.31911,058.35855,465.94-55,592.41
-------------------------------------------------------------------------
Operating Surplus / (Deficit)Operating Surplus / (Deficit)-27,945.65-34,052.526,106.8713,625.585,431.248,194.34
-------------------------------------------------------------------------
AR Bal
MemberRiverThePY FoodBoatThe ShoresOutstanding
Member #NameClubMPOAVillasMinimumLiftAdd AssmntBalance
0009356ABL Holding Co, LLC, DeCr638.5900000638.59
9630201Acker, Bruce C.601.6200000601.62
0980711Adams, Edward262.9100000262.91
1061013Al-Suffi, Amer Taj283.5600000283.56
0007069Alexander, Carol137.2100000137.21
9720202Anacreonte, Nicholas217.1300000217.13
0080419Andersen, Ulf168.1200000168.12
0009156Antonelli, Eileen162.400000162.4
0992311Armour, Wesley & Patricia60.630000060.63
1100620Augello, Michael274.2600000274.26
0007387Auker, David144.1700000144.17
0981111Ayoub, Norman210000021
0007357Baker, Robert37.420000037.42
0096314Balducci, Phillip94.010000094.01
0007157Barber, Richard42.710000042.71
1050615Barraclough, Myles L.56.810000056.81
9423101Barrett, Bob395.6300000395.63
0945911Bartlett, Gary A.190.0700000190.07
9720102Barton, Byron231.9200000231.92
0096184Battle, William E.66.480000066.48
1071520Beauchamp, Edwin64.360000064.36
0972011Becher, Karl116.2500000116.25
0007087Benedict, Richard S.32.630000032.63
0970711Bilotti, Alfred22.040000022.04
9614101Bingham, Richard Steve460000046
0008085Blazak, Robert30.130000030.13
1080420Blazejewski, Carl64.340000064.34
0097194Bobo, Ronald202.1900000202.19
0101154Boddie, Richard125.1400000125.14
0101094Bogumil, Jeffrey275.3200000275.32
0098264Boisdenghien, James84.130000084.13
0106172Bolendz, Scott34.50000034.5
0040616Bolter, Guy107.0700000107.07
0098074Brand, Barbara460.1300000460.13
9435202Brinkmeyer, Dirk34.880000034.88
0106252Brocki, John12600000126
0100412Brown, James56.250000056.25
0945411Brown, Cynthia91.730000091.73
1031520Browne, Amber61.180000061.18
0050616Bryg, Laura71.40000071.4
1030920Bumgarner, Kenneth78.750000078.75
0006329Burish, Roberta J.156.250346000502.25
0050116Burner, Richard218.4900000218.49
0007437Burnett, Clive34.710000034.71
1061813Byrne, Thomas202.1900000202.19
0103212Campion, Kevin T.88.710000088.71
0991111Carey, Steve64.470000064.47
0102124Carpenter, Richard308.9600000308.96
0008208Carroll, Richard111.2500000111.25
0010411Catone, Robert1,933.44000001,933.44
0009876Cheeran, David155.6300000155.63
0110111Christman, Marc D.74.130000074.13
0082819Clekis, Terry1,221.39000001,221.39
9423102Coey, Jane D.325.2400000325.24
0972411Coleman, Robert R.121.2900000121.29
0008165Collin, Marcel161.1300000161.13
0080319Copeland, James459.3800000459.38
9630102Cordell, Angela650000065
0006049Corporal, Mary188.5500000188.55
0006147Corrigan, Mark309.700000309.7
0982211Costello, John170.3600000170.36
0006217Coyle, John281.100000281.1
0102412Cranston, Bradley12.570000012.57
0041416Creel, Richard131.3700000131.37
0041016Crepeau, Francis156.9800000156.98
1060715Cullen, Steven162.8300000162.83
R919201Curtin, Mike249.0800000249.08
0951511D'Alonzo, Gary161.2600000161.26
1081220Davis, James186.6600000186.66
1090820Davis, Barbara J.61.510000061.51
0106132DeKany, Richard109.1300000109.13
0096274Desaulnier, Denise16.680000016.68
0099084DeVore, Robert11200000112
9606102Donnelly, David31.594.130000125.63
1041120Doty, Cole18.130000018.13
0006129Doud, Gary168.2700000168.27
0009436Drourr, Howard143.1500000143.15
Y001002Ellsworth, Scott94.160000094.16
9423202Enis, Joseph95.950000095.95
1080315Eppard, Walt84.070000084.07
0008195Erskine, Gerald62.210000062.21
1071515Falkner, Thomas05,532.570780014,978.1521,290.72
9623102Fehrenbacher, H.Neal71.570000071.57
0099164Feile, Sigurg58.130000058.13
9448102Forrest, Michael72.210000072.21
0935101Fraker, Sean24000000240
0991511Galbraith, David34.40000034.4
0101163Gautesen, Arthur247.1900000247.19
9720101Geib, Maryann970000097
0009716Gillette, Darren346.900000346.9
0060516Gittler, John193.3200000193.32
0009108Golino, Alessandro16.260000016.26
0097124Graczyk, Lisa Ann0.31000000.31
0951011Grant, Harry D.125.6300000125.63
9415102Greenwood, Richard88.630000088.63
9720201Grenier, Deborah178.6900000178.69
1070520Griswold, Robert553.8100000553.81
0006507Gross, Nancy Lee136.2700000136.27
0951102Grote, Kenneth132.2500000132.25
9453102Guidice, Gerard91.040000091.04
0041316Hall, Richard502.1700000502.17
0992611Hammond, Brian H.900000090
0052416Hanle, Joseph06170000617
Y002209Hansen, Brian136.400000136.4
1051020Hantverk, Brad890000089
0983011Harcharik, Thomas99.080000099.08
0943511Harding, Wayne48.790000048.79
0927101Harenchar, George8.25000008.25
0910101Harmison, Jamie M.054.240340.700394.94
0006497Harrison, Susan80.380000080.38
0942311Hassell, Dennis4255,974.971,927.140008,327.11
0052010Haw, Stuart06174810001,098.00
0040516Haynes, John119.800000119.8
9711202Hinkley, Stewart17800000178
0102084Hinton, Richard01,268.1300001,268.13
0084019Hoffman, Theodore112.2500000112.25
1040215Hoffman, Robert48.330000048.33
A0101212Holinsky, Terry & Cindy20.630000020.63
0097204Hood, Judith75.810000075.81
9623201Hopkins, Peter184.8200000184.82
0102054Hopper, Richard147.5700000147.57
0009556Horger, Lee515.900000515.9
0962111Houston, Roger152.200000152.2
0051210Howard, Carrie89.690000089.69
0097274Hughes, Donald160.9700000160.97
0096104Humphrey, William142.200000142.2
0106222Isaacs, Jane90.38-60000030.38
0096074Jackson, James71.250000071.25
0946411Jackson, Donald M.99.210000099.21
0960518Jacobs, Michael R.189.6200000189.62
0050810Jeff, Daniel199.8900000199.89
0103612Jenkins, Richard259.6300000259.63
0940511John Prescott Farms LLC193.2400000193.24
9441102Jopling, Thomas Willoughb220.700000220.7
0006097Kalousek, Thomas M.469.7700000469.77
9419201Keating, Patrick127.38405.580000532.96
0105062Kerr, Donald315.8300000315.83
0961318Ketron, Bobby56.690000056.69
R006617Kiger, William35.280000035.28
0919101Kinder, James722.8500000722.85
1031515Kinder, James324.4500000324.45
0102012Kinnett, Stanley298.5800000298.58
1041220Klark, Gunter291.8100000291.81
9454102Kluk, Michael153.7500000153.75
9441202Koster, John147.7700000147.77
1062613Kovac Family Trust148.1100000148.11
0006547Krasow, Herbert1,570.68000001,570.68
0098194Krzos, Walter E.170.2700000170.27
0943101Kulscar, Winifred123.7400000123.74
0102164Kunkel, Daniel A.10500000105
1060720Kusterer, Robert528.200000528.2
1061120Kutska, Kenneth584.0300000584.03
0945511Labelle, Jerry199.0600000199.06
0009676Laber, David351.3734.130000385.5
1031015Land, Courtney609.3400000609.34
1063813Lasseter, Henry16.860000016.86
0096224Leadingham, David83.80000083.8
0007077Lee, Barbara A.424.8400000424.84
9705101Lengyel, Joel366.2900000366.29
0101153Librizzi, Robert140.1700000140.17
0050916Limardi, Henry535.3400000535.34
9630101Lindauer, Keith13.250000013.25
9419202Lindley Trust, ScottLindl500.0100000500.01
1040320Luna, Patrick61.130000061.13
0051610Lynch, Paul69.510000069.51
1072020Maddaloni, Anthony350000035
0109081Mahon, John61.730000061.73
0084419Manjarrez, Frank329.8900000329.89
0009316Mann, Deanna119.3800000119.38
9454101Manne, Gennaro151.1300000151.13
1050920Marciales, Werther500000050
0961218McBride, Kenneth830000083
0082419McCarty, Herbert10200000102
1060820McCray, Shawn180.092.29032.700215.08
0010151McElligott, Martin876.0600000876.06
0102094McGee, James D.141.2500000141.25
1060315McNabb, David110.5700000110.57
0095164Melendez, Fernando47.480000047.48
0950111Mercier, David06174810001,098.00
0007019Michaelsen, Roger339.600000339.6
1101020Michaelson, Dean106.7800000106.78
0061516Michalske, Ralph568.8900000568.89
0007199Miles, Paul149.7500000149.75
0007099Miller, Nathan141.8800000141.88
0009836Miller, Alan204.8900000204.89
0962011Miller, Arthur82.440000082.44
1060320Mongiello, Chuck56.860000056.86
0009516Moore, Andrew T.266.8200000266.82
A0007427Moran, Theodore237.3100000237.31
Y001005Morgan, Brian157.5200000157.52
9607202Mott, Charles152.0200000152.02
0009196Mulholland, Michael62.810000062.81
0007347Murphy, Deborah L.85.130000085.13
0102712Murphy, Joseph143.571170000260.57
1070620Myers, Ronald55.240000055.24
1031415Nessetti, Matthew69.50000069.5
0063016Noll, Wendy370.2734.130000404.4
0993211Norbury, Gary104.9400000104.94
0945111Norton, James206.0200000206.02
0009238O'Donnell, Eugene310.6200000310.62
0007167O'Keefe, Robert90.220000090.22
1081520O'Laughlin, Kevin48.040000048.04
0008125Paikoff, Martin84.20000084.2
0096144Paisie, Robert H.182.2500000182.25
0100812Papp, Francis330000033
0950911Parker, Timothy550000055
0006307Paturno, Domenick50.250000050.25
0009068Paulson, Peggy258.9400000258.94
9441101Pearce, James Richard0554.110000554.11
1082420Pettersen, Anne31.250000031.25
0100094Pierson, Christopher C.96.250000096.25
9447201Pike, Richard895.171,284.0000002,179.17
0961618Poe, Elizabeth610000061
9415201Pokorn, Robert13400000134
0101612Pomponio, Bruce172.1800000172.18
0062616Porpotage, Frank32.380000032.38
1063013Potter, Thomas483.7700000483.77
1071920Pouliot, Roger125.3200000125.32
0100054Preston, David210.9600000210.96
0990811Quigley, William65.380000065.38
0061816Quirk, Doreen67.810000067.81
1041620Raisovich, Daniel98.390000098.39
Y001703Raistrick, Craig65.710000065.71
Y017976Reed, Janice144.700000144.7
0101123Reiff, John125.8100000125.81
A0961311Reilly, Patricia180.6300000180.63
0918102Reliford, Charles H.250000025
0101212Reneer, Jeffery102.200000102.2
0106092Repenning, Jeffrey201.8700000201.87
0951201Reyenger, Richard188.2700000188.27
0970411Richard, Colleen78.630000078.63
0983711Richmond, Paul204.076170000821.07
0041716Ridge, Nancy Joseph42.250000042.25
1031920Ritchie, John303.4800000303.48
1050520Robinson, James223.0100000223.01
0961711Robison, Francis145.9200000145.92
0941911Rogers, David B.50.630000050.63
0992011Rosenbaum, Alan246.4600000246.46
0101093Rosenbloom, Richard03,025.0000003,025.00
Y001752Rosenthal, Walter1,150.57000001,150.57
0102044Sanders, Edward700000070
0103112Sands, David235.0900000235.09
1030520Schar, Stuart171.200000171.2
0101043Schickling, Chester178.1300000178.13
0007189Schubert, Jeffrey236.300000236.3
0081619Schuler, Martin75.880000075.88
1032320Schulte, Ted68.480000068.48
0100223Schwartz, Gerald86.250000086.25
0009476Scott, Deirdre144.0600000144.06
0097164Scott, Michael223.200000223.2
0100273Scott, James56.250000056.25
0960411Shopovick, William65.570000065.57
0990311Shrum, John359.500000359.5
9448202Sivertsen, Thomas92.330000092.33
0099074Slocum, Stephen17.440000017.44
1061413Slotabec, Kurt270.3200000270.32
0006057Smith, Sandy Robeck57.310000057.31
0082319Smith, Robert Edward25.50000025.5
0050410Smythe, Peter374.700000374.7
0007017Snead, Roland H.74.940000074.94
9435102Snowden, Robert178.3800000178.38
9448201Soudijn, Alma40626.330133.300799.63
0101912Sowards, Stephen D.600000060
9719101Spears, Marnie243.5700000243.57
0082719Stasiuk, William198.4400000198.44
0101053Stibral, Tomas23.190000023.19
1090420Strollo, William169.5300000169.53
0097114Stuart, Henry137.6300000137.63
0042216Swartz, Robert105.9500000105.95
0081919Sweeney, Francis207.0800000207.08
0991211Sweeney, Francis157.6300000157.63
9419101Syperda, Glenn47.50000047.5
0007109Taylor, Vicki L202.500000202.5
1051120Tierno, Anthony66.450000066.45
1040720Tosi, Thomas38.630000038.63
0006257Townsend, Douglas70.070000070.07
0006089TT Heritage Realty, LLC,47.630000047.63
0947211US BANK TRUST NA01,851.001,460.000003,311.00
0110061Valletta, John339.3800000339.38
9407202Valley, Greg58.750000058.75
0006359Vasile, Carol Ann107.786174810001,205.78
9719201Wald, Roger457.8600000457.86
0006199Warner, Rosalyn12900000129
9442102Watch II at Waterlefe560000056
Y007004Waterlefe Golf Club15000000150
0007159Werner, Thomas173.8500000173.85
0910102Whidden, Jennie L.34.580000034.58
0062716Wiley, Sarah215.9500000215.95
0101083Willett, Doris122.2100000122.21
0008095Wilson, Jeffrey23500000235
0940911Wilson, John C.80.110000080.11
9442201Wilson, David0597.54026.500624.04
0009636Wissel, David650.2800000650.28
9407101Witten, James D.105.1300000105.13
9407201Witten, James261.8800000261.88
9607102Woellmer, Brittney135.8800000135.88
1041520Womack, Milton29.50000029.5
0051416Woods, Susan F164.2500000164.25
0008178Zinn, Johnnie145.8900000145.89
-----------------------------------------------------------------------------
53,405.2024,480.155,176.141,313.20014,978.1599,352.84
53,405.2024,480.155,176.141,313.200.0014,978.1599,352.84
BS
Waterlefe MPOA Balance Sheet SummaryAugust-18
Operating FundsReserve FundsTotal
CURRENT ASSETS
Cash$150,998$335,785$486,783
Accts Receivable102,543$102,543
Inventory$34,935$34,935
Other Current Assets$17,916$17,916
Interfund Receivable/(Payable)$57,253($57,253)$0
Bad Debt Allowance($25,113)($25,113)
Total Current Assets$338,532$278,532$617,064617,064
PROPERTY/EQUIPMENT
Fixed Assets$3,582,915$3,582,915
Depreciation($953,684)($953,684)
Total Property/Equip$2,629,231$0$2,629,2312,629,231
TOTAL ASSETS$2,967,763$278,532$3,246,2953,246,295
CURRENT LIABILITIES
Prepaid Owners Assess$18,322$18,322
Accounts Payable$1,088$1,088
Due to CDD$14,529$14,529
Other Current Liabilities$1,855$1,855
Total Current Liabilities$35,794$0$35,79435,794
LONG TERM LIABILITIES
Construction Loans Payable$439,326$439,326
Capital Lease Obligation$16,598$16,598
Deferred Revenue$153,061$153,061
Total Long Term Liabilities$608,985$0$608,985608,985
TOTAL LIABILITIES$644,779$0$644,779644,779
CAPITAL & FUND BALANCES
Equity & Retained Earnings($676,081)($676,081)
Contributed Capital$2,993,213$2,993,213
General Reserve Fund$206,000$206,000
Boat Lift Reserve Fund$10,267$10,267
Shores B&R Reserve Fund$44,387$44,387
General Reserve Fund Interest$17,878$17,878
Reserve Fund Net Activity$7,774$7,774
Operating Surplus/(Deficit)$13,626$13,626
Total Equity$2,330,757$2,330,7572,330,757
Total Fund Balances$278,532$278,532278,532
TOTAL LIAB & CAPITAL$2,975,537$270,758$3,246,2953,246,295
&L&C&R
Activities
Waterlefe MPOA Statement of ActivitiesAugust-18
Actual FY18Budget FY18Actual FY17
Operating
Revenues - PM MPOA$1,262,445$1,238,917$1,217,011
Revenues - Riverclub$506,735$480,889$460,077
Total Revenue$1,769,180$1,719,806$1,677,088
Cost of Goods Sold$197,857$192,231$179,588
Payroll Expenses$742,353$760,500$621,035
Operating Expenses$823,117$761,885$730,817
Total Expenses$1,763,328$1,714,615$1,531,440
NET$5,853$5,191$145,648
General Reserve Fund
Revenue$88,000$88,000$88,000
Expenditures$70,242$88,000$72,434
NET$17,758$0$15,566
Reserve Dec-17$188,242$135,688Dec-16
ReserveAugust-18$206,000$151,254Aug-17
Boat Lift Reserve Fund
Revenue$2,248$2,248$2,248
Expenditures$10,099$2,248$36,093
NET-$7,851$0-$33,845
Reserve Dec-17$18,118$53,158Dec-16
ReserveAugust-18$10,267$19,313Aug-17
Shores B&R Reserve
Revenue$3,333$3,333$0
Expenditures$7,600$3,333$0
NET-$4,267$0$0
Reserve Dec-17$48,654$48,654Dec-16
ReserveAugust-18$44,387$48,654Aug-17
Reserve Interest
Revenue$2,133$240$135
Expenditures$0$0$0
NET$2,133$240$135
Reserve Dec-17$15,745$15,549Dec-16
ReserveAugust-18$17,878$15,684Aug-17
Total Revenue & Expenses
Revenue$1,864,894$1,813,628$1,767,470
Expenditures$1,851,269$1,808,197$1,639,967
NET$13,626$5,431$127,503
reserve total278,531.740.00253,049.00Dec-16
fund bal total278,531.74270,759.00Dec-17
Close Camp October FA purchases06072.36
Equity - Camp Carl - 3542.G.G4 Total:06072.36
Undesignated Accounts Total:6637.35189741.43
Total All Accounts:6637.35189741.43
Over-Under & AR
Waterlefe MPOAOver/Under ReportAugust-18
MonthlyMonthlyOver/YTDYTDOver/
ActualBudgetUnder%ActualBudgetUnder%
Revenues - PM MPOA$152,305$152,777UNDER-$472-0.31%$1,262,445$1,238,917OVER$23,5281.90%
Revenues - Riverclub$37,413$33,061OVER$4,35213.16%$506,735$480,889OVER$25,8465.37%
Revenues - Reserve$12,289$11,728OVER$5614.79%$95,714$93,821OVER$1,8932.02%
Total Revenue$202,007$197,566OVER$4,4412.25%$1,864,894$1,813,628OVER$51,2672.83%
Cost of Goods Sold$16,723$14,700OVER$2,02313.76%$197,857$192,231OVER$5,6262.93%
Payroll Expenses$112,567$118,867UNDER-$6,300-5.30%$742,353$760,500UNDER-$18,146-2.39%
Oper & Res Expenses (No Deprec Incl)$91,674$98,051UNDER-$6,377-6.50%$839,151$855,466UNDER-$16,315-1.91%
Total Expenses$220,964$231,618UNDER-$10,654-4.60%$1,779,361$1,808,197UNDER-$28,835-1.59%
NET-$18,957-$34,053$85,533$5,431
August-18Aged Owner Balances
Breakdown of the $83,061 Owner Balances
$8,327 is one property with a payment agreement for back
MPOA$24,480assessments including interest and late fees.
RiverClub$53,405
Villas$5,176$6,313 is one property that is in bankruptcy.
BoatLift$0
TOTAL$83,061The balance of the Aged Owner Balances will be collected
this month which totals $68,421.
A/R over 90 days$19,106
Bankruptcy/Lien/Foreclose/Attorney (1 Unit)$6,313
Bad Debt Write Off this month$0
'
Over-Under Slide
Waterlefe MPOAOver/Under ReportAugust-18
MonthlyMonthlyOver/YTDYTDOver/
ActualBudgetUnder%ActualBudgetUnder%
Revenues - PM MPOA$164,594152777.17UNDER-471.94-0.31%$1,358,159$1,238,917OVER23527.761.90%
Revenues - Riverclub$37,41333061OVER4351.8213.16%$506,735$480,889OVER25846.275.37%
Total Revenue$202,007197565.84OVER4441.262.25%$1,864,894$1,813,628OVER51266.57999999982.83%
Cost of Goods Sold$16,72314700OVER2023.3213.76%$197,857$192,231OVER5626.32.93%
Payroll Expenses$112,567118867.33UNDER-6300.24-5.30%$742,353$760,500UNDER-18146.4700000001-2.39%
Oper & Res Expenses (No Deprec Incl)$91,67498051.03UNDER-6377.15-6.50%$839,151$855,466UNDER-16315.2700000001-1.91%
Total Expenses$220,964231618.36UNDER-10654.07-4.60%$1,779,361$1,808,197UNDER-28835.4400000002-1.59%
NET-$18,957-34052.52$85,533$5,431
AR Slide
August-180Aged Owner Balances
Breakdown of the $83,061 Owner Balances
MPOA0$24,480$8,327 is one property with a payment agreement for back
RiverClub0$53,405assessments including interest and late fees.
Villas0$5,176
BoatLift0$0$6,313 is one property that is in bankruptcy.
TOTAL0$83,061
0The balance of the Aged Owner Balances will be collected
A/R over 90 days0$19,106this month which totals $68,421.
Bankruptcy/Lien/Foreclose/Attorney (1 Unit)0$6,313
Bad Debt Write Off this month0$0
0
Cash Statement Slide
CASH STATEMENT
Waterlefe Master POA
8/31/18
BankInternalInternalBank
BeginningCash/GainTransferTransferPaidEndingOut-Ending GL
BalanceReceivedINOutOutBalanceStandingBalance
BB&T Bank Operating$156,481$207,306$100,000-$55,198-$220,809$142,977$21,003$121,974
BB&T Bank Op MM$210,663$9$0-$184,000-$184,000$26,672$26,672
BB&T Bank Op (Payroll)$257$127,500$127,500$0-$126,966$791$791
BMO Harris Op Checking$1,560$0$0$0$0$1,560$1,560
ENDING BALANCE$150,997
BMO Harris Reserve$169,794$379$0$0$0$170,173$170,173
BB&T CDAR Reserve$90,405$130$0$0$0$90,535$90,535
BB&T Bank MM Reserve New$63,297$11,780$11,697$0$0$75,077$75,077
TOTAL RESERVES AND INVESTMENT$335,785
TOTAL OPERATING & RESERVES$486,782
Cash Statement
CASH STATEMENT
Waterlefe Master POA
08/31/18
BankInternalInternalBank
BeginningCash/GainTransferTransferPaidEndingOut-Ending GL
OPERATING ACCOUNTS:BalanceReceivedINOutOutBalanceStandingBalance
BB&T Bank Operating$156,481$107,306$100,000($55,198)($165,611)$142,977$21,003$121,974
BB&T Bank Op MM$210,663$9($184,000)$26,672$26,672
BB&T Bank Op (Payroll)$257$0$127,500($126,966)$791$791
BMO Harris Op Checking$1,560$0$0$0$1,560$1,560
ENDING BALANCE$150,997
RESERVE ACCOUNTS:
BMO Harris Reserve$169,794$379$0$0$0$170,173$0$170,173
BB&T CDAR Reserve$90,405$130$0$0$0$90,535$0$90,535
BB&T Bank MM Reserve New$63,297$83$11,697$0$0$75,077$0$75,077
TOTAL RESERVES AND INVESTMENT$335,785
TOTAL OPERATING & RESERVES$486,782
Exp > 1K
Extra-ordinary expenses over budget for the month ofAugust-18
Summary
Over BudgetOver Budget
R&M Equipment$1,982
Turf & Palm Fert/Pest$7,757
R&M Equipment-1982.38
Utilities-3801.61
Supp 20 Obligation-1121.18
Permits & Licenses-1646.88
Turf & Palm Fert/Pest-7756.67
Totals$9,739
Education and Training-1041.67
Depreciation Expense-8988.46
Total Operating Expenses-2611.31
Loan Statement
LOAN STATEMENT
Waterlefe Master POA
08/31/18
OriginalBeginningCurrentCurrentEnding
LOANS:Loan AmountPrincipal DrawPrincipal BalPrincipal DueInterest duePrincipal Bal
Loan #1-annex$479,000.00$469,341.67$313,951.27$3,951.00$1,419.32$310,000.27
Loan #2-kitchen$196,934.50$179,221.50$131,339.63$2,013.84$622.04$129,325.79
Total Principal$439,326.06
Cash Flow
Waterlefe MPOA
Cash Flow Statement
For the Month Ending1/31/162/29/163/31/164/30/165/31/166/30/167/31/168/31/169/30/1610/31/1611/30/1612/31/161/31/172/28/173/31/174/30/175/31/176/30/177/31/178/31/179/30/1710/31/1711/30/1712/31/171/31/182/28/183/31/184/30/185/31/186/30/187/31/188/31/189/30/1810/31/1811/30/1812/31/181/31/192/28/19
Operating Cash at Beginning of Month112,993341,044182,684207,277523,607344,966297,991372,657207,385174,015136,196139,015121,731330,877126,029149,629261,895177,547159,931270,802242,211166,148315,508203,076122,905356,464188,503158,973315,459179,853249,553351,775150,99774,452215,90693,74213,393247,827
Operations
Cash receipts
fromAssessments335,80058,30094,660467,20069,900243,950285,03640,553138,810264,75072,342129,816302,90045,139147,900278,80037,200137,336258,05021,151114,700324,25625,40061,978394,63936,836146,098305,81533,550152,886235,66831,186114,700324,25625,40061,978394,63936,836
River Club88,10083,75086,20094,82579,30032,90033,63331,33221,90022,49765,925114,750121,22895,100101,55599,92584,50852,14138,42541,63541,70077,78777,730120,625122,233162,731126,744123,32988,24752,25638,4258,60941,70077,78777,730120,625122,233162,731
Other Operations1,4105,50013,9007,7507,6004,2009,44620,1958,15017,3867,59520,29632,95016,3558,95012,80030,69013,90432,57513,9863,85023,71045,05021,98938,48712,93514,06319,2058,7658,79627,19035,3543,85023,71045,05021,98938,48712,935
Cash paid
forInventory purchases(26,516)(22,300)(30,400)(23,200)(14,800)(10,281)(11,128)(7,833)(4,756)(24,912)(25,000)(35,915)(29,800)(29,000)(32,800)(27,775)(19,235)(13,850)(11,554)(19,257)(14,900)(26,120)(33,555)(40,191)(35,092)(30,437)(33,100)(23,505)(24,027)(14,933)(14,960)(19,422)(14,900)(26,120)(33,555)(40,191)(35,092)(30,437)
General operating & admin expenses(76,984)(179,407)(81,966)(133,146)(134,512)(107,820)(128,204)(81,900)(80,087)(159,385)(59,341)(93,500)(69,928)(193,020)(70,358)(102,729)(100,500)(87,231)(96,894)(49,115)(81,090)(138,339)(76,977)(71,863)(99,708)(144,711)(120,472)(111,057)(78,479)(59,190)(78,127)(49,115)(81,090)(138,339)(76,977)(71,863)(99,708)(144,711)
Paid to CDD & Golf(119,273)(2,300)(4,500)(2,282)(11,007)(17,640)(47,400)(4,800)(410)(2,370)(4,882)(2,485)(800)(2,429)(920)(943)(250)(28,000)(42,038)(15,800)0(2,370)(4,360)0(800)0(920)(943)(250)(28,000)(42,038)(15,800)
Extraordinary Expenses (Ins, Cable, Etc)(3,600)(15,000)(12,000)(6,500)(7,685)(6,210)(5,700)(4,000)(5,043)(2,500)00(6,373)(4,100)0(48,900)(1,526)0(4,735)00(25,000)(4,100)00
Salary expenses(74,000)(84,000)(86,000)(85,000)(77,000)(68,700)(69,303)(99,799)(62,300)(77,500)(93,700)(113,355)(101,958)(100,500)(98,750)(99,602)(88,585)(82,500)(74,500)(71,121)(110,522)(89,574)(101,879)(115,366)(111,993)(107,300)(156,817)(104,197)(91,200)(86,453)(83,261)(126,966)(110,522)(89,574)(101,879)(115,366)(111,993)(107,300)
Taxes (Including Sales Tax)(900)(37,316)(4,600)(6,000)(4,580)(6,900)(5,350)(4,966)(2,750)(1,975)(2,100)(2,500)(2,130)(28,660)(5,440)(7,010)(6,640)(5,397)(6,238)(4,963)(3,282)(2,969)(2,114)(2,500)(2,130)(28,660)(5,440)(7,010)(6,640)
Interest(2,125)(2,125)(2,090)(2,457)(2,706)(2,600)(2,700)(2,558)(2,684)(2,534)(2,593)(2,485)(2,545)(2,517)(2,251)(2,466)(2,362)(2,400)(2,325)(2,363)(2,340)(2,236)(2,285)(2,185)(2,175)(2,205)(1,967)(2,150)(2,055)(2,096)(2,002)(2,030)(1,900)(1,800)(1,600)(1,500)(1,300)(1,200)
Net Cash Flow from Operations245,685(140,282)(5,696)325,972(195,091)74,349100,280(109,692)11,34823,085(72,088)(2,633)199,447(183,523)42,936146,190(70,632)12,165141,002(75,986)(56,122)166,411(95,426)(58,453)257,343(143,491)(32,374)198,832(79,257)47,984119,164(149,498)(55,682)166,847(94,741)(57,768)258,218(93,586)
[42]Fund Activities
Cash receipts
fromTransfers from Reserve Funds0027,000031,40000000121,036026,16400041,2010065,8240004460023,6190050,00000000000
Sale of property and equipment
Cash paid
forReserve expenses0000000(47,420)(685)(46,150)(16,675)00(4,275)(2,300)(17,103)(37,992)(12,900)(13,150)(1,504)(2,990)00(5,063)(6,261)(6,970)(3,038)(24,792)(38,700)(10,676)760(33,617)(2,990)(7,500)(10,000)(5,063)(6,261)(6,970)
Transfers to Reserve(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(11,000)(11,562)(11,281)(11,281)(11,281)(11,281)(11,281)(11,281)(11,281)(11,281)(11,281)(11,281)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)(11,698)
Net Cash Flow from Fund Activities(9,281)(9,281)17,719(9,281)22,119(9,281)(9,281)(56,701)(9,966)(55,431)95,080(9,281)15,164(15,837)(13,581)(28,384)(8,072)(24,181)(24,431)53,039(14,271)(11,281)(11,281)(15,898)(17,959)(18,668)8,883(36,490)(50,398)27,626(10,938)(45,315)(14,688)(19,198)(21,698)(16,761)(17,959)(18,668)
Financing Activities
Cash receipts
fromLoan Draw86,28045,82822,0000023,180
Cash paid
forBuilding expansion expenses(4,923)(5,347)(70,120)(42,709)(24,109)(108,543)(10,827)(16,610)(29,430)(14,773)
Repayment of loan principal(3,430)(3,450)(3,590)(3,480)(3,560)(3,500)(5,506)(5,449)(5,322)(5,473)(5,400)(5,370)(5,465)(5,488)(5,755)(5,540)(5,644)(5,600)(5,700)(5,644)(5,670)(5,770)(5,725)(5,820)(5,825)(5,802)(6,039)(5,856)(5,951)(5,910)(6,004)(5,965)(6,175)(6,195)(5,725)(5,820)(5,825)(5,802)
Net Cash Flow from Financing Activities(8,353)(8,797)12,570(361)(5,669)(112,043)(16,333)1,121(34,752)(5,473)(20,173)(5,370)(5,465)(5,488)(5,755)(5,540)(5,644)(5,600)(5,700)(5,644)(5,670)(5,770)(5,725)(5,820)(5,825)(5,802)(6,039)(5,856)(5,951)(5,910)(6,004)(5,965)(6,175)(6,195)(5,725)(5,820)(5,825)(5,802)
Net Increase (Decrease) in Cash228,051(158,360)24,593316,330(178,641)(46,975)74,666(165,272)(33,370)(37,819)2,819(17,284)209,146(204,848)23,600112,266(84,348)(17,616)110,871(28,591)(76,063)149,360(112,432)(80,171)233,559(167,961)(29,530)156,486(135,606)69,700102,222(200,778)(76,545)141,454(122,164)(80,349)234,434(118,056)
Operating Cash at End of Month341,044182,684207,277523,607344,966297,991372,657207,385174,015136,196139,015121,731330,877126,029149,629261,895177,547159,931270,802242,211166,148315,508203,076122,905356,464188,503158,973315,459179,853249,553351,775150,99774,452215,90693,74213,393247,827129,771
Actual Comparison341044182684207277523607344966297991372657207385$150,998$0.00121731$0242211$0.00$0.00242211
Combined Financials PG 1-2
WATERLEFE
M.P.O.A.
Finance Report
August-18
September 20, 2018
Table of Contents
Finance Summary Report3
Balance Sheet Summary4
Statement of Activities5
Over/Under Expense Report & Aged Owner Balances6
Extra-ordinary Expenses Over Budget in Excess of $1,000.007
Cash & Loan Statement8
Cash Flow Statement9
Income Statement10
Balance Sheet14
River Club Income Statement (MPOA Board Only)16
PM Income Statement (MPOA Board Only)19
2
Combined Financials PG 3
Date:September 20, 2018
To:Finance Committee
From:Robert Davis
Subject:Waterlefe MPOA Financial Reports -August-18
Balance Sheet
Total Cash and Investments are up 1.7% [$8,163] from August 2017. The current principal on both loans,
as of 08/31/18 is $439,326. We have paid down $5,965 in principal for August. Since the loans' inceptions,
we have paid down $209,237.
Statement of Activities
General Operating and Reserve expenses exceeded revenues by $18,957 for the month of August.
For the first seven months of the year, we have an Operating & Reserve surplus of $85,533.
(All figures are now reported without depreciation expenses included)
Revenues for PM MPOA are under budget for August by 0.3%. River Club revenues are over budget by
13.2% or $4,352 for the month. Total revenues for Waterlefe MPOA are over budget by 2.3% for August
and over budget by 2.8% for year to date.
Cost of Goods Sold was over budget in August by 13.8%. Payroll Expenses are under budget
for August by 5.3%. Total expenses for all activities including reserves are under budget by 4.6% for August,
and under YTD by 1.6%.
Assessments & Accounts Receivable
Total Assessment Accounts Receivable balances for August are $83,061, of which $6,313 is from
one delinquent property which is over 90 days and in bankruptcy. We had no write-offs in August.
There are currently two expense categories for August that had extraordinary expenses over $1,000.00.
These catagories are repair and maintenance equipment and Villas palm and turf fertilization. These two
categories total $9,739,
Cash Flow
Our total operating cash flow balance through August 2018 is a positive $150,997. Our net cash decrease for
August is ($200,778). Cash flow projections look solid through the end of this year, slightly lower
than normal at the end of each quarter. September will be lower than normal because of the Jonas
changeover. Cash will rebound in October.
The Finance Committee will meet on Thursday, September 20th at 10:00 AM in the Property Management.
If you are unable to attend, please contact me at 941-896-8789 or via email.
3
14
16
19
Combined Financials PG 4-5
4
14
16
19
5
Combined Financials PG 6-7
6
14
16
19
7
Combined Financials PG 8
CASH STATEMENT
Waterlefe Master POA
Aug-18
BankInternalInternalBank
BeginningCash/GainTransferTransferPaidEndingOut-Ending GL
OPERATING ACCOUNTS:BalanceReceivedINOutOutBalanceStandingBalance
BB&T Bank Operating$ 156,480.51$ 107,305.82$ 100,000.00$ (55,198.00)$ (165,611.43)$ 142,976.90$ 21,003.04$ 121,973.86
BB&T Bank Op MM$ 210,663.00$ 9.00$ - 0$ (184,000.00)$ - 0$ 26,672.00$ - 0$ 26,672.00
BB&T Bank Op (Payroll)$ 257.00$ 0.07$ 127,500.00$ - 0$ (126,966.07)$ 791.00$ - 0$ 791.00
BMO Harris Op Checking$ 1,560.11$ - 0$ - 0$ - 0$ - 0$ 1,560.11$ - 0$ 1,560.11
ENDING BALANCE$ 150,996.97
RESERVE ACCOUNTS:
BMO Harris Reserve$ 169,794.00$ 379.00$ - 0$ - 0$ - 0$ 170,173.00$ - 0$ 170,173.00
BB&T CDAR Reserve$ 90,405.00$ 130.00$ - 0$ - 0$ - 0$ 90,535.00$ - 0$ 90,535.00
BB&T Bank MM Reserve New$ 63,297.00$ 83.00$ 11,697.00$ - 0$ - 0$ 75,077.00$ - 0$ 75,077.00
TOTAL RESERVES AND INVESTMENT$ 335,785.00
TOTAL OPERATING & RESERVES$ 486,781.97
LOAN STATEMENT
Waterlefe Master POA
Aug-18
OriginalBeginningCurrentCurrentEnding
LOANS:Loan AmountPrincipal DrawPrincipal BalPrincipal DueInterest duePrincipal Bal
Loan #1-annex$479,000.00469341.67313951.27$3,951.001419.32$310,000.27
Loan #2-kitchen$196,934.50$179,221.50131339.63$2,013.84$622.04$129,325.79
Total Principal$439,326.06
8
16
19
9
Combined Financials PG 9
9
14
16
19
2
Income Statement PG 10-13
Current MonthActualCurrent MonthBudgetCurrent MonthVarianceYear to DateActualYear to DateBudgetYear to DateVariance
Revenues
Assessment Income$114,988.91$116,455.17(1,466.26)0.00$938,004.44$931,641.466,362.98
Villa Landscaping Income24,690.8225,012.00(321.18)0.00201,945.30200,096.001,849.30
Late Fees0.00250.00(250.00)0.001,081.001,250.00(169.00)
Legal Fee Reimbursement/Incom0.000.000.000.00690.160.00690.16
Misc Income - Estoppels3,242.971,300.001,942.970.0015,863.558,000.007,863.55
Owners Interest Income0.00900.00(900.00)0.001,121.264,650.00(3,528.74)
Kayak Income75.000.0075.000.006,525.007,200.00(675.00)
Management Fees8,160.428,250.00(89.58)0.0065,703.3666,000.00(296.64)
Work Order Income0.000.000.000.0030.000.0030.00
Owner Sale/Lease Income800.00400.00400.000.006,500.003,400.003,100.00
Food24,773.4123,731.001,042.410.00345,614.66322,696.0022,918.66
Liquor6,182.283,296.002,886.280.0050,907.0944,819.006,088.09
Beer1,792.001,319.00473.000.0017,743.2517,927.00(183.75)
Wine4,665.134,615.0050.130.0060,503.6462,747.00(2,243.36)
Fitness Revenue0.00100.00(100.00)0.008,687.003,700.004,987.00
River Club Minimum Assmnt0.000.000.000.0023,279.6329,000.00(5,720.37)
Reserve Assessment Income11,000.0011,000.000.000.0088,000.0088,000.000.00
Shores Reserve Assess Income416.67416.670.000.003,333.363,333.360.00
Boat Lift Reserve Assessment281.00281.000.000.002,248.002,248.000.00
3% Fee Income Shore Add'l Asm0.000.000.000.00(10.63)0.00(10.63)
Shores Maintenance Income CDD0.000.000.000.0016,268.8715,000.001,268.87
Sales Tax Vendor Rebate30.0030.000.000.00240.00240.000.00
Interest Income - Operating5.5813.00(7.42)0.0094.05104.00(9.95)
Interest Income - Reserves591.3830.00561.380.002,132.55240.001,892.55
Other Income311.53167.00144.530.008,388.861,336.007,052.86
Total Revenues$202,007.10$197,565.84$4,441.26$1,864,894.40$1,813,627.82$51,266.58
10
Cost of Sales
COGS Food12,182.9310,944.00(1,238.93)0.00147,221.49148,974.001,752.51
COGS Liquor2,074.241,312.00(762.24)0.0016,039.0615,457.00(582.06)
COGS Beer981.08552.00(429.08)0.007,481.836,743.00(738.83)
COGS Wine1,485.071,892.00406.930.0027,114.9221,057.00(6,057.92)
Total Cost of Sales$16,723.32$14,700.00$2,023.32$197,857.30$192,231.00$5,626.30
Revenues Less COGS$185,283.78$182,865.84$2,417.94$1,667,037.10$1,621,396.82$45,640.28
Payroll Expenses
Salaries & Wages95,748.03102,323.006,574.970.00611,454.34647,893.0036,438.66
Payroll Tax Expense8,277.548,459.00181.460.0062,681.5154,003.00(8,678.51)
Workers Comp Ins2,861.203,075.00213.800.0019,262.1918,521.00(741.19)
Contract Labor1,140.00979.17(160.83)0.009,823.657,833.36(1,990.29)
Insurance Benefits4,540.324,031.16(509.16)0.0039,131.4832,249.28(6,882.20)
Payroll Subtotal$112,567.09$118,867.33$6,300.24$742,353.17$760,499.64$18,146.47
11
Operating Expenses
Equipment Rental576.00375.00(201.00)0.005,621.034,300.00(1,321.03)
Equipment Lease2,054.732,272.67217.940.0018,669.8218,181.36(488.46)
Cable & Internet30,043.7230,487.50443.780.00225,243.43243,900.0018,656.57
Fuel & Oil354.341,166.67812.330.0010,211.419,333.36(878.05)
Supplies1,607.872,600.00992.130.0015,581.5820,800.005,218.42
Supplies - Maintenance599.04708.34109.300.005,527.115,666.72139.61
Decorations0.00220.00220.000.004,226.912,760.00(1,466.91)
R&M - Pool Facility1,140.001,250.00110.000.009,687.4810,000.00312.52
R&M - Building2,482.162,083.33(398.83)0.0019,269.4016,666.68(2,602.72)
China/Flatware/Crystal0.000.000.000.00982.601,000.0017.40
R&M - Boat Lift0.00375.00375.000.005,001.933,000.00(2,001.93)
R&M Equipment3,436.551,454.17(1,982.38)0.0022,537.3711,433.36(11,104.01)
R&M IT/DATA/Phones753.97666.67(87.30)0.006,175.765,333.36(842.40)
Utilities7,018.283,216.67(3,801.61)0.0026,732.1425,733.36(998.78)
Uniforms/Linens/Laundry732.481,416.67684.190.008,840.7511,333.362,492.61
Dues & Subscriptions284.0041.67(242.33)0.00345.951,533.361,187.41
Music/Events/Entertain250.00500.00250.000.0010,657.8211,166.66508.84
Telephone250.00983.33733.330.003,190.287,866.644,676.36
Telephone - Maint75.00125.0050.000.00600.001,000.00400.00
Postage & Delivery0.00130.42130.420.00989.472,583.361,593.89
Meetings0.00166.67166.670.00859.831,333.36473.53
Software/Computer Support425.85754.33328.480.0016,310.9417,207.64896.70
Water/Sewer1,020.891,181.67160.780.008,420.339,453.361,033.03
Promotions & Advertising30.00583.33553.330.003,793.324,666.64873.32
Community Promotions0.00250.00250.000.004,758.312,000.00(2,758.31)
HR Background Chks198.1066.67(131.43)0.00572.92633.3660.44
Legal Fees(290.70)1,250.001,540.700.0010,453.7210,000.00(453.72)
Audit Fees0.000.000.000.0015,250.0015,000.00(250.00)
HR & Payroll Fees2,025.001,679.17(345.83)0.0012,313.8113,433.361,119.55
Lawn Service/Landscape14,150.0013,600.00(550.00)0.00109,387.50110,800.001,412.50
Supp 20 Obligation2,788.181,667.00(1,121.18)0.0018,942.7513,334.00(5,608.75)
Permits & Licenses1,646.880.00(1,646.88)0.004,138.133,575.00(563.13)
Turf & Palm Fert/Pest12,935.005,178.33(7,756.67)0.0044,970.0041,426.64(3,543.36)
Travel43.0183.3340.320.00640.05666.6426.59
Insurance - Boat Lift102.33308.41206.080.00818.642,467.281,648.64
Insurance - E&O138.00150.1712.170.001,104.001,201.3697.3612
Insurance - Umbrella296.80326.4229.620.002,374.402,611.36236.96
Insurance - Flood127.17123.92(3.25)0.001,013.34991.36(21.98)
Insurance - D&O158.25149.58(8.67)0.001,241.331,196.64(44.69)
Insurance - Crime/Fidelity Bo55.7559.503.750.00446.00476.0030.00
Insurance - Gen Lia & Prop1,861.312,767.17905.860.0017,243.3322,137.364,894.03
Insurance - Shores Bridge191.6767.92(123.75)0.001,533.36543.36(990.00)
Insurance - Worker's Comp59.580.00(59.58)0.001,196.480.00(1,196.48)
Education and Training1,200.00158.33(1,041.67)0.001,465.001,266.64(198.36)
Bank & Credit Card Fees(474.89)975.001,449.890.0016,115.339,825.00(6,290.33)
Committees0.0083.3383.330.00289.87666.64376.77
Rental Expense46.320.00(46.32)0.00468.010.00(468.01)
Reserve Expense - General Fun(1,737.16)11,000.0012,737.160.0070,241.8388,000.0017,758.17
Reserve Expense - Boat Lift F0.00281.00281.000.0010,099.342,248.00(7,851.34)
Reserve Exp - Shores Bridge &0.00416.67416.670.007,600.003,333.36(4,266.64)
Interest Expense2,041.362,150.00108.640.0016,748.1317,880.001,131.87
Depreciation Expense8,988.460.00(8,988.46)0.0071,907.680.00(71,907.68)
R&M Mailboxes0.00500.00500.000.002,348.954,000.001,651.05
R&M - Pointe & River Club977.042,000.001,022.960.0018,763.4822,000.003,236.52
R&M Backflow Testing0.000.000.000.0017,136.0017,500.00364.00
Total Operating Expenses$ 100,662.34$ 98,051.03$ (2,611.31)$ 911,058.35$ 855,465.94$ (55,592.41)
Total Expenses$ 213,229.43$ 216,918.36$ 3,688.93$ 1,653,411.52$ 1,615,965.58$ (37,445.94)
Operating Surplus/(Deficit)($27,945.65)($34,052.52)($1,270.99)$13,625.58$5,431.24$83,086.22
$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
13
&C&"Arial,Bold"WATERLEFE MPOAIncome StatementCompared with BudgetFor the Eight Months Ending August 31, 2018
&C&8
Balance Sheet PG 14-15
ASSETS
Current Assets
BB&T Operating - 6819$121,973.86
BB&T Payroll - 7588791.49
BB&T MM Operating - 035426,672.31
BMO Harris Operating Checking1,560.11
BB&T MM Reserve - 034675,076.98
BMO Harris - Reserve CD170,173.00
BB&T CDAR Reserves90,534.95
A/R - River Club53,405.20
A/R - Owners/Members27,553.40
A/R - Villas5,176.14
AR Shores Addt'l Assessment14,978.15
Bad Debt Allowance(10,134.62)
Bad Debt Allowance - Shores Addl(14,978.15)
Inventory - Beer2,410.15
Inventory - Wine4,883.68
Inventory - Liquor12,257.95
Inventory - Food15,383.19
Prepaid Expense215.00
Intercompany Billings657.25
Prepaid Insurance15,208.59
Deposits1,835.00
PY River Club Dues1,430.30
Total Current Assets$617,063.93
Property and Equipment
Cap Assets RC-Furn & Equip107,425.14
Cap Assets RC-Building3,399,775.51
Cap Assets RC-Lease Fitness Equip63,500.00
Cap Assets PM-Property & Equip12,214.50
A/D - RC Furn & Equip(28,459.19)
A/D - RC Building(856,919.12)
A/D - RC Lease Fitness Equipment(56,091.56)
A/D - PM Property & Equip(12,214.50)
$2,629,230.78
Total Assets$3,246,294.71
14
LIABILITIES AND CAPITAL
Current Liabilities
Accounts Payable$1,088.13
Prepaid Owners Assessments18,321.85
Event Deposits(1,995.00)
Service Charge Payable2,345.17
Gift Certificates362.00
Year End Gratuity Fund289.06
Credit Card Payable(1,779.40)
Sales Tax Payable2,633.35
Due to CDD14,529.32
Total Current Liabilities$35,794.48
Long-Term Liabilities
Deferred Revenue - Assessments127,727.20
Deferred Revenue - Villas25,333.70
Construction Loan Payable #1310,000.27
Construction Loan Payable #2129,325.79
Capital Lease Obligation16,598.03
Total Long-Term Liabilities$608,984.99
Total Liabilities$644,779.47
Capital
Retained Earnings(676,081.36)
Contributed Capital2,993,213.00
Reserve Fund General188,241.72
Reserve Fund Boat Lift18,117.63
Reserve Fund - Shores B&R48,654.00
Reserve Fund Interest15,744.67
Current Year Surplus/Deficit13,625.58
Total Capital$2,601,515.24
Total Liabilities & Capital$3,246,294.71
15
&CWATERLEFE MPOABalance SheetAugust 31, 2018
&CUnaudited - For Management Purposes Only
RC Income Statement PG 16-18
Waterlefe MPOA - River Club
River Club Financial Statement - July, 2018
Current MthCurrent MthCurrent MthYear to DateYear to DateYear to Date
ActualBudgetVarianceActualBudgetVariance
Revenues
Food20,497.3023,731.00-3,233.70320,841.25298,965.0021,876.25
Liquor4,288.083,296.00992.0844,724.8141,523.003,201.81
Beer1,395.501,319.0076.5015,951.2516,608.00-656.75
Wine3,938.264,615.00-676.7455,838.5158,132.00-2,293.49
Fitness Revenue75.00200.00-125.008,687.003,600.005,087.00
River Club Minimum Assmnt0.000.000.0023,279.6329,000.00-5,720.37
Sales Tax Vendor Rebate30.0030.000.00210.00210.000.00
Other Income46.69167.00-120.315,706.171,169.004,537.17
-------------------------------------------------------------------------
Total Revenues30,270.8333,358.00-3,087.17475,238.62449,207.0026,031.62
-------------------------------------------------------------------------
Cost of Sales
COGS Food11,219.4210,945.00-274.42134,970.41138,030.003,059.59
COGS Liquor1,243.081,312.0068.9213,964.8214,145.00180.18
COGS Beer785.95552.00-233.956,500.756,191.00-309.75
COGS Wine1,334.241,892.00557.7625,629.8519,165.00-6,464.85
-------------------------------------------------------------------------
Total Cost of Sales14,582.6914,701.00118.31181,065.83177,531.00-3,534.83
-------------------------------------------------------------------------
Revenues Less COGS15,688.1418,657.00-2,968.86294,172.79271,676.0022,496.79
-------------------------------------------------------------------------
Payroll Expenses
Salaries & Wages38,770.3239,517.00746.68337,418.46357,049.0019,630.54
Payroll Tax Expense3,362.533,187.00-175.5339,199.7931,119.00-8,080.79
Workers Comp Ins1,109.371,365.00255.6311,282.7910,822.00-460.79
Contract Labor660.00979.17319.178,683.656,854.19-1,829.46
Insurance Benefits2,925.503,258.33332.8325,224.8822,808.31-2,416.57
-------------------------------------------------------------------------
Total Payroll Expenses46,827.7248,306.501,478.78421,809.57428,652.506,842.9316
-------------------------------------------------------------------------
Operating Expenses
Equipment Rental224.31325.00100.695,045.033,925.00-1,120.03
Equipment Lease314.902,067.671,752.7715,063.7114,473.69-590.02
Cable & Internet68.0770.832.76463.70495.8132.11
Fuel & Oil348.381,166.67818.299,857.078,166.69-1,690.38
Supplies954.261,975.001,020.7410,822.8413,825.003,002.16
Supplies - Maintenance41.70166.67124.971,270.231,166.69-103.54
Decorations0.00220.00220.004,226.912,540.00-1,686.91
R&M - Pool Facility1,420.951,250.00-170.958,547.488,750.00202.52
R&M - Building2,204.682,083.33-121.3516,787.2414,583.35-2,203.89
China/Flatware/Crystal0.000.000.00982.601,000.0017.40
R&M Equipment992.191,166.67174.4817,294.988,666.69-8,628.29
R&M IT/DATA/Phones753.97666.67-87.305,421.794,666.69-755.10
Utilities1,065.453,200.002,134.5519,624.2622,400.002,775.74
Uniforms/Linens/Laundry692.441,416.67724.238,108.279,916.691,808.42
Dues & Subscriptions0.000.000.0012.951,200.001,187.05
Music/Events/Entertain0.00500.00500.0010,407.8210,666.66258.84
Telephone496.76833.33336.571,890.285,833.313,943.03
Postage & Delivery0.0070.4270.42367.43492.94125.51
Software/Computer Support260.35571.00310.6514,274.9415,170.00895.06
Water/Sewer13.251,166.671,153.427,319.948,166.69846.75
Promotions & Advertising50.00583.33533.333,763.324,083.31319.99
Community Promotions139.10250.00110.904,758.311,750.00-3,008.31
HR Background Chks0.0066.6766.67374.82466.6991.87
HR & Payroll Fees925.001,300.00375.007,838.819,100.001,261.19
Permits & Licenses0.000.000.002,220.003,500.001,280.00
Insurance - Flood127.17123.92-3.25886.17867.44-18.73
Insurance - Gen Lia & Prop1,861.312,767.17905.8615,382.0219,370.193,988.17
Education and Training0.0083.3383.33265.00583.31318.31
Bank & Credit Card Fees1,537.23900.00-637.2314,987.767,775.00-7,212.76
Committees102.370.00-102.37102.370.00-102.37
Interest Expense2,002.202,180.00177.8014,706.7715,730.001,023.23
Depreciation Expense8,988.460.00-8,988.4662,919.220.00-62,919.2217
-------------------------------------------------------------------------
Total Operating Expenses25,584.5027,171.021,586.52285,994.04219,331.84-66,662.20
-------------------------------------------------------------------------
Total Expenses25,584.5027,171.021,586.52285,994.04219,331.84-66,662.20
-------------------------------------------------------------------------
Operating Surplus / (Deficit)-56,724.08-56,820.5296.44-413,630.82-376,308.34-37,322.48
=========================================================================
18
PM Income Statement PG 19-20
Waterlefe MPOA - River Club
Property Management Financial Statement - July, 2018
Current MthCurrent MthCurrent MthYear to DateYear to DateYear to Date
ActualBudgetVarianceActualBudgetVariance
Revenues
Assessment Income115,194.55114,993.00201.55823,015.53823,401.00-385.47
Villa Landscaping Income25,011.4825,012.00-0.52177,254.48175,084.002,170.48
Late Fees0.000.000.001,081.001,000.0081.00
Legal Fee Reimbursement/Incom0.000.000.00690.160.00690.16
Misc Income - Estoppels100.001,500.00-1,400.0012,620.586,700.005,920.58
Owners Interest Income0.000.000.001,121.263,750.00-2,628.74
Kayak Income150.00600.00-450.006,450.007,200.00-750.00
Management Fees8,220.428,250.00-29.5857,542.9457,750.00-207.06
Work Order Income0.000.000.0030.000.0030.00
Owner Sale/Lease Income200.00400.00-200.005,700.003,000.002,700.00
Reserve Assessment Income11,000.000.0011,000.000.000.000.00
Shores Reserve Assess Income416.670.00416.670.000.000.00
Boat Lift Reserve Assessment281.000.00281.000.000.000.00
3% Fee Income Shore Add'l Asm0.000.000.00-10.630.00-10.63
Shores Maintenance Income CDD4,393.315,000.00-606.6916,268.8715,000.001,268.87
Interest Income - Operating783.8213.00770.8288.4791.00-2.53
Interest Income - Reserves-770.240.00-770.240.000.000.00
Other Income50.000.0050.002,371.160.002,371.16
-------------------------------------------------------------------------
Total Revenues165,031.01155,768.009,263.011,104,223.821,092,976.0011,247.82
-------------------------------------------------------------------------
Payroll Expenses
Salaries & Wages24,528.8025,136.00607.20178,287.85188,521.0010,233.15
Payroll Tax Expense1,847.871,885.0037.1315,204.1814,425.00-779.18
Workers Comp Ins729.94600.00-129.945,118.204,624.00-494.20
Insurance Benefits1,914.22772.83-1,141.399,366.285,409.81-3,956.47
-------------------------------------------------------------------------
Total Payroll Expenses29,020.8328,393.83-627.00207,976.51212,979.815,003.30
-------------------------------------------------------------------------
Operating Expenses
Equipment Lease111.28205.0093.721,551.381,435.00-116.38
Cable & Internet29,975.6530,416.67441.02194,736.01212,916.6918,180.68
Supplies224.96625.00400.043,150.874,375.001,224.13
Supplies - Maintenance410.82541.67130.853,657.843,791.69133.85
R&M - Boat Lift0.00375.00375.005,001.932,625.00-2,376.93
R&M Equipment360.77187.50-173.271,805.841,312.50-493.34
Utilities0.0016.6716.6789.60116.6927.0919
Dues & Subscriptions0.0041.6741.6749.00291.69242.69
Telephone150.00150.000.001,050.001,050.000.00
Telephone - Maint75.00125.0050.00525.00875.00350.00
Postage & Delivery0.0060.0060.00622.041,960.001,337.96
Meetings0.00166.67166.67859.831,166.69306.86
Software/Computer Support303.95183.33-120.621,610.151,283.31-326.84
Water/Sewer0.0015.0015.0079.50105.0025.50
HR Background Chks0.000.000.000.00100.00100.00
Legal Fees-549.151,250.001,799.1510,744.428,750.00-1,994.42
Audit Fees0.000.000.0015,250.0015,000.00-250.00
HR & Payroll Fees350.00379.1729.172,450.002,654.19204.19
Lawn Service/Landscape13,600.0013,600.000.0095,237.5097,200.001,962.50
Supp 20 Obligation4,952.761,667.00-3,285.7616,154.5711,667.00-4,487.57
Permits & Licenses210.000.00-210.00271.2575.00-196.25
Turf & Palm Fert/Pest1,250.005,178.333,928.3332,035.0036,248.314,213.31
Travel45.3683.3337.97597.04583.31-13.73
Insurance - Boat Lift102.33308.41206.08716.312,158.871,442.56
Insurance - E&O138.00150.1712.17966.001,051.1985.19
Insurance - Umbrella296.80326.4229.622,077.602,284.94207.34
Insurance - D&O158.25149.58-8.671,083.081,047.06-36.02
Insurance - Crime/Fidelity Bo55.7559.503.75390.25416.5026.25
Insurance - Shores Bridge191.6767.92-123.751,341.69475.44-866.25
Insurance - Worker's Comp59.580.00-59.581,136.900.00-1,136.90
Education and Training0.0075.0075.000.00525.00525.00
Bank & Credit Card Fees24.0075.0051.001,602.461,075.00-527.46
Committees0.0083.3383.33187.50583.31395.81
Rental Expense46.320.00-46.32421.690.00-421.69
R&M Mailboxes621.86500.00-121.862,348.953,500.001,151.05
R&M - Pointe & River Club550.002,000.001,450.0017,786.4420,000.002,213.56
R&M Backflow Testing0.002,500.002,500.0017,136.0017,500.00364.00
-------------------------------------------------------------------------
Total Operating Expenses53,715.9661,562.347,846.38434,723.64456,199.3821,475.74
-------------------------------------------------------------------------
Total Expenses53,715.9661,562.347,846.38434,723.64456,199.3821,475.74
-------------------------------------------------------------------------
Operating Surplus / (Deficit)82,294.2265,811.8316,482.39461,523.67423,796.8137,726.8620
=========================================================================
Waterlefe MPOA Balance Sheet Summary April-16
Operating FundsTotal
CURRENT ASSETS
Cash $560,251$322,374$882,625
Accts Receivable$322,151$322,151
Inventory$32,304$32,304
Other Current Assets$36,605$36,605
Bad Debt Allowance-$166,978-$166,978
Due To/From Operating/Reserve$54,100-$54,100$0
Total Current Assets$838,433$268,274$1,106,706
PROP/EQUIPMENT
Fixed Assets$3,133,707$6,502$3,140,208
Depreciation-$689,836-$5,093-$694,929
Total Property/Equip$2,443,871$1,409$2,445,279
Other Assets$74,228$74,228
TOTAL ASSETS
$3,356,531$269,682$3,626,213
CURRENT LIABILITIES
Prepaid Owners Assess$46,296$0$46,296
Accounts Payable$216,225$216,225
Due to CDD$29,706$29,706
Other Current Liabilities$36,197$36,197
Total Current Liabilities$328,424$0$328,424
LONG TERM LIABILITIES
Construction Loans Payable $549,001$549,001
Capital Lease Obligation$52,718$52,718
Deferred Revenue$282,797$282,797
Total Long Term Liabilities$884,515$0$884,515
TOTAL LIABILITIES
$1,212,939$0$1,212,939
CAPITAL & FUND BALANCES
Equity & Retained Earnings-$783,264-$783,264
Contributed Capital$2,993,213$2,993,213
General Reserve Fund$111,345$111,345
Boat Lift Reserve Fund$48,244$48,244
Shores B&R Reserve Fund$45,910$45,910
General Reserve Fund Interest$14,876$14,876
Operating Surplus/(Deficit)-$17,049-$17,049
Total Equity$2,192,900$2,192,900
Total Fund Balances$220,375$220,375
TOTAL LIAB & CAPITAL
$3,405,839$220,375$3,626,213
Reserve Funds
Waterlefe MPOA Statement of Activities April-16
Actual FY16Budget FY16Actual FY15
Operating
Revenues - PM MPOA
$633,270$581,207$657,203
Revenues - Riverclub
$277,198$243,035$251,037
Total Revenue
$910,468$824,242$908,240
Cost of Goods Sold
$106,234$97,050$113,442
Payroll Expenses
$312,647$331,469$277,361
Operating Expenses
$550,546$402,869$418,816
Total Expenses
$969,426$831,388$809,619
NET
-$58,959-$7,146$98,621
General Reserve Fund
Income
$36,000$36,000$32,124
Expenditures
$0$36,000$20,635
NET
$36,000$0$11,489
$136,914$111,345Dec-14
Reserve
April-16
$172,914$122,834Apr-15
Boat Lift Reserve Fund
Income
$1,124$1,124$0?
Expenditures
$0$1,124$0
NET
$1,124$0$0
$46,616$48,244Dec-14
Reserve
April-16
$47,740$48,244Apr-15
Shores B&R Reserve
Income
$4,560$0$0
Expenditures
$0$0$300
$4,560$0-$300
$50,492$45,910Dec-14
Reserve
April-16
$55,052$45,610Apr-15
Reserve Interest
Income
$120$116$110
Expenditures
$0$0$0
$120$116$110
$15,233$14,876Dec-14
Reserve April-16
$15,353$14,986Apr-15
Construction Draw & Expenses
Loan Draw
$134,042$0$0
Expenditures
$153,748$0$0
-$19,707$0$0
Reserve Dec-15
Reserve Dec-15
Reserve Dec-15
Reserve Dec-15
Waterlefe MPOA Over/Under Report April-16
MonthlyMonthly Over/YTD YTD Over/
ActualBudgetUnderActualBudgetUnder
Revenues - PM MPOA
$157,468$141,202OVER$16,266$633,270$581,207OVER$52,063
Revenues - Riverclub
$59,835$48,034OVER$11,801$277,198$243,035OVER$34,163
Revenues - Reserve
$13,870$9,310OVER$4,560$41,804$37,240OVER$4,564
Total Revenue
$231,173$198,546OVER$32,627$952,272$861,482OVER$90,790
Cost of Goods Sold
$24,553$20,650OVER$3,903$106,234$97,050OVER$9,184
Payroll Expenses
$69,637$70,155UNDER-$518$312,647$331,469UNDER-$18,822
Operating Expenses
$193,955$98,777OVER$95,178$550,546$402,869OVER$147,677
Total Expenses
$288,145$189,582OVER$98,563$969,426$831,388OVER$138,039
NET
-$56,972$8,964UNDER-$65,936-$17,155$30,094UNDER-$47,249
Aged Owner BalancesApril-16
Accounts Receivable-Owners $132,981
Accounts Receivable-Villas $41,614
PY River Club Dues $16,661
Accounts Receivable-Boat Lift$1,853
TOTAL$193,108
Total is composed mostly of long term delinquencies:
A/R over 90 days$138,638
Lien Foreclosure$92,320
Late Notices$1,469
Intent to Lien$7,661
Bad Debt Write Off($10,164)
Waterlefe MPOA Over/Under Report April-16
MonthlyMonthly Over/YTD YTD Over/
ActualBudgetUnderActualBudgetUnder
Revenues - PM MPOA
$157,468$141,202OVER$16,266$633,270$581,207OVER$52,063
Revenues - Riverclub
$59,835$48,034OVER$11,801$277,198$243,035OVER$34,163
Revenues - Reserve
$13,870$9,310OVER$4,560$41,804$37,240OVER$4,564
Total Revenue
$231,173$198,546OVER$32,627$952,272$861,482OVER$90,790
Cost of Goods Sold
$24,553$20,650OVER$3,903$106,234$97,050OVER$9,184
Payroll Expenses
$69,637$70,155UNDER-$518$312,647$331,469UNDER-$18,822
Operating Expenses
$193,955$98,777OVER$95,178$550,546$402,869OVER$147,677
Total Expenses
$288,145$189,582OVER$98,563$969,426$831,388OVER$138,039
NET
-$56,972$8,964UNDER-$65,936-$17,155$30,094UNDER-$47,249
Aged Owner BalancesApril-16
Accounts Receivable-Owners $132,981
Accounts Receivable-Villas $41,614
PY River Club Dues $16,661
Accounts Receivable-Boat Lift$1,853
TOTAL$193,108
Total is composed mostly of long term delinquencies:
A/R over 90 days$138,638
Lien Foreclosure$92,320
Late Notices$1,469
Intent to Lien$7,661
Bad Debt Write Off($10,164)
CASH FLOW STATEMENT
Waterlefe Master POA
04/30/16
BankInternalInternalBank
BeginningCash/GainTransferTransfer PaidEndingOut-Ending
OPERATING ACCOUNTS:BalanceReceivedIN OutOutBalanceStandingBalance
BB&T Bank Op (A)-0338$225,578.14$615,626.30$0.00$0.00($311,345.45)$529,858.99$8,022.37$521,836.62
BB&T Bank Op (Payroll))-7588$43,122.82$0.14$85,000.00$0.00($126,352.76)$1,770.200.00$1,770.20
ENDING BALANCE $523,606.82
RESERVE ACCOUNTS:
BB&T Bank Mny Mkt Res -0346$156,781.90$19.35$9,281.00$0.00$0.00$166,082.25$0.00$166,082.25
Bank of America Reserve-6686$123,572.25$6.08$0.00$0.00$0.00$123,578.33$0.00$123,578.33
SunTrust Shores Reserve A4911$32,711.91$1.34$0.00$0.00$0.00$32,713.25$0.00$32,713.25
Wells Fargo Reserve B -5336$34,769.62$2.29$0.00$0.00$0.00$34,771.91$0.00$34,771.91
TOTAL RESERVES AND INVESTMENT$357,145.74
Original CurrentCurrentCurrentCurrent
LOANS:Loan AmountTransfer AmountPrincipal DrawPrincipal DueInterest duePrincipal BalanceTotal Due Bank
BB&T Business Loan-annex$479,000.00
$0.00$469,341.67
$3,554.87$1,815.45$414,959.03$0.00
BB&T Business Loan-kitchen$196,934.50
$0.00
$154,107.00$0.00$711.06$156,041.50*
$0.00
TOTAL OPERATING & RESERVES$880,752.56
NOTE: Assessments are mostly received in the first
*Includes $1,934.50 in loan fees
month of quarter
Expenses over budget more than $1,000 YTD
April-16
Equipment Rental RC$1,511Villas-Turf & Palm Fert/Pest$1,687
Decorations RC$1,958Education & Outside Train RC$2,733
R&M-Building RC$5,768Bad Debt Expense-Villas$7,117
Uniforms/Linens/Laundry RC$5,565Bad Debt Expense- MPOA$22,304
Legal Fees PM$8,366Bad Debt Expense-RC$1,272
Audit Fees PM$11,000Bank & Credit Card Fees RC$2,836
Litigation Fees PM$11,652Bank Fees PM$1,004
Management Fees-RC$3,300R&M Mailbox & Replacement PM$2,229
Supp 20 Obligation-Shores$1,716Proposed Construction PM$153,748
Waterlefe MPOA Statement of Activities May-16
Actual FY16Budget FY16Actual FY15
Operating
Revenues - PM MPOA
$784,679$722,408$798,160
Revenues - Riverclub
$318,344$280,869$290,443
Total Revenue
$1,103,023$1,003,277$1,088,603
Cost of Goods Sold
$123,944$113,320$130,003
Payroll Expenses
$380,991$400,373$340,124
Operating Expenses
$680,727$444,992$531,942
Total Expenses
$1,185,662$958,685$1,002,069
NET
-$82,640$44,592$86,534
General Reserve Fund
Revenue
$45,000$45,000$40,155
Expenditures
$0$45,000$46,670
NET
$45,000$0-$6,515
$105,414$111,345Dec-14
Reserve
May-16
$150,414$104,830May-15
Boat Lift Reserve Fund
Revenue
$1,405$1,405$727
Expenditures
$0$1,405$0
NET
$1,405$0$727
$49,988$48,244Dec-14
Reserve
May-16
$51,393$48,971May-15
Shores B&R Reserve
Revenue
$4,560$0$0
Expenditures
$1,838$0$300
NET
$2,722$0-$300
$50,492$45,910Dec-14
Reserve
May-16
$53,214$45,610May-15
Reserve Interest
Revenue
$150$145$139
Expenditures
$0$0$0
NET
$150$145$139
$15,233$14,876Dec-14
Reserve May-16
$15,383$15,015May-15
Construction Draw & Expenses
Loan Draw
$154,107$0$0
Expenditures
$178,547$0$0
NET
-$24,440$0$0
Total Revenue & Expenses
Revenue
$1,154,138$1,049,827$1,129,624
Expenditures
$1,187,500$1,005,090$1,049,039
NET
-$33,362$44,737$80,585
Reserve Dec-15
Reserve Dec-15
Reserve Dec-15
Reserve Dec-15
Cash Flow Statement
For the Month Ending7/31/20168/31/20169/30/201610/31/201611/30/201612/31/20161/31/2017
Operating Cash at Beginning of Month297,991372,657266,410140,054289,523193,257139,476
Operations
Cash receipts
fromAssessments285,03634,50066,400316,10038,84078,800335,800
River Club33,63337,10031,05038,20074,80088,80088,100
Other Operations9,4463,9003,0503,1003,7007,0001,410
Cash paid
forInventory purchases(11,128)(11,900)(16,300)(23,000)(27,000)(32,800)(26,516)
General operating & admin expenses(128,204)(80,500)(89,300)(93,900)(94,500)(93,500)(76,984)
Paid to CDD(4,500)
Addl River Club Maint not in budget(12,000)(6,500)(5,000)(5,000)
Salary expenses(69,303)(66,900)(98,500)(68,200)(74,200)(84,100)(74,000)
Interest(2,700)(2,800)(2,775)(2,750)(2,725)(2,700)(2,670)
Net Cash Flow from Operations100,280(93,100)(111,375)164,550(81,085)(38,500)245,140
Fund Activities
Cash receipts
fromTransfers from Reserve Funds0000000
Sale of property and equipment
Cash paid
forPurchase of property & equipment0000000
Transfers to Reserve(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)
Net Cash Flow from Investing Activities(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)
Financing Activities
Cash receipts
fromLoan Draw018,734
Cash paid
forBuilding expansion expenses(10,827)(17,000)
Repayment of loan principal(5,506)(5,600)(5,700)(5,800)(5,900)(6,000)(6,100)
Net Cash Flow from Financing Activities(16,333)(3,866)(5,700)(5,800)(5,900)(6,000)(6,100)
Net Increase (Decrease) in Cash74,666(106,247)(126,356)149,469(96,266)(53,781)229,759
Operating Cash at End of Month372,657 266,410 140,054 289,523 193,257 139,476 369,235
Waterlefe MPOA
Waterlefe MPOA Over/Under Report June-16
MonthlyOver/YTD Over/
ActualUnder
%
ActualUnder
%
Revenues - PM MPOA
$140,356UNDER-$845-0.60%$913,390OVER$49,7815.76%
Revenues - Riverclub
$26,135OVER$3,30214.46%$344,479OVER$40,77713.43%
Revenues - Reserve
$9,308UNDER-$2-0.02%$60,864OVER$5,0048.96%
Total Revenue
$175,799OVER$2,4551.42%$1,318,732OVER$95,5617.81%
Cost of Goods Sold
$14,140OVER$4,34044.28%$138,084OVER$14,96412.15%
Payroll Expenses
$62,560UNDER-$1,794-2.79%$443,304UNDER-$21,423-4.61%
Operating Expenses
$107,813OVER$19,47022.04%$610,506OVER$30,7655.31%
Total Expenses
$184,513OVER$22,01613.55%$1,191,894OVER$24,3062.08%
NET
-$8,714UNDER-$19,560-180.34%$126,839OVER$71,256128.20%
Aged Owner BalancesJune-16
Accounts Receivable-Owners $85,938
Accounts Receivable-Villas $26,923
PY River Club Dues $10,032
Accounts Receivable-Boat Lift$425
TOTAL$123,318
Total is composed mostly of long term delinquencies: (6 units)
A/R over 90 days$119,057
Bankruptcy/Lien Foreclosure$27,917
In Collections$14,683
Bad Debt Write Off($42,326)
Cash Flow Statement
For the Month Ending8/31/20169/30/201610/31/201611/30/201612/31/20161/31/20172/29/2016
Operating Cash at Beginning of Month372,657266,410140,054289,523193,257139,476369,235
Operations
Cash receipts
fromAssessments34,50066,400316,10038,84078,800335,80058,300
River Club37,10031,05038,20074,80088,80088,10083,750
Other Operations3,9003,0503,1003,7007,0001,4105,500
Cash paid
forInventory purchases(11,900)(16,300)(23,000)(27,000)(32,800)(26,516)(22,300)
General operating & admin expenses(80,500)(89,300)(93,900)(94,500)(93,500)(76,984)(179,407)
Paid to CDD
Addl River Club Maint not in budget(6,500)(5,000)(5,000)
Salary expenses(66,900)(98,500)(68,200)(74,200)(84,100)(74,000)(84,000)
Interest(2,800)(2,775)(2,750)(2,725)(2,700)(2,670)(2,125)
Net Cash Flow from Operations(93,100)(111,375)164,550(81,085)(38,500)245,140(140,282)
Fund Activities
Cash receipts
fromTransfers from Reserve Funds0000000
Sale of property and equipment
Cash paid
forPurchase of property & equipment0000000
Transfers to Reserve(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)
Net Cash Flow from Investing Activities(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)
Financing Activities
Cash receipts
fromLoan Draw18,734
Cash paid
forBuilding expansion expenses(17,000)(5,347)
Repayment of loan principal(5,600)(5,700)(5,800)(5,900)(6,000)(6,100)(3,450)
Net Cash Flow from Financing Activities(3,866)(5,700)(5,800)(5,900)(6,000)(6,100)(8,797)
Net Increase (Decrease) in Cash(106,247)(126,356)149,469(96,266)(53,781)229,759(158,360)
Operating Cash at End of Month266,410 140,054 289,523 193,257 139,476 369,235 210,875
Waterlefe MPOA
Cash Flow Statement
For the Month Ending11/30/201612/31/20161/31/20172/28/20173/31/20174/30/20175/31/2017
Operating Cash at Beginning of Month136,196110,45557,124277,633110,72577,958261,056
Operations
Cash receipts
fromAssessments38,84078,800335,80058,30094,660340,00069,900
River Club74,80088,80088,10083,75086,20094,82579,300
Other Operations3,7007,0001,4105,50013,9007,7507,600
Cash paid
forInventory purchases(27,000)(32,800)(26,516)(22,300)(30,400)(23,200)(14,800)
General operating & admin expenses(94,500)(93,500)(76,984)(179,407)(81,966)(133,146)(134,512)
Paid to CDD & Golf(119,273)
Addl River Club Maint not in budget(3,600)
Salary expenses(91,200)(84,100)(83,620)(94,920)(97,180)(85,000)(77,000)
Taxes(34,000)
Interest(2,500)(2,450)(2,400)(2,350)(2,300)(2,250)(2,706)
Net Cash Flow from Operations(131,860)(38,250)235,790(151,427)(17,086)198,979(195,091)
Fund Activities
Cash receipts
fromTransfers from Reserve Funds121,000000031,400
Sale of property and equipment
Cash paid
forReserve expenses0000000
Transfers to Reserve(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)(9,281)
Net Cash Flow from Investing Activities111,719(9,281)(9,281)(9,281)(9,281)(9,281)22,119
Financing Activities
Cash receipts
fromLoan Draw22,000
Cash paid
forBuilding expansion expenses(24,109)
Repayment of loan principal(5,600)(5,800)(6,000)(6,200)(6,400)(6,600)(3,560)