Mid-Year Financial Update
The Association started the year by receiving an unqualified audit report for the seventeenth year in a row! An unqualified audit report indicates the financial statements have been prepared using the Generally Accepted Accounting Principles and the financial statements comply with relevant statutory requirements and regulations.
The Association continues to maintain a strong financial position. The balance sheet, mostly supported by reserves, continues to grow, and the Income Statement through the first half of the year is favorable.
Through June 2023, operating revenue is trending above budget, and operating expenses are under budget. Below are some financial highlights through June.
- Operating revenue is approximately $165k greater than budget.
- Operating expenses are roughly $75k under budget.
- 99% of the owners have paid their annual assessment.
Non-operating revenue includes CEF fees. Through June, the Association has collected about $347k in CEF fees and the average sales price (including both multi-family and single-family) is approximately $1,037,100.