S FINANCIAL STATEMENTS 2014 Q1 unaudited
www.sandyportmanagement.com Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2014 (Expressed in Bahamian dollars)
As at Mar 31, 2014
As at Mar 31, 2013
1,032,802
706,428
148,601
314,335
2,772
13,836
114,291
112,614
1,298,466
1,147,213
117,409
147,127
1,415,876
1,294,340
Accounts payable and accrued expenses
147,459
87,709
Prepaid maintenance fees and deposits
660,210
691,252
807,669
778,961
398
357
534,126
430,632
73,683
84,391
Total shareholders’ equity
608,207
515,379
TOTAL
1,415,876
1,294,340
ASSETS Current Assets Cash and cash equivalents Accounts receivable Loan receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL
LIABILITIES AND EQUITY LIABILITIES Current Liabilities
Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 398 (2013: 357) shares issued and outstanding General reserve fund Maintenance fund
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2014 (Expressed in Bahamian dollars)
3 months to Mar 31, 2014 Actual
3 months to Mar 31, 2014 Budget
3 months to Mar 31, 2013 Actual
Maintenance fees
664,298
649,263
661,603
Water & meters income
103,984
100,097
106,212
49,394
12,642
18,568
12,291
-
2,544
829,968
762,002
788,928
Security expenses
166,823
149,596
142,193
Improvements
119,650
91,875
31,780
Gardening expenses
101,496
100,825
98,411
Water and meters
85,274
99,469
112,119
Maintenance of common areas
77,263
87,288
86,630
Waste water management
55,987
75,444
83,728
Painting expenses
42,171
41,145
43,398
Garbage removal
16,500
16,500
16,500
Total direct expenses
665,164
662,142
614,759
Gross Profit
164,803
99,860
174,168
Salaries, benefits & national insurance
52,761
57,207
50,885
Office & computer supplies
11,295
10,426
8,596
Rent & utilities
9,150
9,150
9,150
Professional fees
6,200
10,254
6,010
Finance charges
4,328
3,879
6,180
Telephone & communications
3,947
3,618
3,810
Insurance
2,440
2,399
2,629
Property & other taxes
1,000
250
1,000
-
593
1,517
Total operating expenses
91,120
97,776
89,778
NET MAINTENANCE FUND
73,683
2,084
84,391
REVENUE
Other services Miscellaneous income Total revenue
DIRECT EXPENSES
OPERATING EXPENSES
Other expenses
Unaudited
STAY IN TOUCH PO BOX SP 64016 SANDYPORT NASSAU, BAHAMAS
BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599
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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community