S FINANCIAL STATEMENTS 2015 Q1 unaudited
www.sandyportmanagement.com Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2015 (Expressed in Bahamian dollars)
As at Mar 31, 2015
As at Mar 31, 2014
1,106,514
1,032,802
312,229
148,601
-
2,772
92,537
114,291
1,511,280
1,298,466
96,510
117,409
1,607,790
1,415,875
Accounts payable and accrued expenses
114,404
147,459
Prepaid maintenance fees and deposits
947,890
660,210
1,062,294
807,669
406
398
General reserve fund
557,028
534,126
Maintenance fund
(11,938)
73,683
545,496
608,207
1,607,790
1,415,876
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, 406 (2014: 398) shares issued and outstanding
Total shareholders’ equity TOTAL
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2015 (Expressed in Bahamian dollars)
3 months to Mar 31, 2015 Actual
3 months to Mar 31, 2015 Budget
3 months to Mar 31, 2014 Actual
Maintenance fees
650,335
674,446
664,298
Water & meters income
131,994
113,316
103,984
Other services
39,286
12,642
49,394
Miscellaneous income
10,386
-
12,291
832,001
800,404
829,967
167,551
173,384
166,823
Maintenance of common areas
130,380
90,068
77,263
Gardening expenses
107,687
104,709
101,496
Water & meters
103,694
99,469
85,274
Improvements
61,988
75,000
119,650
Painting expenses
60,729
43,448
42,171
Wastewater management
58,044
75,444
55,987
Garbage removal
21,000
21,000
16,500
711,073
682,522
665,164
120,928
117,882
164,803
Salaries, benefits & national insurance
51,638
61,619
52,761
Provision for doubtful accounts
42,895
10,458
-
9,746
11,132
11,295
9,400
10,254
6,200
Rent & utilities
9,150
9,150
9,150
Telephone & communications
4,094
3,879
3,947
Finance charges
3,472
2,270
4,328
Insurance
2,471
2,628
2,440
Other expenses
-
593
-
Property & other taxes
-
250
1,000
Total operating expenses
132,866
112,233
91,120
NET MAINTENANCE FUND
(11,938)
5,649
73,683
REVENUE
Total revenue
DIRECT EXPENSES Security expenses
Total direct expenses Gross Profit OPERATING EXPENSES
Office & computer supplies Professional fees
Unaudited
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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