FINANCIAL STATEMENTS 2016 Q1 unaudited
S
www.sandyport.management Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2016 (Expressed in Bahamian dollars)
As at Mar 31, 2016
As at Mar 31, 2015
1,046,901
1,106,514
316,183
312,229
-
-
89,985
92,537
1,453,069
1,511,280
67,204
96,510
1,520,273
1,607,790
Accounts payable and accrued expenses
211,074
114,404
Prepaid maintenance fees and deposits
786,504
947,890
997,578
1,062,294
412
406
General reserve fund
404,255
557,028
Maintenance fund
118,028
(11,938)
522,695
545,496
1,520,273
1,607,790
ASSETS Current Assets Cash and cash equivalents Accounts receivable Loan receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities
Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 412 (2015: 406) shares issued and outstanding
Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2016 (Expressed in Bahamian dollars)
3 months to Mar 31, 2016 Actual
3 months to Mar 31, 2016 Budget
3 months to Mar 31, 2015 Actual
680,650
690,927
650,335
Water & meters income
115,598
113,472
131,994
Other services
48,896
2,058
39,286
Miscellaneous income
10,572
-
10,386
855,716
806,457
832,001
Security expenses
185,102
198,555
167,551
Gardening expenses
108,442
108,039
130,380
96,747
106,707
107,687
Water & meters
81,415
101,922
103,694
Painting expenses
55,851
51,537
61,988
Wastewater management
46,367
75,444
60,729
Garbage removal
21,000
21,000
58,044
19,269
37,500
21,000
Total direct expenses
614,193
700,704
711,073
Gross Profit
241,523
105,753
120,928
Salaries, benefits & national insurance
59,310
61,620
51,638
Provision for doubtful accounts
30,165
-
42,895
Rent & utilities
9,450
9,450
9,746
7,855
11,256
9,400
Professional fees
5,500
10,254
9,150
Telephone & communications
3,956
4,155
4,094
Finance charges
3,793
2,589
3,472
Insurance
2,466
2,793
2,471
Property & other taxes
1,000
249
-
-
594
-
Total operating expenses
123,495
102,960
132,866
NET MAINTENANCE FUND
118,028
2,793
(11,938)
REVENUE Maintenance fees
Total revenue
DIRECT EXPENSES
Maintenance of common areas
Improvements
OPERATING EXPENSES
Office & computer supplies
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
Visit us on the interweb to make reservations, contact customer service and more!
WWW.SANDYPORT.MANAGEMENT
SANDYPORT HOMEOWNERS ASSOCIATION Serving our community