FINANCIAL STATEMENTS 2016 Q1-Q3 unaudited
S
www.sandyport.management Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At September 30, 2016 (Expressed in Bahamian dollars)
As at Sep 30, 2016
As at Sep 30, 2015
759,002
566,050
232,953
296,632
76,678
85,382
1,068,633
948,064
80,960
77,448
1,149,593
1,025,512
Accounts payable and accrued expenses
143,299
190,972
Prepaid maintenance fees and deposits
486,082
464,751
629,381
655,723
415
409
404,252
557,025
115,545
(187,645)
520,212
369,789
1,149,593
1,025,512
ASSETS Current Assets Cash and cash equivalents Accounts 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, 415 (2015: 409) shares issued and outstanding General reserve fund Maintenance fund Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 9 months ended September 30, 2016 (Expressed in Bahamian dollars)
9 months to Sep 30, 2016 Actual
9 months to Sep 30, 2016 Budget
9 months to Sep 30, 2015 Actual
2,174,916
2,162,781
2,106,097
266,981
250,416
294,977
136,193
-
113,797
27,171
6,176
26,192
2,605,261
2,419,373
2,541,063
Security expenses
581,242
595,665
557,517
Gardening expenses
332,858
324,117
322,185
Improvements
279,212
112,500
446,730
Maintenance of common areas
278,845
320,121
320,118
Water & meters
250,252
305,766
298,956
155,154
226,332
184,806
Painting expenses
146,843
154,611
154,609
Garbage removal
63,061
63,000
63,000
2,087,467
2,102,112
2,347,921
517,794
317,261
193,142
Salaries, benefits & NI
182,905
184,860
169,441
Provision for doubtful accounts
122,076
REVENUE Maintenance fees Water & meters income Other services Miscellaneous income Total revenue
DIRECT EXPENSES
Waste water management
Total direct expenses Gross Profit OPERATING EXPENSES
105,136
Rent and utilities
31,513
28,350
27,650
Office & computer supplies
18,818
33,768
28,474
Professional fees
17,405
30,762
21,490
Telephone & communications
11,756
12,465
11,772
Finance charges
9,330
7,767
8,378
Insurance
7,446
8,379
7,446
Property & other taxes
1,000
747
1,000
-
1,782
-
402,249
308,880
380,787
115,545
8,381
(187,645)
Other expenses Total operating expenses NET MAINTENANCE FUND
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