Big Canoe Property Owners Association 113,997 80,247 33,750 … · Page | 4 Public works monthly...

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Big Canoe Property Owners Association Summary of Operations

February 29, 2020

Financial Summary of Income from Operations:

2020 Budget

Variance %

to Budget 2019

Variance %

to Last Yr. 2020 Budget

Variance %

to Budget 2019

Variance %

to Last Yr.General Operating Revenues:

890,253 886,642 3,611 884,423 5,830 General Assessments 1,786,079 1,776,923 9,156 1,773,393 12,686

34,998 27,034 7,964 20,992 14,005 Other Operating Revenue 65,241 55,933 9,308 47,755 17,486

925,251 913,676 11,575 905,415 19,836 Total General Operating Revenues 1,851,321 1,832,856 18,465 1,821,148 30,172

(485,141) (488,485) 3,344 (479,281) (5,860) Operating Department Expenditures (955,655) (987,186) 31,531 (960,036) 4,381

(78,185) (95,206) 17,021 (92,653) 14,468 Amenity Net Income/(Loss) (216,319) (254,655) 38,336 (226,623) 10,305

361,924 329,985 31,939 333,481 28,444 Net Income/(Loss) Before Depreciation 679,347 591,015 88,332 634,488 44,859

(3,226) (3,150) 76 - (3,226) Extraordinary Items/Storm Damage (3,226) (6,300) 3,074 (5,407) 2,181

244,702 246,588 1,886 242,871 (1,831) Depreciation & Asset Gain/Loss-Disposal 491,090 493,676 2,586 484,289 (6,801)

113,997 80,247 33,750 90,609 23,387 Net Income/(Loss) from Operations 185,032 91,039 93,993 144,793 40,239

79,045 78,943 102 - 79,045 Board Designated Capital 158,090 157,769 321 - 158,090

3,239 - 3,239 14,486 (11,247) Change in FMV of Brokerage Accts 2,899 - 2,899 31,945 (29,046)

196,280 159,190 37,090 105,095 91,185 Comprehensive Net Income/(Loss) 346,020 248,808 97,212 176,738 169,283

Big Canoe POA

Financial Summary of Income from Operations

For the Month Ended February 29, 2020

February Year-to-Date

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Operations Results

Both Transfer Fees ($3.8k-Feb. & $6.4k-YTD) and interest income ($4.2k-Feb. & $4.0k –YTD) were over budget in Administration revenue. Employee Benefits including flexible spending accounts were over budget for February and Year to date. Administration operating expense had negative variances in Postage and printing related to property owner vote and Telephone expense.

Marketing payroll expenses were under budget related to an unfilled Position, which was filled in late January and employee benefits related to policy credits.

2020 Budget

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to Budget 2019

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General Operating Revenues

890,253 886,642 3,611 0.41% 884,423 5,830 0.66% Monthly POA Assessments 1,786,079 1,776,923 9,156 0.52% 1,773,393 12,686 0.72%

34,998 27,034 7,964 29.46% 20,992 14,005 66.72% Other General Revenue 65,241 55,933 9,308 16.64% 47,755 17,486 36.62%

925,251 913,676 11,575 1.27% 905,415 19,836 2.19% Total General Operating Revenues 1,851,321 1,832,856 18,465 1.01% 1,821,148 30,172 1.66%

Administration

(94,773) (91,698) (3,075) -3.35% (101,852) 7,079 6.95% Payrol l Expenses (200,945) (196,436) (4,509) -2.30% (213,149) 12,204 5.73%

(55,129) (45,419) (9,710) -21.38% (39,338) (15,792) -40.14% Operating Expenses (94,619) (78,163) (16,456) -21.05% (85,529) (9,089) -10.63%

(149,902) (137,117) (12,785) -9.32% (141,189) (8,713) -6.17% Net Income/(Loss) (295,564) (274,599) (20,965) -7.63% (298,678) 3,114 1.04%


2020 Budget

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to Budget 2019

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to Last

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to Last Yr.

Marketing

2,392 1,875 517 27.57% 2,754 (362) -13.14% Revenues 4,092 3,750 342 9.12% 5,508 (1,416) -25.71%

(8,585) (11,075) 2,490 22.48% (7,563) (1,022) -13.51% Payrol l Expenses (16,655) (23,572) 6,917 29.34% (16,361) (294) -1.80%

(7,283) (7,148) (135) -1.88% (7,550) 268 3.54% Operating Expenses (9,496) (9,206) (290) -3.15% (10,518) 1,023 9.72%

(13,476) (16,348) 2,872 17.57% (12,359) (1,116) 9.03% Net Income/(Loss) (22,058) (29,028) 6,970 24.01% (21,371) (688) -3.22%


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AECD revenues were over budget in fines ($1.5k-Feb. & $3.0k-YTD), Plan Submittal ($1.5k-Feb. & $6.1k-YTD), and tree removal fees ($3.9k-Feb. & $3.9k-YTD). Year to date Payroll expenses are over budget due to Vista Pruning 1099 Contractors. Tree removal expenses were over budget in February and year to date.

Hourly wages are under budget year to date related to an open position and various accounts in operating expenses are under budget year to date.

2020 Budget

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Architectural Environmental Control

9,595 2,400 7,195 299.79% 2,554 7,041 275.72% Revenues 18,583 3,800 14,783 389.01% 10,151 8,431 83.06%

(8,761) (8,260) (501) -6.07% (7,449) (1,312) -17.61% Payrol l Expenses (18,835) (17,607) (1,228) -6.97% (15,976) (2,858) -17.89%

(3,354) (672) (2,682) -399.16% (3,113) (241) -7.74% Operating Expenses (3,978) (1,440) (2,538) -176.22% (3,943) (34) -0.87%

(2,520) (6,532) 4,012 61.41% (8,009) 5,488 -68.53% Net Income/(Loss) (4,230) (15,247) 11,017 72.26% (9,768) 5,538 56.70%


2020 Budget

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Grounds, Landscaping and Environmental

Control

- - - 0.00% - - 0.00% Revenues - - - 0.00% - - #DIV/0!

(29,031) (29,834) 803 2.69% (24,338) (4,693) -19.28% Payrol l Expenses (60,075) (63,714) 3,639 5.71% (53,802) (6,274) -11.66%

(4,804) (5,372) 568 10.58% (4,023) (781) -19.41% Operating Expenses (8,719) (9,944) 1,225 12.32% (12,240) 3,521 28.77%

(33,835) (35,206) 1,371 3.89% (28,361) (5,474) -19.30% Net Income/(Loss) (68,794) (73,658) 4,864 6.60% (66,042) (2,753) -4.17%


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Public works monthly revenue is under budget related to Parts/Maint. Revenue. Year to date road impact fees are over budget by ($9.3k), which is partially offset by Parts/Maint. Revenue. Cost of sales is under budget for February and Year to date based on the lower sales volume. Housekeeping hourly wages are under budget related to an unfilled position. Monthly operating expenses were under budget related to computer software and electricity.

Public Safety monthly revenue was under budget related to transponder revenue and key release refunds. Minor tools and operating expenses were under budget for the month. Year to date operating expenses were under budget related to repair & maintenance, vehicle gas, and licenses.

2020 Budget

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Public Works including Housekeeping

13,082 13,950 (868) -6.22% 13,898 (815) -5.87% Revenues 50,338 44,150 6,188 14.02% 40,927 9,411 22.99%

(333) (2,380) 2,047 86.01% (2,467) 2,134 86.50% Cost of Sa les (379) (4,760) 4,381 92.03% (3,418) 3,039 88.90%

(74,519) (72,639) (1,880) -2.59% (70,153) (4,366) -6.22% Payrol l Expenses (151,038) (154,747) 3,709 2.40% (149,170) (1,868) -1.25%

(53,764) (59,351) 5,587 9.41% (61,719) 7,955 12.89% Operating Expenses (113,577) (116,887) 3,310 2.83% (115,227) 1,651 1.43%

(115,533) (120,420) 4,887 4.06% (120,441) 4,908 4.07% Net Income/(Loss) (214,656) (232,244) 17,588 7.57% (226,888) 12,232 5.39%


2020 Budget

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Public Safety

(320) 2,540 (2,860) -112.60% 1,627 (1,947) -119.67% Revenues 4,605 5,080 (475) -9.35% 12,982 (8,377) -64.53%

(92,269) (92,858) 589 0.63% (92,436) 167 0.18% Payrol l Expenses (191,816) (194,013) 2,197 1.13% (192,304) 488 0.25%

(12,001) (13,079) 1,078 8.24% (13,307) 1,306 9.81% Operating Expenses (33,648) (36,608) 2,960 8.09% (29,687) (3,961) -13.34%

(104,590) (103,397) (1,193) -1.15% (104,116) (474) -0.46% Net Income/(Loss) (220,859) (225,541) 4,682 2.08% (209,009) (11,850) -5.67%


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POA activities monthly revenue was over budget related to directory sales. Expenses related to the knowledge series are under budget year to date.

2020 Budget

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Property Owner Activities

4,102 2,000 2,102 105.10% 2,043 2,059 100.78% Revenues 9,907 9,500 407 4.28% 11,487 (1,580) -13.75%

(5,216) (5,291) 75 1.42% (7,008) 1,792 25.57% Payrol l Expenses (11,294) (11,287) (7) -0.06% (13,026) 1,732 13.30%

(1,415) (2,097) 682 32.53% 207 (1,622) 783.25% Operating Expenses (4,130) (5,419) 1,289 23.78% (4,130) (0) -0.01%

(2,529) (5,388) 2,859 53.07% (4,758) 2,229 46.85% Net Income/(Loss) (5,517) (7,206) 1,689 23.44% (5,669) 152 2.68%


2020 Budget

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Property Tax, Insurance, Interest

(40,688) (42,750) 2,062 4.82% (39,772) (915) -2.30% Property Tax and Insurance (81,375) (85,500) 4,125 4.82% (79,065) (2,310) -2.92%

(22,069) (21,327) (742) -3.48% (20,276) (1,793) -8.84% Interest (42,601) (44,163) 1,562 3.54% (43,547) 946 2.17%

(62,756) (64,077) 1,321 2.06% (60,048) (2,708) -4.51% Total Expenses (123,977) (129,663) 5,686 4.39% (122,612) (1,364) -1.11%


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Amenity Results

Clubhouse revenues are detailed in the following tables.

2020 Budget

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Clubhouse

90,263 113,982 (23,719) -20.81% 102,986 (12,723) -12.35% Revenues 124,028 176,109 (52,081) -29.57% 177,554 (53,527) -30.15%

(32,168) (42,422) 10,254 24.17% (41,616) 9,448 22.70% Cost of Sa les (45,083) (70,646) 25,563 36.18% (78,127) 33,044 42.30%

34.98% 36.74% 1.76% 39.77% 4.79% Cost % of Sa les 36.31% 39.67% 3.35% 43.73% 7.42%

(99,014) (122,385) 23,371 19.10% (119,250) 20,236 16.97% Payrol l Expense (183,457) (251,499) 68,042 27.05% (254,423) 70,966 27.89%

107.68% 106.01% -1.67% 113.96% 6.28% Payrol l % of Sa les 147.77% 141.21% -6.56% 142.41% -5.36%

(27,079) (27,053) (26) -0.09% (19,936) (7,142) -35.83% Operating Expenses (50,472) (48,263) (2,209) -4.58% (46,611) (3,861) -8.28%

29.45% 23.43% -6.01% 19.05% -10.40% Operating % of Sa les 40.65% 27.10% -13.56% 26.09% -14.56%

(67,998) (77,878) 9,880 12.69% (77,817) 9,819 12.62% Net Income/(Loss) (154,985) (194,299) 39,314 20.23% (201,607) 46,622 23.13%


2020 Budget 2019 2018 2020 Budget 2019 2018

74,025 84,500 73,602 82,872 Black Bear Pub 87,324 135,500 126,080 131,576

4,232 9,000 1,252 4,293 Banquets 15,266 10,000 4,606 6,209

10,859 17,700 20,122 16,308 Member Events 15,994 24,950 29,939 22,838

- Food Trailer -

3,091 5,250 9,866 5,577 Duffers 6,816 9,650 19,635 10,073

- - - - Swim Club - - - -

- 918 Other Revenue 1,000 - 2,057 -

(1,943) (2,468) (2,773) (3,550)

10% Discount/Loyalty

Cards/20% Discount (2,373) (3,991) (4,763) (4,750)

90,264 113,982 102,987 105,500 Totals 124,027 176,109 177,554 165,946


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Clubhouse cost of sales are under budget due to lower sales volume and a better than better cost of sales %. Salary and wages are significantly under budget both monthly and year to date, this is partially due to Clubhouse closure. The year to date FTE is 24.42 compared to a budgeted FTE of 39.91.

2016 Actuals 2017 Actuals

2018

Actuals 2019 Actuals

2020 Confirmed

& Actual January

2020 Confirmed

& Actual

February 2020 Budget 2021 Confirmed

January $1,407 $221 $1,913 $3,354 $11,034 $11,034 $1,000

February $3,463 $956 $4,296 $1,252 $4,057 $4,232 $9,000

March $6,024 $8,028 $5,763 $13,634 $4,015 $2,575 $17,000 $17,038

April $49,489 $24,984 $81,541 $66,905 $32,340 $32,340 $34,500 $17,246

May $28,762 $56,379 $25,316 $23,409 $64,200 $75,469 $59,000 $27,185

June $36,474 $28,323 $38,102 $35,284 $11,564 $11,564 $34,500

July $26,421 $6,758 $22,098 $16,183 $1,125 $1,125 $27,000

August $22,031 $8,386 $16,900 $24,674 $28,000

September $23,464 $16,651 $29,511 $28,731 $30,500

October $80,686 $61,994 $81,559 $60,221 $20,000 $20,000 $45,250

November $46,191 $35,694 $52,584 $7,481 $31,197 $27,679 $19,000 $8,000

December $5,515 $17,448 $12,567 $8,688 $14,000

Totals $329,926 $265,822 $372,150 $289,816 $179,532 $186,018 $318,750 $69,468

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The negative monthly variance in golf revenue is related to cart rental ($3.3k) and Annual fees ($4.3k). On a year to date basis, these accounts are under budget $3.6k and $8.3k, partially offset by a positive variance in merchandise revenue of $4.2k. Golf rounds through February are 1,422 vs budget of 1,597. Cost of sales is over budget year to date related to the higher volume merchandise sales. Operating expense variances are attributable to positive variances in utility costs. Golf Maintenance payroll costs are under budget due to unfilled positions during the year. The year to date FTE is 18.39 compared to a budgeted FTE of 22.29.

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Golf Operations

111,539 118,457 (6,918) -5.84% 114,759 (3,220) -2.81% Revenues 244,115 247,987 (3,872) -1.56% 242,276 1,839 0.76%

(6,139) (7,303) 1,164 15.93% (11,970) 5,830 48.71% Cost of Sa les (21,427) (18,186) (3,241) -17.82% (21,892) 465 2.12%

72.66% 73.00% 0.34% 88.58% 15.92% Cost % of Sa les 75.96% 73.00% -2.96% 82.96% 7.00%

(26,945) (27,372) 427 1.56% (24,862) (2,083) -8.38% Payrol l Expense (58,334) (57,262) (1,072) -1.87% (53,870) (4,464) -8.29%

(4,532) (5,637) 1,105 19.60% (6,492) 1,960 30.19% Operating Expenses (14,519) (17,385) 2,866 16.48% (13,983) (537) -3.84%

73,922 78,145 (4,223) -5.40% 71,435 2,487 3.48% Net Income/(Loss) 149,835 155,154 (5,319) -3.43% 152,532 (2,697) -1.77%

Golf Maintenance

- - - - - 0.00% Revenues - - - - - 0.00%

(70,624) (80,051) 9,427 11.78% (69,161) (1,462) -2.11% Payrol l Expenses (151,359) (164,689) 13,330 8.09% (144,517) (6,842) -4.73%

(30,064) (29,185) (879) -3.01% (35,864) 5,800 16.17% Operating Expenses (64,190) (63,855) (335) -0.52% (62,311) (1,878) -3.01%

(100,687) (109,236) 8,549 7.83% (105,025) 4,338 4.13% Net Income/(Loss) (215,548) (228,544) 12,996 5.69% (206,828) (8,720) -4.22%

(26,765) (31,091) 4,326 -13.91% (33,590) 6,825 -20.32% Total Golf Net Income/(Loss) (65,714) (73,390) 7,676 10.46% (54,297) (11,417) -21.03%


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Swim Club

- - - 0.00% - - 0.00% Revenues - - - 0.00% - - 0.00%

- - - 0.00% - - 0.00% Cost of Sa les - - - 0.00% - - 0.00%

- - - 0.00% - - 0.00% Payrol l Expense - - - 0.00% - - 0.00%

(4,895) (5,737) 842 14.68% (5,868) 973 16.58% Operating Expenses (14,228) (14,989) 761 5.08% (8,313) (5,916) -71.16%

(4,895) (5,737) 842 14.68% (5,868) 973 16.58% Net Income/(Loss) (14,228) (14,989) 761 5.08% (8,313) (5,916) -71.16%


Page | 9

Fitness revenue is under budget for the month and year to date due to annual fees and merchandise revenue, which also is causing a negative variance in cost of sales. Utility costs are causing a positive variance in operating expenses, both monthly and year to date.

Tennis Revenue and cost of sales negative variances are related to merchandise sales being under budget for month and year to date. Hourly wages were over budget for February and year to date due to managing bocce ball league and vacation coverage. Utility costs are causing a positive variance in operating expenses, both monthly and year to date.

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Fitness Center

61,729 67,260 (5,531) -8.22% 66,349 (4,620) -6.96% Revenues 126,851 133,870 (7,019) -5.24% 133,153 (6,302) -4.73%

(663) (1,650) 987 59.82% (805) 142 17.59% Cost of Sa les (1,408) (2,820) 1,412 50.06% (1,847) 439 23.77%

54.95% 60.00% 5.05% 58.35% 3.40% Cost % of Sa les 57.65% 60.00% 2.35% 58.13% 0.49%

(22,886) (23,283) 397 1.71% (22,009) (877) -3.98% Payrol l Expense (47,596) (48,539) 943 1.94% (45,896) (1,700) -3.70%


28,133 28,269 (136) -0.48% 31,892 (3,759) -11.79% Net Income/(Loss) 50,283 51,322 (1,039) -2.02% 55,642 (5,359) -9.63%


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Racquet Club

16,487 17,553 (1,066) -6.07% 14,796 1,691 11.43% Revenues 32,819 35,200 (2,381) -6.76% 31,514 1,305 4.14%

(855) (1,320) 465 35.26% (890) 36 4.02% Cost of Sa les (1,268) (2,640) 1,372 51.98% (2,440) 1,172 48.04%

74.44% 66.00% -8.44% 73.89% -0.56% Cost % of Sa les 70.74% 66.00% -4.74% 64.03% -6.71%

(12,989) (11,771) (1,218) -10.35% (10,807) (2,181) -20.18% Payrol l Expense (28,385) (24,634) (3,751) -15.23% (24,243) (4,142) -17.09%


(117) (403) 286 -70.86% (828) 710 -85.81% Net Income/(Loss) (3,988) (1,500) (2,488) -165.84% (3,860) (128) -3.31%


Page | 10

Marina year to date revenue was under budget in rental income, decal revenue and boat racks.

Amenity Management was under budget in monthly operating expenses related to cleaning supplies and telephone expense. On a year to date basis, operating expenses are over budget due to licenses and computer software.

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Marina

20,179 20,696 (517) -2.50% 19,217 961 5.00% Revenues 36,849 40,171 (3,322) -8.27% 35,998 851 2.36%

(175) (307) 132 42.91% (272) 96 35.48% Cost of Sa les (352) (438) 86 19.53% (396) 44 11.08%

56.80% 63.96% 7.16% 65.11% 8.31% Cost % of Sa les 57.13% 63.94% 6.81% 64.45% 7.32%

(7,014) (6,912) (102) -1.47% (6,642) (372) -5.60% Payrol l Expense (14,559) (14,116) (443) -3.14% (13,651) (908) -6.65%

(4,939) (5,122) 183 3.56% (5,727) 787 13.75% Operating Expenses (9,338) (9,830) 492 5.01% (10,796) 1,458 13.50%

8,050 8,355 (305) -3.65% 6,577 1,473 22.40% Net Income/(Loss) 12,600 15,787 (3,187) -20.19% 11,155 1,444 12.95%


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Amenity Management

546 364 182 0.00% - 546 0.00% Revenues 1,092 728 364 0.00% - 1,092 0.00%

(9,502) (10,586) 1,084 10.24% (8,742) (760) -8.70% Payrol l Expense (20,890) (22,516) 1,626 7.22% (18,508) (2,382) -12.87%

(5,636) (6,499) 863 13.27% (4,277) (1,360) -31.79% Operating Expenses (20,489) (15,798) (4,691) -29.69% (6,837) (13,652) -199.70%

(14,593) (16,721) 2,128 12.73% (13,019) (1,574) -12.09% Net Income/(Loss) (40,287) (37,586) (2,701) -7.19% (25,345) (14,942) -58.96%


Page | 11

Other Significant Information: Balance Sheet:

Capital: Fifteen projects have been approved totaling $460,444. The largest items are a pontoon boat, dump truck that will also have a spreader

bed and plow, capital repairs and maintenance at Wildcat pool, HVAC system for the upper level of the Swim Club, inflatables for the lake, fitness equipment, the air and flight truck for Public Safety and an engine repair on the ladder fire truck. These items do not include any master plan funding.

Master Plan: The kitchen was completed the first week of February passing the building and fire inspection. The health inspection was

completed on Monday, February 10 with a score of 99. Engineering and permitting for Creek course renovation is ongoing. In addition engineering work is in process on the Wellness and Postal Facility parking lots. A detail quarterly report will be presented in April with the Capital report.

Full-Time Equivalent Employees totaled 129.87 compared to a budget of 151.09 year-to-date. The FTE calculation excluding Food & Beverage

was 105.46 compared to the budget of 111.18.

Current

February 29, 2020

Current

January 31, 2020

Prior Year

February 28, 2019

CASH $4,076,034 $4,004,478 $3,220,266

BOARD DESIGNATED CASH - CAPITAL FUND $158,094 $0 $0

RESTRICTED CASH - CAPITAL RESERVE FUND $2,793,068 $2,781,657 $2,699,169

TOTAL CASH $7,027,196 $6,786,135 $5,919,435

OTHER ASSETS $1,105,789 $1,075,152 $1,253,624

FIXED ASSETS (Net of Accum. Depreciation) $36,716,539 $36,805,963 $35,870,098

TOTAL ASSETS $44,849,523 $44,667,250 $43,043,157

TOTAL CURRENT LIABILITIES $1,663,953 $1,584,510 $1,509,344

LEASES PAYABLE $747,977 $755,120 $0

LONG TERM DEBT $6,882,085 $6,965,452 $7,871,884

PROPERTY OWNER EQUITY $35,555,508 $35,362,167 $33,661,928

TOTAL LIABILITIES AND EQUITY $44,849,523 $44,667,250 $43,043,157

BIG CANOE POA, INC.

ASSETS

LIABILITIES AND PROPERTY OWNERS' EQUITY

Page | 12

Property Sales: Monthly property sales were 25. In comparison, property sales for 2019 and 2018 were 12 and 14 respectively. The graph

below depicts sales by month/year.

Current

February 29, 2020

Current

January 31, 2020

Prior Year

February 28, 2019

CASH 4,076,034$ 4,004,478$ 3,220,266$

BOARD DESIGNATED CASH - CAPITAL FUND 158,094 - -

RESTRICTED CASH - CAPITAL RESERVE FUND 2,793,068 2,781,657 2,699,169

ACCOUNTS RECEIVABLE - Net 174,107 116,075 376,235

INVENTORY 370,772 361,532 340,902

OTHER CURRENT ASSETS 560,909 597,545 536,487

TOTAL CURRENT ASSETS 8,132,984 7,861,287 7,173,059

FIXED ASSETS 64,463,589 64,308,311 62,505,330

ACCUMULATED DEPRECIATION (27,747,050) (27,502,348) (26,635,232)

NET FIXED ASSETS 36,716,539 36,805,963 35,870,098

TOTAL ASSETS 44,849,523$ 44,667,250$ 43,043,157$

Current

February 29, 2020

Current

January 31, 2020

Prior Year

February 28, 2019

TRADE ACCOUNTS PAYABLE 415,522$ 385,156$ 317,964$

SALARY & WAGES PAYABLE 308,123 319,243 283,051

TAXES PAYABLE 72,130 48,085 57,339

OTHER PAYABLES & ACCRUED LIABILITIES 696,023 642,873 710,500

NOTES PAYABLE -CURRENT PORTION 1,022,713 1,019,823 989,834

LEASE PAYABLE -CURRENT PORTION 87,565 87,279 -

DEFERRED INCOME 172,156 189,153 140,491

TOTAL LIABILITIES 2,774,231 2,691,612 2,499,178

LONG TERM DEBT 5,859,372 5,945,629 6,882,050

LONG TERM LEASE 660,412 667,841 -

EQUITY AT END OF FISCAL YEAR 35,209,488 35,212,427 33,485,191

CURRENT YEAR PROFIT (LOSS) 346,020 149,740 176,738

TOTAL LIABILITIES AND EQUITY 44,849,523$ 44,667,250$ 43,043,157$

-$ -$ -$

Debt to Equity Ratio 0.26 0.26 0.28

Cash Ratio 1.47 1.49 1.29

LIABILITIES AND PROPERTY OWNERS' EQUITY

BIG CANOE POA, INC.

COMPARATIVE BALANCE SHEET

as of February 29, 2020

ASSETS

Operating Activities February

Excess of Revenues over Expenses 185,032$

Restricted Fund Income 158,090$

Adjusted Excess Rev. over Expense 343,122$

Adjustments to reconcile Excess Revenue over Expenses

to net cash provided by operating activities:

Depreciation 491,190$

Changes in Assets and Liabilities

Decrease in Accounts Receivable 277,931$

Increase in Inventory (52,434)$

Increase in Prepaids (239,140)$

Decrease in Accounts Payable (35,900)$

Increase in Salaries & Wages Payable 2,482$

Decrease in Taxes Payable (13,331)$

Increase in Accrued Liabilities 87,053$

Decrease in Deferred Income (62,152)$

Total Adjustments 455,699$

Investing Activities

FMV of Brokerage Accounts 2,899$

Equipment Disposals

Master Plan Capital (209,577)$

Acquisition of Property & Equipment (194,350)$

Net cash used in investing activities (401,028)$

Financing Activities

Principal payments on Purchase/Amenity Loan (166,492)$

Principal payments on Lease (14,263)$

Net cash used in financing activities (180,755)$

Change in cash and cash equivalents 217,038$

Beginning Cash Balance 6,810,158$

Cash Balance 7,027,196$

Less: Restricted Cash- Capital Reserves (2,793,068)

Architectural Control Accounts (618,835)

Operating Cash at 2/29/2020 3,615,293$

Statement of Cash Flows

February 29, 2020

Actual

February 2020

Budget

February 2020

Variance

to Budget

Variance %

to Budget

Prior Year

February 2019

Variance to

Prior Year

Variance %

to Prior

year

Actual

February 2020

Budget

February 2020

Variance

to Budget

Variance %

to Budget

Prior Year

February 2019

Variance to

Prior Year

Variance %

to Prior

year

General Operating Revenue

890,253$ 886,642$ 3,611$ 0.4% 884,423$ 5,830$ 0.7% Monthly POA Assessments 1,786,079$ 1,776,923$ 9,156$ 0.5% 1,773,393$ 12,686$ 0.7%

34,998 27,034 7,964 29.5% 20,992 14,005$ 66.7% Other General Revenue 65,241 55,933 9,308 16.6% 47,755 17,486$ 36.6%

925,251$ 913,676$ 11,575$ 1.3% 905,415$ 19,836$ 2.2% Total General Operating Revenue 1,851,321$ 1,832,856$ 18,465$ 1.0% 1,821,148$ 30,172$ 1.7%

Utilization of General Operating Revenue

Operating Department Net Expense

(149,902) (137,117) (12,785) -9.3% (141,189) (8,713)$ -6.2% Administration (295,564) (274,599) (20,965) -7.6% (298,678) 3,114$ 1.0%

(13,476) (16,348) 2,872 21.3% (12,359) (1,116)$ 0.0% Marketing (22,058) (29,028) 6,970 31.6% (21,371) (688)$ 0.0%

(2,520) (6,532) 4,012 -61.4% (8,009) 5,488$ -68.5% Architectural Environmental Control (4,230) (15,247) 11,017 -72.3% (9,768) 5,538$ 56.7%

(33,835) (35,206) 1,371 3.9% (28,361) (5,474)$ -19.3%

Grounds, Landscaping and Environmental

Protection (68,794) (73,658) 4,864 6.6% (66,042) (2,753)$ -4.2%

(115,533) (120,420) 4,887 4.1% (120,441) 4,908$ 4.1% Public Works including Housekeeping (214,656) (232,244) 17,588 7.6% (226,888) 12,232$ 5.4%

(104,590) (103,397) (1,193) -1.2% (104,116) (474)$ -0.5% Public Safety (220,859) (225,541) 4,682 2.1% (209,009) (11,850)$ -5.7%

(2,529) (5,388) 2,859 53.1% (4,758) 2,229$ 46.8% Property Owners' Activities (5,517) (7,206) 1,689 23.4% (5,669) 152$ 2.7%

(62,756) (64,077) 1,321 2.1% (60,048) (2,708)$ -4.5% Property Tax, Insurance, Interest, Taxes (123,977) (129,663) 5,686 4.4% (122,612) (1,364)$ -1.1%

(485,141) (488,485) 3,344 0.7% (479,281) (5,860)$ -1.2% Operating Department Expenditures (955,655) (987,186) 31,531 3.2% (960,036) 4,381$ 0.5%

Amenities Operations

(67,998) (77,878) 9,880 12.7% (77,817) 9,819$ 12.6% Clubhouse (154,985) (194,299) 39,314 20.2% (201,607) 46,622$ 23.1%

(26,765) (31,091) 4,326 -13.9% (33,590) 6,825$ -20.3% Golf Operations, incl. Maintenance (65,714) (73,390) 7,676 -10.5% (54,297) (11,417)$ 21.0%

28,133 28,269 (136) -0.5% 31,892 (3,759)$ -11.8% Fitness Center 50,283 51,322 (1,039) -2.0% 55,642 (5,359)$ -9.6%

(117) (403) 286 -70.9% (828) 710$ -85.8% Tennis (3,988) (1,500) (2,488) -165.8% (3,860) (128)$ -3.3%

(4,895) (5,737) 842 14.7% (5,868) 973$ 16.6% Swim (14,228) (14,989) 761 -5.1% (8,313) (5,916)$ -71.2%

8,050 8,355 (305) -3.7% 6,577 1,473$ 22.4% Lakes and Marina 12,600 15,787 (3,187) -20.2% 11,155 1,444$ 12.9%

(14,593) (16,721) 2,128 12.7% (13,019) (1,574)$ -12.1% Amenity Management (40,287) (37,586) (2,701) -7.2% (25,345) (14,942)$ -59.0%

(78,185) (95,206) 17,021 17.9% (92,653) 14,468 15.6% Amenity Gain (Loss) Before Depreciation (216,319) (254,655) 38,336 -15.1% (226,623) 10,305 4.5%

361,924 329,985 31,939 9.7% 333,481 28,444 8.5%

Net Inc. (Loss) Before Extraordinary Items &

Depreciation 679,347 591,015 88,332 14.9% 634,488 44,859 7.1%

244,702$ 246,588$ 1,886 0.8% 243,071$ 1,631$ -0.7% Depreciation 491,190$ 493,676$ 2,486 0.5% 484,489 6,701$ -1.4%

117,222 83,397 33,825 40.6% 90,409 26,813$ 29.7%

Net Inc.(Loss) Before Extraordinary Items and

Asset Disposal Gain/(Loss) 188,157 97,339 90,818 93.3% 150,000 38,158$ 25.4%

(3,226) (3,150) (76) - (3,226)$ Extraordinary Items/Storm Damage (3,226) (6,300) 3,074 (5,407) 2,181$

- - - 200 (200)$ Asset Disposal Gain/(Loss) 100 - 100 200 (100)$

113,997$ 80,247$ 33,750$ 42.1% 90,609$ 23,387$ 25.8% Net Income (Loss) 185,032$ 91,039$ 93,993$ 103.2% 144,793$ 40,239$ 27.8%

Month Year-to-Date

BIG CANOE POA, INC.

INCOME FROM OPERATIONS FEBRUARY 29, 2020

Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

113,997 80,247 33,750 90,609 Net Income (Loss) from Operations 185,032 91,039 93,993 144,793

79,045 78,943 102 - Board Designated Capital Assessment 158,090 157,769 321 -

193,042 159,190 33,852 90,609 343,122 248,808 94,314 144,793

Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

79,045 78,943 102 - Board Designated Capital Asessment Funded 158,090 157,769 321 -

79,045 78,943 102 - 158,090 157,769 321 -

BIG CANOE POA, INC.

Funding of Board Designated Capital Fund February 29, 2020 - Funded on February 14, 2020

Month Month and Year-to-Date

BIG CANOE POA, INC.

CONSOLIDATED STATEMENT OF OPERATIONS AND RESTRICTED FUNDS

FEBRUARY 29, 2020


Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

Actual

February 2020

Budget

February 2020

Variance

to Budget

Prior Year

February 2019

193,042 159,190 33,852 90,609 Net Income/(Loss) From Operations 343,122 248,808 94,314 144,793

Other Comprehensive Gain/(Loss)

- - - Change in FMV of Swap Instrument - - -

3,239 - 3,239 14,486 Change in FMV of Brokerage Accts (CR & DR) 2,899 - 2,899 31,945

- - - - Termination of Swap Agreement - - - -

196,280 159,190 37,090 105,095 Total Comprehensive Income (Loss) 346,020 248,808 97,212 176,738


BIG CANOE POA, INC.

COMPREHENSIVE INCOME

FOR THE MONTH ENDED FEBRUARY 29, 2020

2020 Budget

Variance %

to Budget 2019

Variance %


Variance %

to Budget 2019

Variance %

to Last Yr.General Operating Revenues:

890,253 886,642 3,611 884,423 5,830 General Assessments 1,786,079 1,776,923 9,156 1,773,393 12,686

34,998 27,034 7,964 20,992 14,005 Other Operating Revenue 65,241 55,933 9,308 47,755 17,486

925,251 913,676 11,575 905,415 19,836 Total General Operating Revenues 1,851,321 1,832,856 18,465 1,821,148 30,172



361,924 329,985 31,939 333,481 28,444 Net Income/(Loss) Before Depreciation 679,347 591,015 88,332 634,488 44,859

(3,226) (3,150) 76 - (3,226) Extraordinary Items/Storm Damage (3,226) (6,300) 3,074 (5,407) 2,181

244,702 246,588 1,886 242,871 (1,831) Depreciation & Asset Gain/Loss-Disposal 491,090 493,676 2,586 484,289 (6,801)

113,997 80,247 33,750 90,609 23,387 Net Income/(Loss) from Operations 185,032 91,039 93,993 144,793 40,239

79,045 78,943 102 - 79,045 Board Designated Capital 158,090 157,769 321 - 158,090

3,239 - 3,239 14,486 (11,247) Change in FMV of Brokerage Accts 2,899 - 2,899 31,945 (29,046)

196,280 159,190 37,090 105,095 91,185 Comprehensive Net Income/(Loss) 346,020 248,808 97,212 176,738 169,283

Operating Departments Results

(149,902) (137,117) (12,785) (141,189) (8,713) Administration (295,564) (274,599) (20,965) (298,678) 3,114

(13,476) (16,348) 2,872 (12,359) (1,116) Marketing (22,058) (29,028) 6,970 (21,371) (688)

(2,520) (6,532) 4,012 (8,009) 5,488 Architectural Environmental Control (4,230) (15,247) 11,017 (9,768) 5,538

(11,414) (13,258) 1,844 (10,125) (1,290) Housekeeping (24,915) (28,086) 3,171 (23,315) (1,600)

(200) (200) 0 (131) (69) Environmental Protection (759) (400) (359) (889) 129

(33,635) (35,006) 1,371 (28,230) (5,405) Grounds & Landscaping (68,035) (73,258) 5,223 (65,153) (2,882)

(104,119) (107,162) 3,043 (110,317) 6,198 Public Works (189,741) (204,158) 14,417 (203,573) 13,832

(104,590) (103,397) (1,193) (104,116) (474) Public Safety (220,859) (225,541) 4,682 (209,009) (11,850)

(2,529) (5,388) 2,859 (4,758) 2,229 POA Activities (5,517) (7,206) 1,689 (5,669) 152

(62,756) (64,077) 1,321 (60,048) (2,708) Property Tax, Insurance, Interest (123,977) (129,663) 5,686 (122,612) (1,364)


Operating Departments P&L

Revenues:

2,392 1,875 517 2,754 (362) Marketing 4,092 3,750 342 5,508 (1,416)

9,595 2,400 7,195 2,554 7,041 Architectural Environmental Control 18,583 3,800 14,783 10,151 8,431

- - - - - Environmental Protection - - - - -

- - - - - Grounds & Landscaping - - - - -

13,082 13,950 (868) 13,898 (815) Public Works 50,338 44,150 6,188 40,927 9,411

(320) 2,540 (2,860) 1,627 (1,947) Public Safety 4,605 5,080 (475) 12,982 (8,377)

4,102 2,000 2,102 2,043 2,059 POA Activities 9,907 9,500 407 11,487 (1,580)

28,851 22,765 6,086 22,875 5,976 Total Revenues 87,525 66,280 21,245 81,056 6,469

Cost of Sales:

333 2,380 2,047 2,467 2,134 Public Works 379 4,760 4,381 3,418 3,039

333 2,380 86.01% 2,467 86.50% Total Cost of Sales 379 4,760 92.03% 3,418 88.90%

Payroll Expenses:

94,773 91,698 (3,075) 101,852 7,079 Administration 200,945 196,436 (4,509) 213,149 12,204

8,585 11,075 2,490 7,563 (1,022) Marketing 16,655 23,572 6,917 16,361 (294)

8,761 8,260 (501) 7,449 (1,312) Architectural Environmental Control 18,835 17,607 (1,228) 15,976 (2,858)

10,335 12,236 1,901 9,144 (1,191) Housekeeping 22,916 25,887 2,971 19,595 (3,321)

- - - - - Environmental Protection - - - - -

29,031 29,834 803 24,338 (4,693) Grounds & Landscaping 60,075 63,714 3,639 53,802 (6,274)

64,184 60,403 (3,781) 61,009 (3,175) Public Works 128,122 128,860 738 129,575 1,453

92,269 92,858 589 92,436 167 Public Safety 191,816 194,013 2,197 192,304 488

5,216 5,291 75 7,008 1,792 POA Activities 11,294 11,287 (7) 13,026 1,732

313,154 311,655 (1,499) 310,799 (2,354) Total Payroll Expenses 650,657 661,376 10,719 653,786 3,129

Operating Expenses:

55,129 45,419 (9,710) 39,338 (15,792) Administration 94,619 78,163 (16,456) 85,529 (9,089)

7,283 7,148 (135) 7,550 268 Marketing 9,496 9,206 (290) 10,518 1,023

3,354 672 (2,682) 3,113 (241) Architectural Environmental Control 3,978 1,440 (2,538) 3,943 (34)

1,079 1,022 (57) 980 (99) Housekeeping 1,999 2,199 200 3,721 1,722

200 200 0 131 (69) Environmental Protection 759 400 (359) 889 129

4,604 5,172 568 3,892 (712) Grounds & Landscaping 7,960 9,544 1,584 11,351 3,392

52,685 58,329 5,644 60,738 8,053 Public Works 111,578 114,688 3,110 111,507 (71)

12,001 13,079 1,078 13,307 1,306 Public Safety 33,648 36,608 2,960 29,687 (3,961)

1,415 2,097 682 (207) (1,622) POA Activities 4,130 5,419 1,289 4,130 (0)

62,756 64,077 1,321 60,048 (2,708) Property Tax, Insurance, Interest 123,977 129,663 5,686 122,612 (1,364)

200,506 197,215 (3,291) 188,890 (11,616) Total Operating Expenses 392,143 387,330 (4,813) 383,888 (8,255)


Big Canoe POA Financial Summary of Income from Operations

For the Month Ended February 29, 2020February Year-to-Date

2020 Budget

Variance %

to Budget 2019

Variance %


Variance %

to Budget 2019

Variance %

to Last Yr.Amenity Operating Results

(67,998) (77,878) 9,880 (77,817) 9,819 Clubhouse (154,985) (194,299) 39,314 (201,607) 46,622

73,922 78,145 (4,223) 71,435 2,487 Golf Operations 149,835 155,154 (5,319) 152,532 (2,697)

(100,687) (109,236) 8,549 (105,025) 4,338 Golf Maintenance (215,548) (228,544) 12,996 (206,828) (8,720)

28,133 28,269 (136) 31,892 (3,759) Fitness Center 50,283 51,322 (1,039) 55,642 (5,359)

(117) (403) 286 (828) 710 Tennis (3,988) (1,500) (2,488) (3,860) (128)

(4,895) (5,737) 842 (5,868) 973 Swim (14,228) (14,989) 761 (8,313) (5,916)

8,050 8,355 (305) 6,577 1,473 Lakes & Marina 12,600 15,787 (3,187) 11,155 1,444

(14,593) (16,721) 2,128 (13,019) (1,574) Amenity Management (40,287) (37,586) (2,701) (25,345) (14,942)


Amenity P&L

Revenues:

90,263 113,982 (23,719) 102,986 (12,723) Clubhouse 124,028 176,109 (52,081) 177,554 (53,527)

111,539 118,457 (6,918) 114,759 (3,220) Golf Operations 244,115 247,987 (3,872) 242,276 1,839

- - - - - Golf Maintenance - - - - -

61,729 67,260 (5,531) 66,349 (4,620) Fitness Center 126,851 133,870 (7,019) 133,153 (6,302)

16,487 17,553 (1,066) 14,796 1,691 Racquet Club 32,819 35,200 (2,381) 31,514 1,305

- - - - - Swim - - - - -

20,179 20,696 (517) 19,217 961 Lakes & Marina 36,849 40,171 (3,322) 35,998 851

546 364 182 - 546 Amenity Management 1,092 728 364 - 1,092

300,742 338,312 (37,570) 318,107 (17,365) Total Revenues 565,754 634,065 (68,311) 620,495 (54,741)

Cost of Sales:

32,168 42,422 10,254 41,616 9,448 Clubhouse 45,083 70,646 25,563 78,127 33,044

34.98% 36.74% 1.76% 39.77% 4.79% Clubhouse % of Sales 36.31% 39.67% 3.35% 43.73% 7.42%

6,139 7,303 1,164 11,970 5,830 Golf Operations 21,427 18,186 (3,241) 21,892 465

72.66% 73.00% -145.67% 88.58% 15.92% Golf Operations % of Sales 75.96% 73.00% -148.97% 82.96% 7.00%

- - 0.00% - 0.00% Swim Club - - 0.00% - 0.00%

663 1,650 987 805 142 Fitness Center 1,408 2,820 1,412 1,847 439

54.95% 60.00% -114.95% 58.35% 3.40% Fitness Center % of Sales 57.65% 60.00% -117.65% 58.13% 0.49%

855 1,320 465 890 36 Racquet Club 1,268 2,640 1,372 2,440 1,172

74.44% 66.00% -8.44% 73.89% -0.56% Racquet Club % of Sales 70.74% 66.00% -4.74% 64.03% -6.71%

175 307 132 272 96 Lakes & Marina 352 438 86 396 44

56.80% 63.96% 7.16% 65.11% 8.31% Lakes & Marina % of Sales 57.13% 63.94% 6.81% 64.45% 7.32%

40,000 53,002 13,002 55,552 15,552 Total Cost of Sales 69,539 94,730 25,191 104,703 35,164

260,742 285,310 (24,568) 262,555 (1,813) Gross Margin 496,215 539,335 (43,120) 515,792 (19,577)

Payroll Expenses:

99,014 122,385 23,371 119,250 20,236 Clubhouse 183,457 251,499 68,042 254,423 70,966

107.68% 106.01% -1.67% 113.96% 6.28% Clubhouse % of Sales 147.77% 141.21% -6.56% 142.41% -5.36%

26,945 27,372 427 24,862 (2,083) Golf Operations 58,334 57,262 (1,072) 53,870 (4,464)

70,624 80,051 9,427 69,161 (1,462) Golf Maintenance 151,359 164,689 13,330 144,517 (6,842)

22,886 23,283 397 22,009 (877) Fitness Center 47,596 48,539 943 45,896 (1,700)

12,989 11,771 (1,218) 10,807 (2,181) Racquet Club 28,385 24,634 (3,751) 24,243 (4,142)

- - - - - Swim - - - - -

7,014 6,912 (102) 6,642 (372) Lakes & Marina 14,559 14,116 (443) 13,651 (908)

9,502 10,586 1,084 8,742 (760) Amenity Management 20,890 22,516 1,626 18,508 (2,382)

248,974 282,360 33,386 261,474 12,500 Total Payroll Expenses 504,581 583,255 78,674 555,108 50,527

Operating Expenses:

27,079 27,053 (26) 19,936 (7,142) Clubhouse 50,472 48,263 (2,209) 46,611 (3,861)

4,532 5,637 1,105 6,492 1,960 Golf Operations 14,519 17,385 2,866 13,983 (537)

30,064 29,185 (879) 35,864 5,800 Golf Maintenance 64,190 63,855 (335) 62,311 (1,878)

10,047 14,058 4,011 11,643 1,596 Fitness Center 27,564 31,189 3,625 29,768 2,204

2,761 4,865 2,104 3,926 1,165 Racquet Club 7,154 9,426 2,272 8,690 1,537

4,895 5,737 842 5,868 973 Swim 14,228 14,989 761 8,313 (5,916)

4,939 5,122 183 5,727 787 Lakes & Marina 9,338 9,830 492 10,796 1,458

5,636 6,499 863 4,277 (1,360) Amenity Management 20,489 15,798 (4,691) 6,837 (13,652)

89,953 98,156 8,203 93,733 3,780 Total Operating Expenses 207,953 210,735 2,782 187,307 (20,645)


Big Canoe POAFinancial Summary of Income from Operations

For the Month Ended February 29, 2020February Year-to-Date

Big Canoe Property Owners Association 113,997 80,247 33,750 … · Page | 4 Public works monthly...

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