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{"sheet":"Sheet1","index":0,"n_rows":87,"n_cols":4,"rows_kept":87,"cut":false,"hidden":false,"merged":[[0,0,0,4],[1,0,1,4],[2,0,2,4]]}
["WAVECREST  AOAO"]
["FINANCIAL OPERATIONS REVIEW"]
["July 31, 2009"]
[]
["January -July","Y-T-D","Y-T-D","Y-T-D"]
["Budget & Expenditures","Budget","Expenditures","Variance"]
[]
["Total Revenue",485240,469688,{"$f":"+B8-C8","v":15552}]
[]
["Less: Operating Expense",483872,{"$f":"397407","v":397407},{"$f":"+B10-C10","v":86465}]
[]
["Operating Surplus",{"$f":"+B8-B10","v":1368},{"$f":"+C8-C10","v":72281},{"$f":"+D8-D10","v":-70913}]
[]
["Less: Reserve Fund Capital Expenditures",null,-850]
["Less:  Mortgage adjustment",null,-2243]
[]
["Net Increase (Cash & Reserve Funds)",null,{"$f":"SUM(C12:C16)","v":69188}]
[]
["Our overall financial condition continues to be good.  "]
["Both YTD Revenue and Operating Expenses continue to be less than budgeted with revenue exceeding "]
["expenditures by $69,188.  The electrical budget continues to lead in savings, followed by Payroll"]
["and benefit savings.  Legal costs will be the major line-item area with a projected deficit."]
[]
[]
[]
[]
["Cash & Investment Balances","Total","Operating","Reserve"]
[null,null,"Fund (Cash)","Fund (Invest)"]
["Dec. 31, 2008 Cash & Investment Balance",415698,36840,378858]
[]
["Net Increase (Decrease)  2009",69188,{"$f":"B31-D31","v":53902},15286]
[]
[]
["Cash & Investment Balance ",{"$f":"SUM(B29:B33)","v":484886},{"$f":"SUM(C29:C33)","v":90742},{"$f":"SUM(D29:D33)","v":394144}]
[]
["The $69,188 cash surplus is allocated between our Operating Fund for on-going costs and the Reserve"]
["Fund which pays for Capital Improvement projects. Our current total cash and investment balance is"]
[484886]
[]
[]
["Annual Budget & Expenditures","Annual","Est. Annual","Estimated "]
[null,"Budget","Expenditures","Variance"]
[]
["Total Revenue",831840,793052,{"$f":"B44-C44","v":38788}]
[]
["Less: Operating Expense",809272,703706,{"$f":"B46-C46","v":105566}]
[]
["Operating Surplus",{"$f":"B44-B46","v":22568},{"$f":"C44-C46","v":89346},{"$f":"D44-D46","v":-66778}]
[]
["Less: Reserve Fund Capital Expenditures",-22568,-27000,{"$f":"B50-C50","v":4432}]
["Less:  Mortgage adjustment",0,-2243]
[]
["Net Increase (Cash & Reserve Funds)",null,{"$f":"SUM(C48:C52)","v":60103}]
[]
[]
["The savings at the end  of the year  is projected to be $60,103.  This estimate is based on a conservative"]
["estimated of revenue and a projection of operating expenses based on current levels of expenses. "]
[]
[]
["Cash & Investment Balances","Total","Operating","Reserve"]
[null,null,"Fund (Cash)","Fund (Invest)"]
["Dec. 31, 2008 Cash & Investment Balance",415698,36840,378858]
[]
["Net Increase (Decrease)  2009",60103,{"$f":"B64-D64","v":64535},-4432]
[]
[]
["Cash & Investment Balance ",{"$f":"SUM(B62:B66)","v":475801},{"$f":"SUM(C62:C66)","v":101375},{"$f":"SUM(D62:D66)","v":374426}]
[]
["The year-end balance of reserve funds reflects a reduction of $4,432 from the start of the year.  This is the "]
["difference between the $22,568 budgeted transfer of funds to reserves and the estimated expenditure of"]
["$27,000 for plumbing repairs."]
[]
[]
[null,null,"Prior 2009","Added"]
["Maintenance Fees Collection Status","Total","shortfall","this month"]
[]
["Delinquencies  Dec. 31, 2008",40918]
[]
["Delinquencies  June 30, 2009",81179]
[]
["Change in 2009",{"$f":"+B79-B77","v":40261},29703,{"$f":"+B81-C81","v":10558}]
[]
[]
["Sixteen Units are again listed on the Delinquency Report.  One of the June units has dropped off and one "]
["new unit added.  The $10,558 of added delinquencies this month is primarily the result of one unit being "]
["assessed $10,000.  Payments of past due amounts actually increased by $2,000 over June.  The "]
["$10,000 assessment is expected to be cleared in September."]

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["WAVECREST  AOAO"]
["FINANCIAL OPERATIONS REVIEW"]
["July 31, 2009"]
[]
[null,"January through July",null,null,null,null,"January through December"]
[null,"Y-T-D","Y-T-D","Y-T-D",null,null,"Annual","Est. Annual","Estimated "]
["Budget & Expenditures","Budget","Expenditures","Variance",null,null,"Budget","Expenditures","Variance"]
[]
["Total Revenue",485240,469688,{"$f":"+B9-C9","v":15552},null,null,831840,793052,{"$f":"G9-H9","v":38788}]
[]
["Less: Operating Expense",483872,{"$f":"397407","v":397407},{"$f":"+B11-C11","v":86465},null,null,809272,703706,{"$f":"G11-H11","v":105566}]
[]
["Operating Surplus",{"$f":"+B9-B11","v":1368},{"$f":"+C9-C11","v":72281},{"$f":"+D9-D11","v":-70913},null,null,{"$f":"G9-G11","v":22568},{"$f":"H9-H11","v":89346},{"$f":"I9-I11","v":-66778}]
[]
["Less: Reserve Fund Capital Expenditures",null,-850,null,null,null,-22568,-27000,{"$f":"G15-H15","v":4432}]
["Less:  Mortgage adjustment",null,-2243,null,null,null,0,-2243]
[]
["Net Increase (Cash & Reserve Funds)",null,{"$f":"SUM(C13:C17)","v":69188},null,null,null,null,{"$f":"SUM(H13:H17)","v":60103}]
[]
["Our overall financial condition continues to be good.  Both YTD Revenue and Operating Expenses continue to be less than"]
["budgeted, but still revenue exceeds expenditures by $69,188.  The electrical budget continues to lead in savings as a result of"]
["a reduction in oil prices from last year.  Other areas of savings include gas and payroll allotments.  Legal costs will be the "]
["major line-item exceeding the budget.  The full-year projection indicates an increase in the Operating Surplus but a reduction in"]
["overall cash balance as Reserve Funds will be expended for plumbing improvements, a capital expenditure. This estimate is based"]
["on a conservative estimate of revenue and operating expenses continuing at current levels."]
[]
[]
["Cash & Investment Balances","Total","Operating","Reserve",null,null,"Total","Operating","Reserve"]
[null,null,"Fund (Cash)","Fund (Invest)",null,null,null,"Fund (Cash)","Fund (Invest)"]
["Dec. 31, 2008 Cash & Investment Balance",415698,36840,378858,null,null,415698,36840,378858]
[]
["Net Increase (Decrease)  2009",69188,{"$f":"B32-D32","v":53902},15286,null,null,60103,{"$f":"G32-I32","v":64535},-4432]
[]
[]
["Cash & Investment Balance ",{"$f":"SUM(B30:B34)","v":484886},{"$f":"SUM(C30:C34)","v":90742},{"$f":"SUM(D30:D34)","v":394144},null,null,{"$f":"SUM(G30:G34)","v":475801},{"$f":"SUM(H30:H34)","v":101375},{"$f":"SUM(I30:I34)","v":374426}]
[]
[]
["The cash surpluses are allocated between the Operating Fund for on-going-costs and the Reserve Fund which pays for Capital"]
["improvements.  The fund balances total $484,886, distributed $90,742 to the Operating Fund and $394,144 to the Reserve Fund."]
["The year-end projection reduces the total fund balances to $475,801 with the Operating Fund increasing to $101,375 and the"]
["Reserve Fund reducing to $374,426 as a result of expending $27,000 for capital improvements. "]
[]
[]
[]
[]
[null,null,"Prior 2009","Added"]
["Maintenance Fees Collection Status","Total","shortfall","this month"]
[]
["Delinquencies  Dec. 31, 2008",40918]
[]
["Delinquencies  July 31, 2009",81179]
[]
["Change in 2009",{"$f":"+B51-B49","v":40261},29703,{"$f":"+B53-C53","v":10558}]
[]
[]
["Sixteen Units are again listed on the Delinquency Report. One of the Units in June has dropped off and a new one added."]
["The $10,558 of added delinquencies this month is primarily the result of one unit being assessed $10,000. Aside from this "]
["amount , payments on past due accounts actually increased by $2,000 over June. The $10,000 assessments is expected"]
["to be cleared in September."]

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["WAVECREST  AOAO"]
["Treasurer's Report"]
["March 10, 2010"]
[]
[]
[]
[null,"January 2010",null,null,null,"January through December"]
[null,"Y-T-D","Y-T-D","Y-T-D",null,"Annual","Estimated","Estimated"]
["Budget & Expenditures","Budget","Rev - Exp","Variance",null,"Budget","Rev - Exp ","Variance"]
[]
["Total Revenue",67363,70437,{"$f":"+B11-C11","v":-3074},null,808340,808340,{"$f":"+F11-G11","v":0}]
[]
["Less: Operating Expense",62986,57482,{"$f":"+B13-C13","v":5504},null,781626,781626,{"$f":"+F13-G13","v":0}]
[]
["Operating Surplus",null,{"$f":"+C11-C13","v":12955},null,null,null,{"$f":"+G11-G13","v":26714}]
[]
["Capital Expenditures",null,13500,null,null,null,91607]
[]
["Net Increase (Cash & Reserve Funds)",null,{"$f":"+C15-C17","v":-545},null,null,null,{"$f":"+G15-G17","v":-64893}]
[]
[]
["January Revenues exceeded the  budget and Operating Expenses were under the budget producing a surplus of $12,955.  Capital Expenditures"]
["of $13,500 was made for half of the cost of replacing the Hot Water Return Pipes in each building resulting in a net change of ($545)."]
[]
["Revenue:  We have allowed for a monthly shortfall of $3,750 from delinquent maintenance fees.  This month that did not happen. Our shortfall was"]
["only about $500.  I believe that this level is temporary and net delinquencies will increase in the future.  "]
[]
["Expenditures:  The electrical budget produced a savings of $800 for the month. The remainder of the savings is simply the difference in how "]
["expenditures are budgeted on a monthly basis and how payments are made.  For example, repairs are allocated on a monthly basis at 1/12th of"]
["the annual budget, but they are paid for as needed.  Over  time these temporary savings will disappear."]
[]
["There is nothing in the January Financial Report that appears significant enough to suggest additional incomes or deficits in our operating expenses."]
[]
["The Capital Expenditures for the year are the amounts planned for 2010 plus $27,000 carried over from 2009 for the Hot Water Return Project."]
[]
[]
["Cash & Investment Balances","Total","Operating","Reserve",null,"Total","Operating","Reserve"]
[null,null,"Fund ","Fund (Invest)",null,null,"Fund ","Fund (Invest)"]
["Dec. 31, 2009 Cash & Investment Balance",534144,77092,457052,null,534144,77092,457052]
[]
["Net Increase (Decrease) in  2010",-545,{"$f":"+B41-D41","v":-545},0,null,-64893,0,-64893]
[" "]
["Cash & Investment Balance  Jan 2010",{"$f":"SUM(B39:B42)","v":533599},{"$f":"SUM(C39:C42)","v":76547},{"$f":"SUM(D39:D42)","v":457052},null,{"$f":"SUM(F39:F42)","v":469251},{"$f":"SUM(G39:G42)","v":77092},{"$f":"SUM(H39:H42)","v":392159}]
[]
["Funds will be transferred from the Reserve Fund for the $64,893 needed for Capital Expenditures."]
[]
[]
[]
["Delinquencies","Beginning","January","January","Ending "]
[null,"Balance","Charges","Payments","Balance"]
[]
["Maintenance Fees",82710.47,{"$f":"8168.11+579.57","v":8747.68},{"$f":"6562.52+579.57","v":7142.09},{"$f":"+B52+C52-D52","v":84316.06}]
["Legal Fees",12171.37,1630.78,630,{"$f":"+B53+C53-D53","v":13172.150000000001}]
["Late Fees",6091.16,1000.16,372.64,{"$f":"+B54+C54-D54","v":6718.6799999999994}]
["Other",1027.25,97,58.25,{"$f":"+B55+C55-D55","v":1066}]
["Total",{"$f":"SUM(B52:B55)","v":102000.25},{"$f":"SUM(C52:C55)","v":11475.62},{"$f":"SUM(D52:D55)","v":8202.98},{"$f":"SUM(E52:E55)","v":105272.88999999998}]
[]
["Delinquencies increased by a net of $3,272.64 in January ($11,475.62 in new charges less $8,202.98 in payments).   Fourteen active owners are in "]
["arrears plus three inactive owners who have lost their units due to foreclosure."]