big canoe property owners association summary … 2019 financials.pdfpage | 1 big canoe property...

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Big Canoe Property Owners Association Summary of Operations

August 31, 2019

Financial Summary of Income from Operations:

2019 Budget

Variance %

to Budget 2018

Variance %

to Last Yr. 2019 Budget

Variance %

to Budget 2018

Variance %

to Last Yr.General Operating Revenues:

886,412 885,701 711 819,884 66,528 General Assessments 7,085,710 7,081,354 4,356 6,561,052 524,658

37,948 30,491 7,457 39,876 (1,928) Other Operating Revenue 279,210 231,338 47,872 260,148 19,062

924,360 916,192 8,168 859,760 64,600 Total General Operating Revenues 7,364,920 7,312,692 52,228 6,821,200 543,720

(459,741) (456,066) (3,675) (539,543) 79,802 Operating Department Expenditures (4,146,888) (4,132,712) (14,176) (4,094,851) (52,037)

(9,096) 89,928 99,024 (3,881) (5,215) Amenity Net Income/(Loss) (39,915) 197,710 237,625 (63,757) 23,843

455,524 550,054 (94,530) 316,336 139,188 Net Income/(Loss) Before Depreciation 3,178,117 3,377,690 (199,573) 2,662,591 515,526

(8,480) (8,500) 20 - (8,480)

Extraordinary Items/Storm

Damage/Legal-BCU (30,487) (30,375) (112) (82,198) 51,711

253,220 260,865 (7,645) 235,820 17,401 Depreciation & Asset Gain/Loss-Disposal 1,960,321 1,979,822 (19,501) 1,881,982 78,339

193,824 280,689 (86,865) 80,516 113,307 Net Income/(Loss) 1,187,309 1,367,493 (180,184) 698,411 488,898

Big Canoe POA

Financial Summary of Income from Operations

For the Month Ended August 31, 2019

August Year-to-Date

Page | 2

August Operations Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr. Comments

Operating Departments

General Operating Revenues

Monthly POA Assessments 886,412 885,701 711 0.08% 819,884 66,528 8.11%

Other General Revenue 37,948 30,491 7,457 24.46% 39,876 (1,928) -4.83%

$9.2k-Interest income related to brokerage accounts , partia l ly offset by

($1.7k) -finance charges

Total General Operating Revenues 924,360 916,192 8,168 0.89% 859,760 64,600 7.51%

Administration

Payrol l Expenses (101,196) (102,729) 1,533 1.49% (97,397) (3,800) -3.90%

Operating Expenses (53,718) (42,692) (11,026) -25.83% (61,719) 8,001 12.96%

Legal Fees ($6.9k) and Board & Committee expense ($1.4k) over for the

month.

Net Income/(Loss) (154,915) (145,421) (9,494) -6.53% (159,116) 4,201 2.64%

Marketing

Revenues 1,600 1,875 (275) -14.67% - 1,600

Payrol l Expenses (8,551) (8,245) (306) -3.71% - (8,551)

Operating Expenses (2,794) (6,435) 3,641 56.58% - (2,794) Advertis ing ($3.1k) was the largest pos i tive variance.

Net Income/(Loss) (9,744) (12,805) 3,061 23.90% - (9,744)

Architectural Environmental Control

Revenues 14,904 14,808 96 0.65% 8,970 5,934 66.15%

Payrol l Expenses (13,064) (11,088) (1,976) -17.82% (7,816) (5,248) -67.14% $1.5k-Vis ta pruning supervisor pay over budget for the month

Operating Expenses (1,452) (680) (772) -113.55% (1,229) (223) -18.13%

Net Income/(Loss) 387 3,040 (2,653) 87.25% (75) 463 -615.07%

Housekeeping

Payrol l Expenses (12,217) (11,787) (430) -3.65% (9,588) (2,629) -27.43%

Operating Expenses (5,249) (3,059) (2,190) -71.58% (3,291) (1,957) -59.47% $2.3k-Cleaning suppl ies over budget for the month.

Net Income/(Loss) (17,466) (14,846) (2,620) -17.65% (12,879) (4,587) -35.61%

Environmental Control

Payrol l Expenses - - - 0.00% (2,772) 2,772 100.00%

Operating Expenses (825) (1,750) 925 52.86% (3,406) 2,581 75.78%

Net Income/(Loss) (825) (1,750) 925 52.86% (6,178) 5,353 86.65%

Grounds & Landscaping

Revenues - - - 0.00% - - 0.00%

Payrol l Expenses (30,879) (29,832) (1,047) -3.51% (29,645) (1,234) -4.16%

Operating Expenses (6,141) (6,630) 489 7.38% (10,769) 4,628 42.97%

Net Income/(Loss) (37,020) (36,462) (558) -1.53% (40,414) 3,394 8.40%

Page | 3

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Public Works

Revenues 24,602 19,957 4,645 23.28% 11,975 12,627 105.44%

Road impact fees ($6.7k) were over budget for the month partia l ly offset by

bulk trash ($2.5k) due to not having a col lection day in August.

Cost of Sa les (3,563) (2,100) (1,463) -69.67% (2,199) (1,364) -62.03%

Payrol l Expenses (68,442) (63,599) (4,843) -7.62% (69,452) 1,010 1.45% Hourly Wages ($2.3k) due to overtime and benefi ts ($2.3k) were over for the month.

Operating Expenses (47,645) (50,210) 2,565 5.11% (78,210) 30,565 39.08%

Road maintenance ($8.3k) was under budget, partia l ly offset by negative

variances in tree trimming ($3.4k) and safety suppl ies ($1.2k).

Net Income/(Loss) (95,048) (95,952) 904 0.94% (137,885) 42,838 31.07%

Public Safety

Revenues 40,895 27,670 13,225 47.79% 3,555 37,340 1050.24%

Contribution Revenue over budget by $12.3k related to BC volunteer donation

for EOC bui ld-out.

Payrol l Expenses (97,983) (97,764) (219) -0.22% (100,851) 2,868 2.84%

Operating Expenses (18,862) (16,100) (2,762) -17.15% (18,666) (195) -1.05% Monthly variance related to safety compliance supplies for emergency management.

Net Income/(Loss) (75,950) (86,194) 10,244 11.89% (115,962) 40,012 34.50%

Property Owner Activities

Revenues 5,986 6,955 (969) -13.94% 6,083 (97) -1.59%


Operating Expenses (6,644) (6,525) (119) -1.82% (6,134) (510) -8.32%

Net Income/(Loss) (7,640) (5,171) (2,469) -47.74% (5,752) (1,888) -32.82%

Property Tax, Insurance, Interest

Property Tax and Insurance (40,493) (39,365) (1,128) -2.87% (37,500) (2,993) 7.98%

Interest (21,028) (21,140) 112 0.53% (23,781) 2,753 -11.58%

Total Expenses (61,521) (60,505) (1,016) -1.68% (61,281) (240) -0.39%

Operating Department Expenditures (459,741) (456,066) (3,675) -0.81% (539,543) 79,802 14.79%

Page | 4

August Amenity Results

Membership

Type

2019

Actual

2019

Budget

Variance to

Budget

Variance %

to Budget

2018

Actual

Variance

to 2018

Variance % to

2018

Fitness $453,446 $466,300 ($12,854) -2.76% $431,278 $22,168 5.14%

Fish $27,131 $28,292 ($1,161) -4.10% $25,846 $1,284 4.97%

Golf $703,113 $697,850 $5,263 0.75% $681,791 $21,321 3.13%

Swim $58,200 $70,140 ($11,940) -17.02% $94,480 ($36,280) -38.40%

Tennis $106,797 $114,410 ($7,613) -6.65% $103,456 $3,341 3.23%

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Amenity Departments

Clubhouse

Revenues 198,677 256,843 (58,166) -22.65% 228,678 (30,001) -13.12%

Venues under budget(BBP-$49.9k, Banquets-$7.7k, Swim Club-$1.1k, and

Duffers -$6.6k).

Cost of Sa les (91,162) (101,341) 10,179 10.04% (90,152) (1,010) -1.12%

Under budget related to lower sa les volume and even though there was

higher % of cost of sa les

Cost % of Sa les 47.07% 38.48% -8.59% 39.26% -7.81%

Payrol l Expense (146,300) (158,216) 11,916 7.53% (167,492) 21,192 12.65%

Salary/Hourly Wages under budget by $14.4k, partia l ly offset by employee

benefi ts

Payrol l % of Sa les 75.53% 60.07% -15.46% 72.94% -2.60%

Operating Expenses (45,815) (31,898) (13,917) -43.63% (39,502) (6,313) -15.98% Largest monthly variances were in chemicals , enterta inment, l inen and minor tools .

Operating % of Sa les 23.65% 12.11% -11.54% 17.20% -6.45%

Net Income/(Loss) (84,600) (34,612) (49,988) -144.42% (68,469) (16,132) -23.56%

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2019 Budget 2018 2017 2016 2019 Budget 2018 2017 2016

129,069 179,000 162,818 137,404 133,074 Black Bear Pub 901,351 1,122,800 972,299 962,651 930,068

24,674 32,326 16,900 8,423 22,031 Banquets 184,695 297,238 195,929 134,035 174,069

18,858.71 31,495 29,892 27,513 17,667 Member Events 162,589.92 267,707 211,690 168,584 199,950

12,259 Food Trailer 46,482

9,586 16,225 16,517 16,003 12,816 Duffers 78,250 116,620 93,687 114,315 88,251

7,819 8,925 6,376 8,260 6,714 Swim Club 76,488 90,750 73,979 78,342 70,215

- 1,500 2,958 200 1,923 Other Revenue 7,203 11,250 6,618 5,846 8,373

(3,588) (12,628) (7,750) (900) (14,615)

10% Discount/Loyalty

Cards/20% Discount (27,908) (79,428) (36,805) (901) (100,934)

198,677 256,843 227,712 196,904 179,610 Totals 1,429,151 1,826,937 1,517,398 1,462,873 1,369,992

August Year-to-Date

2016 Actuals 2017 Actuals

2018

Actuals

2019 Actual &

Confirmed, July

2019

2019 Actual &

Confirmed,

August 2019 2019 Budget 2020 Confirmed

January $1,407 $221 $1,913 $3,354 $3,354 $5,198

February $3,463 $956 $4,296 $1,252 $1,252 $10,696

March $6,024 $8,028 $5,763 $13,634 $13,634 $33,362

April $49,489 $24,984 $81,541 $66,905 $66,905 $57,480 $16,020

May $28,762 $56,379 $25,316 $23,409 $23,409 $57,480 $17,155

June $36,474 $28,323 $38,102 $35,284 $35,284 $50,984 $58,305

July $26,421 $6,758 $22,098 $16,183 $16,183 $49,709 $3,000

August $22,031 $8,386 $16,900 $21,172 $24,674 $32,326 $6,165

September $23,464 $16,651 $29,511 $29,212 $29,694 $40,610

October $80,686 $61,994 $81,559 $50,743 $59,411 $53,545 $14,150

November $46,191 $35,694 $52,584 $1,100 $2,675 $49,595 $14,005

December $5,515 $17,448 $12,567 $3,000 $3,000 $15,422

Totals $329,926 $265,822 $372,150 $265,247 $279,475 $456,407 $128,800

Page | 6

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Golf

Golf Operations

Revenues 225,373 227,368 (1,995) -0.88% 207,821 17,551 8.45% Golf Rounds for the month were 3,426 compared to budget of 3,500.

Cost of Sa les (24,319) (22,170) (2,149) -9.69% (22,396) (1,923) -8.59% Monthly variance related to Jr. Camp Golf expenses .

Cost % of Sa les 64.88% 71.00% 6.12% 73.55% 8.67%

Payrol l Expense (38,146) (42,045) 3,899 9.27% (35,276) (2,871) -8.14% Wages under budget by $3.9k for August

Operating Expenses (12,254) (8,586) (3,668) -42.72% (8,467) (3,787) -44.73%

Cart repair for replacing ti res ($1.3k) and equipment rental ($1k) made up the

majori ty of monthly variance.

Net Income/(Loss) 150,653 154,567 (3,914) -2.53% 141,683 8,970 6.33%

Golf Maintenance

Revenues - - - 0.00% - - 0.00%

Payrol l Expenses (82,227) (84,280) 2,053 2.44% (82,734) 507 0.61%


$1.8k-chemicals , $2.7k-ferti l i zer, $1.4k-sod, and $1.9K-electrici ty were a l l over

budget for the month. YTD operating expenses are on budget.

Net Income/(Loss) (121,800) (112,305) (9,495) -8.45% (123,448) 1,648 1.34%

Total Golf Net Income/(Loss) 28,853 42,262 (13,409) -31.73% 18,235 10,618 58.23%

Swim Club

Revenues 34,241 50,825 (16,584) -32.63% 39,596 (5,355) 13.52% Dai ly sa les under budget by $11.1k for the month.

Payrol l Expense (11,349) (12,502) 1,153 9.22% (11,761) 412 3.50% Hourly wages under budget by $1.2k at swim club

Operating Expenses (31,068) (27,453) (3,615) -13.17% (27,387) (3,680) -13.44%

Repair & maintence ($4.4k) was over budget for the month related to fi re

protection repair.

Net Income/(Loss) (8,176) 10,870 (19,046) -175.21% 448 (8,624) -1925.31%

Fitness Center

Revenues 70,794 70,800 (6) -0.01% 67,300 3,495 5.19%

Cost of Sa les (3,326) (1,695) (1,631) -96.22% (1,199) (2,127) -177.50% Overage related to YTD adjustment of swim diaper inventory.

Cost % of Sa les 109.60% 60.00% -49.60% 55.71% -53.89%

Payrol l Expense (19,569) (22,931) 3,362 14.66% (18,812) (757) -4.03%

Hourly payrol l under budget by $3.3k. Variance related to unfi l led Asst.

Wel lness Director Pos i tion

Operating Expenses (13,415) (13,179) (236) -1.79% (9,531) (3,884) -40.75%

Net Income/(Loss) 34,484 32,995 1,489 4.51% 37,757 (3,274) -8.67%

Page | 7

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Racquet Club

Revenues 16,872 20,313 (3,441) -16.94% 17,555 (683) -3.89%

Annual fees-($1.4k) under budget related to Bocce Bal ls fees budgeted to

s tart in Apri l and merchandise sa les ($1.7k)

Cost of Sa les (7,658) (6,077) (1,581) -26.01% (8,687) 1,029 11.85% Cost of Cl inics was over budget for the month. YTD is on budget.

Cost % of Sa les 61.98% 66.49% 4.51% 66.95% 4.97%

Payrol l Expense (15,074) (13,169) (1,905) -14.47% (12,824) (2,250) -17.55% Hourly Wages were over budget by $1.2k.


Net Income/(Loss) (10,615) (2,285) (8,330) 364.55% (12,600) 1,986 15.76%

Marina

Revenues 58,431 70,844 (12,413) -17.52% 50,510 7,921 15.68% ($11.3k)-Monthly pontoon/kayak rental income and ($1.2k)-merchandise sa les

Cost of Sa les (1,960) (2,162) 202 9.32% (1,661) (300) -18.06% Lower merchandise sa les volume for the month

Cost % of Sa les 77.36% 66.02% -11.34% 59.86% -17.50%

Payrol l Expense (11,080) (10,392) (688) -6.62% (11,169) 89 0.80%

Operating Expenses (3,612) (3,403) (209) -6.14% (3,193) (419) -13.14%

Net Income/(Loss) 41,779 54,887 (13,108) -23.88% 34,488 7,291 21.14%

Amenity Management

Revenues - - - 0.00% - - 0.00%

Payrol l Expense (10,021) (10,514) 493 4.68% (9,798) (224) -2.28%

Operating Expenses (799) (3,675) 2,876 78.25% (3,943) 3,143 79.73% $2.0k-Taxes and l icenses under budget for month.

Net Income/(Loss) (10,821) (14,189) 3,368 23.74% (13,741) 2,920 21.25%

Amenity Net Income/(Loss) (9,096) 89,928 (99,024) -110.11% (3,881) (5,215) -134.36%

Net Inc.(loss) before Depreciation &

Extraordinary Items 455,524 550,054 (94,530) -17.19% 316,336 139,188 44.00%

Page | 8

Year-to-Date Operations Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Operating Departments

General Operating Revenues

Monthly POA Assessments 7,085,710 7,081,354 4,356 0.06% 6,561,052 524,658 8.00%

Other Genera l Revenue 279,210 231,338 47,872 20.69% 260,148 19,062 7.33% $51.5k-Brokerage interest income, partia l ly offset by transfer fees ($5.1k)

Total General Operating Revenues 7,364,920 7,312,692 52,228 0.71% 6,821,200 543,720 7.97%

Administration



Net Income/(Loss) (1,228,930) (1,229,788) 858 0.07% (1,193,673) (35,257) -2.95%

Marketing

Revenues 14,958 15,000 (43) -0.28% - 14,958 0.00%

Payrol l Expenses (65,833) (65,856) 23 0.03% - (65,833) 0.00%

Operating Expenses (35,702) (62,695) 26,993 43.05% - (35,702) 0.00%

Advertis ing expense,outs ide services and computer support under budget for

the year.

Net Income/(Loss) (86,578) (113,551) 26,973 23.75% - (86,578) 0.00%

Architectural Environmental Control

Revenues 70,308 99,664 (29,357) -29.46% 67,442 2,865 4.25%

($5.6k) - Plan submitta l fees and renta l agreement fees - ($40.4) under

budget for the year, partia l ly offset by fines and fees-$14.6k.

Payrol l Expenses (79,531) (74,840) (4,691) -6.27% (60,087) (19,444) -32.36% Monthly variance related to Vis ta Pruning 1099 Contractors ($3.1k)


Net Income/(Loss) (20,717) 15,213 (35,930) 236.18% (17,417) (3,299) -18.94%

Housekeeping

Payrol l Expenses (84,833) (93,842) 9,009 9.60% (75,987) (8,846) -11.64% $7.4k-hourly wages related to open pos i tion were under budget.


Net Income/(Loss) (108,372) (119,264) 10,892 9.13% (101,849) (6,523) -6.40%

Environmental Control

Revenues - - - 0.00% - - 0.00%

Payrol l Expenses - - - 0.00% (21,744) 21,744 100.00%

Operating Expenses (28,682) (32,750) 4,068 12.42% (7,475) (21,207) -283.69%

Grounds maintenance-$1.5k and minor tools -$2.0k under budget year-to-

date.

Net Income/(Loss) (28,682) (32,750) 4,068 12.42% (29,219) 537 1.84%

Grounds & Landscaping

Revenues 290 - 290 0.00% - 290 0.00%

Payrol l Expenses (237,425) (237,491) 66 0.03% (241,055) 3,631 1.51%


Ground Maintenance ($3.3k),ferti l i zer ($3.0k), pinestraw ($3.7k), and outs ide

sevices ($2.1) make up the majori ty of monthly pos i tive variance

Net Income/(Loss) (339,634) (348,341) 8,707 2.50% (346,240) 6,606 1.91%

Page | 9

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Public Works

Revenues 157,740 159,656 (1,916) -1.20% 138,027 19,713 14.28%

$9.2k-transponder revenue and $5.4K-part sa les , offset by negative variance

in ($16.1k)-bulk trash revenue

Cost of Sa les (22,738) (16,800) (5,938) -35.35% (17,014) (5,724) -33.64% Related to higher sa les volume for repairing pontoon boats

Payrol l Expenses (524,431) (508,386) (16,045) -3.16% (533,950) 9,519 1.78%


Net Income/(Loss) (915,994) (910,860) (5,134) -0.56% (976,368) 60,374 6.18%

Public Safety

Revenues 65,680 46,360 19,320 41.67% 39,214 26,466 67.49%

$20.8k-Contribution revenue related to EOC bui ldout, partia l ly offset by fines

& fees ($2.37)


($6.2k)-Hourly wages , ($20.1K)-employee benefi ts (more employees are on

benefi ts than budgeted), workers compensation related to deductible from

accident cla ims($5.4k) were over budget.

Operating Expenses (130,783) (131,750) 967 0.73% (121,146) (9,636) -7.95%

Net Income/(Loss) (859,658) (849,802) (9,856) -1.16% (873,125) 13,466 1.54%

Property Owner Activities

Revenues 35,421 57,890 (22,469) -38.81% 62,008 (26,587) -42.88%

$16.0k-Day trip revenue, $1.8k-knowledge series , and $3.5k-directory sa les

were under budget. This was offset by lower expenses . See below.


Operating Expenses (48,811) (63,095) 14,284 22.64% (81,391) 32,580 40.03% $14.3k-Day trip expenses were under budget.

Net Income/(Loss) (67,118) (56,593) (10,525) -18.60% (66,335) (782) -1.18%

Property Tax, Insurance, Interest

Property Tax and Insurance (320,012) (314,920) (5,092) -1.62% (298,121) (21,891) -7.34%

Interest (171,193) (172,056) 863 0.50% (192,504) 21,311 11.07%

Total Expenses (491,206) (486,976) (4,230) -0.87% (490,625) (580) -0.12%

Operating Department Expenditures (4,146,888) (4,132,712) (14,176) -0.34% (4,094,851) (52,037) -1.27%

Page | 10

Year-to-Date Amenity Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Clubhouse

Revenues 1,429,149 1,826,937 (397,788) -21.77% 1,517,498 (88,349) -5.82%

Venues under budget: BBP-$221k, Duffers -$38k, Member Events-$59k, Swim

Club-$14k and Banquets-$113k. Venues under last year: Banquets-$11k,

Duffers -$15k, and BBP-$71k.

Cost of Sa les (555,020) (707,389) 152,369 21.54% (550,505) (4,514) -0.82% Under budget related to lower sa les volume

Cost % of Sa les 39.53% 38.41% -1.12% 36.94% 2.58%

Payrol l Expense (1,148,638) (1,170,092) 21,454 1.83% (1,147,803) (835) -0.07%

Actual FTE=45.89 vs budgeted FTE=47.52, employee benefi ts over by $20.3k

due to more employees on benefi ts than budgeted.

Payrol l % of Sa les 81.80% 63.53% -18.27% 77.03% 4.77%


$13.6k-bank fees , $8.6k-Clubhouse enterta inment, $5.7k-publ ic relations , and

$4.3k-repair & maintenance, and $3.9k-uni forms were the largest pos i tive

variances YTD, partia l ly offset by overage in decorations ($6.0k) and

chemicals ($11.9k).

Operating % of Sa les 17.99% 14.17% -3.83% 17.70% 0.29%

Net Income/(Loss) (527,120) (311,423) (215,697) -69.26% (444,571) (82,549) -18.57%

Golf

Golf Operations

Revenues 1,529,135 1,553,089 (23,954) -1.54% 1,454,626 74,509 5.12% 18 hole equiva lent rounds were 20,003; 808 less than budget.

Cost of Sa les (153,381) (142,979) (10,402) -7.28% (138,684) (14,697) -10.60% $2.8k-Cost of rental clubs ,$4.2k-cost of cl inics and higher sa les % than budget

Cost % of Sa les 72.07% 71.00% -1.07% 73.39% -1.33%

Payrol l Expense (274,092) (289,516) 15,424 5.33% (253,704) (20,388) -8.04%


$3.4k-Bank fees , $2.8k-profess ional development, $1.2k-printing and 1.6k-

water were under budget for the year, partia l ly offset by overage in cart

repair ($3.5k) and equipment rental ($1.8k).

Net Income/(Loss) 1,036,475 1,050,518 (14,043) -1.34% 1,003,112 33,362 3.33%

Golf Maintenance

Revenues - - - - -


$37.3k-Hourly wages related to open pos i tions (FTE=21.04 vs Budget

FTE=23.50), partia l ly offset by $7.4k overage in employee benefi ts related to

more employees electing coverage

Operating Expenses (311,272) (310,860) (412) -0.13% (297,137) (14,135) -4.76%

Net Income/(Loss) (931,643) (970,928) 39,285 4.05% (913,320) (18,323) -2.01%

Total Golf Net Income/(Loss) 104,831 79,590 25,241 31.71% 89,792 15,039 16.75%

Page | 11

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Swim Club

Revenues 234,927 277,440 (42,513) -15.32% 215,420 19,507 9.06% Dai ly sa les under budget by $30.6k for the year.

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

Payrol l Expense (71,623) (68,859) (2,764) -4.01% (66,605) (5,018) -7.53%


The majori ty of the pos i tive variance i s made up of sand purchases not made

in 2019 ($6.6k), operating suppl ies ($6.4k) and minor tools ($4k)

Net Income/(Loss) 23,015 52,973 (29,958) -56.55% (18,641) 41,656 -223.46%

Fitness Center

Revenues 544,818 557,070 (12,252) -2.20% 520,176 24,642 4.74% Mostly in annual dues fees

Cost of Sa les (12,867) (12,105) (762) -6.30% (12,165) (702) -5.77%

Cost % of Sa les 65.02% 60.00% -5.02% 57.78% -7.24%

Payrol l Expense (171,131) (182,286) 11,155 6.12% (158,667) (12,464) -7.86% Hourly wages under budget by $14.5k.


Net Income/(Loss) 247,456 246,538 918 0.37% 231,238 16,218 7.01%

Racquet Club

Revenues 146,943 165,050 (18,107) -10.97% 148,008 (1,065) -0.72%

Annual fees-$7.6k ($4k i s due to bocce bal l membership was scheduled to

s tart in Apri l ) and merchandise sa les -$5.9k made the majori ty of annual

variance

Cost of Sa les (18,051) (22,497) 4,446 19.76% (21,746) 3,695 16.99% Lower volume in merchandise sa les .

Cost % of Sa les 63.39% 66.50% 3.11% 67.54% 4.14%

Payrol l Expense (111,227) (101,652) (9,575) -9.42% (98,514) (12,714) -12.91%

$6.4k-hourly wages and $1.8k-employee benefi ts were over budget. YTD

FTE=3.87 vs budget of 3.76.


Net Income/(Loss) (25,862) (3,989) (21,873) 548.32% (13,572) (12,290) -90.56%

Marina

Revenues 369,907 380,412 (10,505) -2.76% 331,714 38,193 11.51%

Cost of Sa les (15,796) (10,492) (5,304) -50.55% (10,715) (5,081) -47.42% Cost of camps over budget and higher merchandise sa les volume

Cost % of Sa les 57.28% 66.01% 8.72% 63.33% 6.04%

Payrol l Expense (82,721) (76,161) (6,560) -8.61% (74,310) (8,411) -11.32%

($7.3k) overage in hourly wages , partia l ly offset by a $1.9k savings in

employee benefi ts . FTE 4.34 vs . budget of 3.84

Operating Expenses (41,357) (49,984) 8,627 17.26% (54,372) 13,015 23.94% $5.2k-repair & maintenance and $2.1k-minor tools were under budget.

Net Income/(Loss) 230,034 243,775 (13,741) -5.64% 192,317 37,717 19.61%

Amenity Management

Revenues 2,093 - 2,093 0.00% - 2,093 0.00% Amenity usage fee

Payrol l Expense (78,182) (84,316) 6,134 7.27% (73,927) (4,255) -5.76% Hourly wages are $6.8k under budget year-to-date

Operating Expenses (16,180) (25,438) 9,258 36.39% (26,393) 10,213 38.70% Operating suppl ies are under budget for the year

Net Income/(Loss) (92,269) (109,754) 17,485 15.93% (100,321) 8,052 8.03%

Amenity Net Income/(Loss) (39,915) 197,710 (237,625) -120.19% (63,757) 23,843 -37.40%

Net Inc.(loss) before Depreciation &

Extraordinary Items 3,178,117 3,377,690 (199,573) -5.91% 2,662,591 515,526 19.36%

Page | 12

Other Significant Information: Balance Sheet:

Capital: The POA committed to 59 capital projects totaling $2,457,243 including Road Paving, Club Essential Software/Server, Marina racks,

Public Works mini-excavator, fairway mowers, triplex mowers, food trailer, Course Master Plan and Community Master Plan.

ClubEssential Server purchased. Go Live date was 4/1 for the ClubEssential website and office.

Dr. Don Watson has presented the annual road report. Contract with Blount Construction has been signed. Paving has been completed.

Golf Course Master Plan has been completed. Waiting for the completion of the Community Master Plan to present to the Big Canoe Community.

Cart barn roof is completed. A small portion of The Clubhouse roof is left to be completed. The contractor is waiting for the material. It will be completed by the end of May. The Cart Barn and Clubhouse roof replacements were paid by insurance less the deductible and some minor work needed for the new roof to work with the gutter system. During the audit, the auditors requested a 2018 year-end journal entry to record the loss of the roofs, including all the proceeds from the insurance company resulting as portion of the proceeds recorded as receivables. The proceeds received were more than the original roof, so the asset was a net gain even after the loss on depreciation.

Fire Station EOC has been completed and Certificate of Occupancy has been received. All expenses were covered by generous donations from BCVFD, the Armstrong Family and Amicalola EMC.

The walking mowers and fairway mowers have been received just in time for spring mowing.

Bocce Ball courts should be completed by August 21 depending on the weather.

Current

August 31, 2019

Current

July 31, 2019

Prior Year

August 31, 2018

CASH $3,023,212 $2,834,859 $3,761,854

RESTRICTED CASH $2,765,370 $2,748,395 $2,656,894

TOTAL CASH $5,788,582 $5,583,254 $6,418,748

OTHER ASSETS $1,048,053 $1,097,312 $1,039,858

FIXED ASSETS (Net of Accum. Depreciation) $36,664,655 $36,723,274 $35,968,975

TOTAL ASSETS $43,501,290 $43,403,840 $43,427,581

TOTAL CURRENT LIABILITIES $1,398,315 $1,420,294 $1,804,121

LONG TERM DEBT $7,380,063 $7,462,024 $8,353,367

PROPERTY OWNER EQUITY $34,722,912 $34,521,522 $33,270,093

TOTAL LIABILITIES AND EQUITY $43,501,290 $43,403,840 $43,427,581

BIG CANOE POA, INC.

ASSETS

LIABILITIES AND PROPERTY OWNERS' EQUITY

Page | 13

Description 2018 Cost

2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects CompletedClubessential Office 16,125 32,661 48,786 16,125 32,661 48,786 32,500 (16,286) Yes

Website 12,272 4,091 16,363 12,272 4,091 16,363 16,363 - Yes

Computer Equipment 41,803 41,803 41,985 41,985 52,180 10,195 Yes

Storage Building 5,316 5,316 5,316 5,316 5,000 (316) Yes

Chimneys attic window 8,100 8,100 8,100 8,100 (8,100) Yes

Rec. Center (lower level

of Village Station 21,104 21,104 25,000 25,000 (25,000)

HVAC - Real Estate Office 15,000 15,000 15,000 15,000 (15,000) Yes

Community Master Plan 31,107 73,320 104,427 31,107 93,893 125,000 125,000 -

Admin 59,504 201,395 260,899 59,504 226,046 285,550 231,043 (54,507)

Canoe Racks/Landscaping 52,532 52,532 62,532 62,532 61,500 (1,032) Yes

Marina - 52,532 52,532 - 62,532 62,532 61,500 (1,032)

Playground Fence - 3,040 3,040 7,775 4,735

Bobcat Vehicles 33,483 33,483 33,483 33,483 34,078 595 Yes

Tractor Engine (Grounds

Equip. Annual) 12,097 12,097 12,097 12,097 25,000 Yes

Landscaping - 45,580 45,580 - 48,620 48,620 7,775 5,330

Big Canoe POA

2019 Capital Plan

Page | 14


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects CompletedRoad Paving including

Rejuvenation, Shoulders

and Striping 774,317 774,317 - 972,767 972,767 997,950 25,183

Guardrails 47,535 47,535 - 47,535 47,535 146,256

Deck Structure - Canoe

Lodge 6,400 6,400 6,400 6,400 90,363 83,963 Yes

Clubhouse & Cart Barn

Roof - - 29,600 29,600 - (29,600)

Equipment Allocation 4,066 4,066 - 4,066 4,066 21,274

Excuvator 49,860 49,860 - 49,860 49,860 80,000 30,140 Yes

Vehicle Track System 11,767 11,767 - 11,767 11,767 42,727

Main & North Gate Signs - - - - 28,000 28,000

Replacement for 2005

Chev. 2500 24,069 24,069 - 24,069 24,069 35,289 11,220 Yes

Public Works - 918,014 918,014 - 1,146,064 1,146,064 1,441,859 148,906

Score Boards 4,929 4,929 4,929 4,929 4,117 (812) Yes

Flight Launch Monitor 4,000 4,000 4,000 4,000 - (4,000) Yes

Total Golf Operations - 8,929 8,929 - 8,929 8,929 4,117 (4,812) -

Picnic Tables 2,500 2,500 2,500 2,500 2,500 - Yes

Wildcat Pool Tile - - 4,837 4,837

Wildcat Pool Replaster 27,308 27,308 27,309 27,309 26,520 (789) Yes

Wildcat - 29,808 29,808 - 29,809 29,809 33,857 4,048

Beach Rake 10,710 10,710 10,710 10,710 15,000 4,290 Yes

Swim Club Water

Dispenser/Icemaker 7,246 7,246 7,246 7,246 9,000 1,754 Yes

Rock Slide - 24,458 24,458 24,458 24,458 50,000 25,542 Yes

Inflatables 5,679 5,679 5,679 5,679 5,000 (679) Yes

HVAC 5,398 5,398 5,398 5,398 25,000

Swim Club Picnic Tables 11,976 11,976 11,976 11,976 11,000 (976) Yes

Music & PA System 4,691 4,691 4,691 4,691 5,400 709 Yes

Swim Club - 70,158 70,158 - 70,158 70,158 120,400 30,640 -

Page | 15


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects Completed

Wellness Center Carpet 27,186 27,186 27,186 27,186 32,889 5,703 Yes

Locker Room Floors 34,697 34,697 34,697 34,697 50,000 15,303

Locker Room Lockers 19,532 19,532 19,532 19,532 20,000 468

Locker Room Countertops

and Cabinets 16,851 16,851 16,851 16,851 20,000 3,149

Locker Room Construction 40,156 40,156 50,000 50,000 60,000 10,000

Natatorium Furniture 2,649 2,649 2,649 2,649 2,648 (1) Yes

Recumbent Bike 2,813 2,813 2,813 2,813 3,000 187 Yes

Boiler 4,409 4,409 4,409 4,409 (4,409) Yes

HVAC 9,820 9,820 9,820 9,820 (9,820) Yes

Pool Tile - - 6,455 6,455

Wellness Center Pool

Replaster 30,923 30,923 30,923 30,923 30,000 (923) Yes

Wellness Center - 189,036 189,036 - 198,880 198,880 224,992 26,112

Fire Station EOC 6,875 11,405 18,280 6,875 11,405 11,405 (11,405) Yes

Fire Station EOC -

Volunteer Donation 37,313 37,313 37,313 37,313 - - Yes

Turnout Gear 1,665 1,665 9,300 9,300 9,364 64

Cardiac Monitor - 26,624 26,624 20,000 (6,624)

Radios per emergency

plan 10,279 10,279 10,279 10,279 7,500 (2,779) Yes

Gate Readers 6,352 7,058 13,410 6,352 7,058 7,058 5,115 (1,943) Yes

Brake System for Ladder

Truck 10,963 10,963 10,963 10,963 (10,963) Yes

Public Safety 13,227 78,683 91,910 13,227 112,942 112,942 41,979 (33,650)

Page | 16


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects Completed

Golf Course Rock Walls 15,000 15,000 15,000 15,000 15,000 - Yes

Choctaw Paving 16,440 16,440 16,440 16,440 35,000 18,560 Yes

Golf Course Master Plan 27,000 9,000 36,000 27,000 9,000 9,000 36,000 - Yes

Greens Fan 7,317 7,317 7,317 7,317 6,500 (817) Yes

John Deer Trailer 4,658 4,658 4,658 4,658 5,000 342 Yes

John Deer Walk Mowers

(2) 20,084 20,084 20,084 20,084 23,000 2,916 Yes

John Deer Fairway

Mowers (2) 105,526 105,526 105,526 105,526 134,000 28,474 Yes

Triplex Mowers (2) 87,374 87,374 87,374 87,374 92,000 4,626 Yes

Golf Course 27,000 265,399 292,399 27,000 265,399 265,399 346,500 54,101

Courts 7 & 8 Asphalt Color 9,000 9,000 9,467 9,467 8,551 (916) Yes

Bocce Courts 102,280 102,280 - 115,000 115,000 70,000 (45,000)

Pickleball Court Asphalt

Color 4,000 4,000 3,533 3,533 3,191 (342) Yes

Racquet Club - 115,280 115,280 - 128,000 128,000 81,742 (46,258)

Tables and Chairs 6,300 6,300 6,300 6,300 35,000 Yes

Banquet Chairs 5,134 5,134 5,134 5,134 7,500 2,366 Yes

Wine Room 8,748 4,867 13,615 8,748 4,867 4,867 12,000 (1,615) Yes

Refrigerator 3,519 3,519 - 3,519 3,519 12,472

Gooseneck microphones 4,306 4,306 4,306 4,306 20,200

A/C unit for downstairs

kitchen 13,461 13,461 13,461 13,461 (13,461) Yes

Pizza Oven & Convection

Oven 13,584 13,584 13,584 13,584 29,584 Yes

Catering Van 39,111 39,111 39,111 39,111 36,866 (2,245) Yes

Food Trailer 69,584 69,584 69,584 69,584 35,000 (34,584) Yes

Clubhouse 8,748 159,866 168,614 8,748 159,866 159,866 188,622 (49,539)

Totals 108,479 2,134,680 2,243,159 108,479 2,457,245 2,516,749 2,784,386 79,339

Page | 17

Full-Time Equivalent Employees totaled 164.87 compared to a budget of 171.07 year-to-date. The FTE calculation excluding Food & Beverage

was 118.98 compared to the budget of 123.55.

Property Sales: Year-to-date total property sales were 193. In comparison, property sales for 2018 and 2017 were 212 and 247 respectively.

The graph below depicts sales by month/year.

Description Actual Budget Annual Budget

New Lots 0 0 0

New Homes 19 18 28

Current

August 31, 2019

Current

July 31, 2019

Prior Year

August 31, 2018

CASH 3,023,212$ 2,834,859$ 3,761,854$

RESTRICTED CASH 2,765,370 2,748,395 2,656,894

ACCOUNTS RECEIVABLE - Net 290,175 347,116 307,957

INVENTORY 341,584 352,456 330,953

OTHER CURRENT ASSETS 416,293 397,740 400,948

TOTAL CURRENT ASSETS 6,836,635 6,680,566 7,458,606

FIXED ASSETS 64,406,621 64,224,252 61,559,663

ACCUMULATED DEPRECIATION (27,741,966) (27,500,978) (25,590,689)

NET FIXED ASSETS 36,664,655 36,723,274 35,968,975

TOTAL ASSETS 43,501,290$ 43,403,840$ 43,427,581$

Current

August 31, 2019

Current

July 31, 2019

Prior Year

August 31, 2018

TRADE ACCOUNTS PAYABLE 344,271$ 412,050$ 286,884$

SALARY & WAGES PAYABLE 312,023 280,370 281,347

TAXES PAYABLE 177,743 160,034 163,808

OTHER PAYABLES & ACCRUED LIABILITIES 496,215 471,301 1,018,679

NOTES PAYABLE -CURRENT PORTION 1,005,683 1,002,842 973,351

DEFERRED INCOME 68,064 96,538 53,403

TOTAL LIABILITIES 2,403,998 2,423,135 2,777,472

LONG TERM DEBT 6,374,381 6,459,183 7,380,015

EQUITY AT END OF FISCAL YEAR 33,485,191 33,485,191 32,543,349

CURRENT YEAR PROFIT (LOSS) 1,237,721 1,036,331 726,745

TOTAL LIABILITIES AND EQUITY 43,501,290$ 43,403,840$ 43,427,581$

-$ -$ 0$

Debt to Equity Ratio 0.25 0.26 0.31

Cash Ratio 1.26 1.17 1.35

LIABILITIES AND PROPERTY OWNERS' EQUITY

BIG CANOE POA, INC.

COMPARATIVE BALANCE SHEET

as of August 31, 2019

ASSETS

Operating Activities August

Excess of Revenues over Expenses 1,187,309$

Restricted Fund Income -$

Adjusted Excess Rev. over Expense 1,187,309$

Adjustments to reconcile Excess Revenue over Expenses

to net cash provided by operating activities:

Depreciation 1,958,594$

Changes in Assets and Liabilities

Decrease in Accounts Receivable 401,777$

Increase in Inventory (22,545)$

Increase in Prepaids (170,593)$

Increase in Accounts Payable (42,983)$

Decrease in Salaries & Wages Payable (62,540)$

Increase in Taxes Payable (1,806)$

Decrease in Accrued Liabilities (236,365)$

Decrease in Deferred Income (150,679)$

Total Adjustments 1,672,859$

Investing Activities

FMV of Brokerage Accounts 42,845$

Equipment Disposals 24,063$

Clubhouse and Cart Barn Roof (422,947)$

Acquisition of Property & Equipment (2,144,680)$

Net cash used in investing activities (2,500,719)$

Financing Activities

Principal payments on Purchase/Amenity Loan (652,721)$

Net cash used in financing activities (652,721)$

Change in cash and cash equivalents (293,272)$

Beginning Cash Balance 6,081,855$

Cash Balance 5,788,582$

Less: Restricted Cash- Capital Reserves (2,765,370)

Architectural Control Accounts (382,512)

Operating Cash at 8/31/2019 2,640,701$

Statement of Cash Flows

August 31, 2019

Actual

August 2019

Budget

August 2019

Variance

to Budget

Variance %

to Budget

Prior Year

August 2018

Variance to

Prior Year

Variance %

to Prior

year

Actual

August 2019

Budget

August 2019

Variance

to Budget

Variance %

to Budget

Prior Year

August 2018

Variance to

Prior Year

Variance %

to Prior

year

General Operating Revenue

886,412$ 885,701$ 711$ 0.1% 820,329$ 66,083$ 8.1% Monthly POA Assessments 7,085,710$ 7,081,354$ 4,356$ 0.1% 6,561,051$ 524,659$ 8.0%

37,948 30,491 7,457 24.5% 39,431 (1,483)$ -3.8% Other General Revenue 279,210 231,338 47,872 20.7% 260,148 19,061$ 7.3%

924,360$ 916,192$ 8,168$ 0.9% 859,760$ 64,600$ 7.5% Total General Operating Revenue 7,364,920$ 7,312,692$ 52,228$ 0.7% 6,821,200$ 543,720$ 8.0%

Utilization of General Operating Revenue

Operating Department Net Expense

(154,915) (145,421) (9,494) -6.5% (159,116) 4,201$ 2.6% Administration (1,228,930) (1,229,788) 858 0.1% (1,193,673) (35,257)$ -3.0%

(9,744) (12,805) 3,061 31.4% - (9,744)$ 0.0% Marketing (86,578) (113,551) 26,973 31.2% - (86,578)$ 0.0%

387 3,040 (2,653) -87.3% (75) 463$ 615.1% Architectural Environmental Control (20,717) 15,213 (35,930) -236.2% (17,417) (3,299)$ -18.9%

(37,845) (38,212) 367 1.0% (46,592) 8,747$ 18.8%

Grounds, Landscaping and Environmental

Protection (368,316) (381,091) 12,775 3.4% (375,459) 7,143$ 1.9%

(112,514) (110,798) (1,716) -1.5% (150,764) 38,251$ 25.4% Public Works including Housekeeping (1,024,365) (1,030,124) 5,759 0.6% (1,078,217) 53,851$ 5.0%

(75,950) (86,194) 10,244 11.9% (115,962) 40,012$ 34.5% Public Safety (859,658) (849,802) (9,856) -1.2% (873,125) 13,466$ 1.5%

(7,640) (5,171) (2,469) -47.7% (5,752) (1,888)$ -32.8% Property Owners' Activities (67,118) (56,593) (10,525) -18.6% (66,335) (782)$ -1.2%

(61,521) (60,505) (1,016) -1.7% (61,281) (240)$ -0.4% Property Tax, Insurance, Interest, Taxes (491,206) (486,976) (4,230) -0.9% (490,625) (580)$ -0.1%

(459,741) (456,066) (3,675) -0.8% (539,543) 79,802$ 14.8% Operating Department Expenditures (4,146,888) (4,132,712) (14,176) -0.3% (4,094,851) (52,037)$ -1.3%

Amenities Operations

(84,600) (34,612) (49,988) -144.4% (68,469) (16,132)$ -23.6% Clubhouse (527,120) (311,423) (215,697) -69.3% (444,571) (82,549)$ -18.6%

28,853 42,262 (13,409) -31.7% 18,235 10,618$ 58.2% Golf Operations, incl. Maintenance 104,831 79,590 25,241 31.7% 89,792 15,039$ 16.7%

34,484 32,995 1,489 4.5% 37,757 (3,274)$ -8.7% Fitness Center 247,456 246,538 918 0.4% 231,238 16,218$ 7.0%

(10,615) (2,285) (8,330) -364.5% (12,600) 1,986$ 15.8% Tennis (25,862) (3,989) (21,873) -548.3% (13,572) (12,290)$ -90.6%

(8,176) 10,870 (19,046) -175.2% 448 (8,624)$ -1925.3% Swim 23,015 52,973 (29,958) -56.6% (18,641) 41,656$ 223.5%

41,779 54,887 (13,108) -23.9% 34,488 7,291$ 21.1% Lakes and Marina 230,034 243,775 (13,741) -5.6% 192,317 37,717$ 19.6%

(10,821) (14,189) 3,368 23.7% (13,741) 2,920$ 21.2% Amenity Management (92,269) (109,754) 17,485 15.9% (100,321) 8,052$ 8.0%

(9,096) 89,928 (99,024) -110.1% (3,881) (5,215) -134.4% Amenity Gain (Loss) Before Depreciation (39,915) 197,710 (237,625) -120.2% (63,758) 23,843 37.4%

455,524 550,054 (94,530) -17.2% 316,336 139,188 44.0%

Net Inc. (Loss) Before Extraordinary Items &

Depreciation 3,178,117 3,377,690 (199,573) -5.9% 2,662,591 515,526 19.4%

253,220$ 260,865$ 7,645 2.9% 235,820$ 17,401$ -7.4% Depreciation 1,958,594$ 1,979,822$ 21,228 1.1% 1,875,008 83,586$ -4.5%

202,304 289,189 (86,885) -30.0% 80,516 121,787$ 151.3%

Net Inc.(Loss) Before Extraordinary Items and

Asset Disposal Gain/(Loss) 1,219,523 1,397,868 (178,345) -12.8% 787,583 431,940$ 54.8%

(8,480) (8,500) 20 - (8,480)$ Extraordinary Items/Storm Damage (30,487) (30,375) (112) (2,230) (28,257)$

- - - - -$ Extraordinary Items/Legal Fees-BCU - - - (79,968) 79,968$

- - - - -$ Asset Disposal Gain/(Loss) (1,727) - (1,727) (6,974) 5,247$

193,824$ 280,689$ (86,865)$ -30.9% 80,516$ 113,307$ 140.7% Net Income (Loss) 1,187,309$ 1,367,493$ (180,184)$ -13.2% 698,411$ 488,898$ 70.0%

Month Year-to-Date

BIG CANOE POA, INC.

INCOME FROM OPERATIONS AUGUST 31, 2019

Actual

August 2019

Budget

August 2019

Variance

to Budget

Prior Year August

2018

Actual

August 2019

Budget

August 2019

Variance

to Budget

Prior Year August

2018

193,824 280,689 (86,865) 80,516 Net Income/(Loss) From Operations 1,187,309 1,367,493 (180,184) 698,411

Other Comprehensive Gain/(Loss)

- - - 7,024 Change in FMV of Swap Instrument - - - 28,333.57

7,566 - 7,566 - Change in FMV of Brokerage Accts (CR & DR) 50,411 - 50,411 -

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

201,390 280,689 (79,299) 87,540 Total Comprehensive Income (Loss) 1,237,721 1,367,493 (129,772) 726,745

Month Month and Year-to-Date

BIG CANOE POA, INC.

COMPREHENSIVE INCOME

FOR THE MONTH ENDED AUGUST 31, 2019

2019 Budget

Variance %

to Budget 2018

Variance %


Variance %

to Budget 2018

Variance %

to Last Yr.General Operating Revenues:

886,412 885,701 711 819,884 66,528 General Assessments 7,085,710 7,081,354 4,356 6,561,052 524,658

37,948 30,491 7,457 39,876 (1,928) Other Operating Revenue 279,210 231,338 47,872 260,148 19,062

924,360 916,192 8,168 859,760 64,600 Total General Operating Revenues 7,364,920 7,312,692 52,228 6,821,200 543,720


(9,096) 89,928 99,024 (3,881) (5,215) Amenity Net Income/(Loss) (39,915) 197,710 237,625 (63,757) 23,843

455,524 550,054 (94,530) 316,336 139,188 Net Income/(Loss) Before Depreciation 3,178,117 3,377,690 (199,573) 2,662,591 515,526

(8,480) (8,500) 20 - (8,480)

Extraordinary Items/Storm Damage/Legal-

BCU (30,487) (30,375) (112) (82,198) 51,711

253,220 260,865 (7,645) 235,820 17,401 Depreciation & Asset Gain/Loss-Disposal 1,960,321 1,979,822 (19,501) 1,881,982 78,339

193,824 280,689 (86,865) 80,516 113,307 Net Income/(Loss) 1,187,309 1,367,493 (180,184) 698,411 488,898

Operating Departments Results

(154,915) (145,421) (9,494) (159,116) 4,201 Administration (1,228,930) (1,229,788) 858 (1,193,673) (35,257)

(9,744) (12,805) 3,061 - (9,744) Marketing (86,578) (113,551) 26,973 - (86,578)

387 3,040 (2,653) (75) 463 Architectural Environmental Control (20,717) 15,213 (35,930) (17,417) (3,299)

(17,466) (14,846) (2,620) (12,879) (4,587) Housekeeping (108,372) (119,264) 10,892 (101,849) (6,523)

(825) (1,750) 925 (6,178) 5,353 Environmental Protection (28,682) (32,750) 4,068 (29,219) 537

(37,020) (36,462) (558) (40,414) 3,394 Grounds & Landscaping (339,634) (348,341) 8,707 (346,240) 6,606

(95,048) (95,952) 904 (137,885) 42,838 Public Works (915,994) (910,860) (5,134) (976,368) 60,374

(75,950) (86,194) 10,244 (115,962) 40,012 Public Safety (859,658) (849,802) (9,856) (873,125) 13,466

(7,640) (5,171) (2,469) (5,752) (1,888) POA Activities (67,118) (56,593) (10,525) (66,335) (782)

(61,521) (60,505) (1,016) (61,281) (240) Property Tax, Insurance, Interest (491,206) (486,976) (4,230) (490,625) (580)


Operating Departments P&L

Revenues:

1,600 1,875 (275) - 1,600 Marketing 14,958 15,000 (43) - 14,958

14,904 14,808 96 8,970 5,934 Architectural Environmental Control 70,308 99,664 (29,357) 67,442 2,865

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

- - - - - Grounds & Landscaping 290 - 290 - 290

24,602 19,957 4,645 11,975 12,627 Public Works 157,740 159,656 (1,916) 138,027 19,713

40,895 27,670 13,225 3,555 37,340 Public Safety 65,680 46,360 19,320 39,214 26,466

5,986 6,955 (969) 6,083 (97) POA Activities 35,421 57,890 (22,469) 62,008 (26,587)

87,987 71,265 16,722 30,584 57,403 Total Revenues 344,396 378,570 (34,174) 306,691 37,705

Cost of Sales:

3,563 2,100 (1,463) 2,199 (1,364) Public Works 22,738 16,800 (5,938) 17,014 (5,724)

3,563 2,100 -69.67% 2,199 -62.03% Total Cost of Sales 22,738 16,800 -35.35% 17,014 -33.64%

Payroll Expenses:

101,196 102,729 1,533 97,397 (3,800) Administration 827,312 835,157 7,845 654,406 (172,906)

8,551 8,245 (306) - (8,551) Marketing 65,833 65,856 23 - (65,833)

13,064 11,088 (1,976) 7,816 (5,248) Architectural Environmental Control 79,531 74,840 (4,691) 60,087 (19,444)

12,217 11,787 (430) 9,588 (2,629) Housekeeping 84,833 93,842 9,009 75,987 (8,846)

- - - 2,772 2,772 Environmental Protection - - - 21,744 21,744

30,879 29,832 (1,047) 29,645 (1,234) Grounds & Landscaping 237,425 237,491 66 241,055 3,631

68,442 63,599 (4,843) 69,452 1,010 Public Works 524,431 508,386 (16,045) 533,950 9,519

97,983 97,764 (219) 100,851 2,868 Public Safety 794,556 764,412 (30,144) 791,192 (3,363)

6,981 5,601 (1,380) 5,701 (1,281) POA Activities 53,728 51,388 (2,340) 46,952 (6,776)

339,314 330,645 (8,669) 323,221 (16,093) Total Payroll Expenses 2,667,647 2,631,372 (36,275) 2,425,373 (242,274)

Operating Expenses:

53,718 42,692 (11,026) 61,719 8,001 Administration 401,618 394,631 (6,987) 539,267 137,648

2,794 6,435 3,641 - (2,794) Marketing 35,702 62,695 26,993 - (35,702)

1,452 680 (772) 1,229 (223) Architectural Environmental Control 11,493 9,611 (1,882) 24,772 13,279

5,249 3,059 (2,190) 3,291 (1,957) Housekeeping 23,539 25,422 1,883 25,862 2,323

825 1,750 925 3,406 2,581 Environmental Protection 28,682 32,750 4,068 7,475 (21,207)

6,141 6,630 489 10,769 4,628 Grounds & Landscaping 102,499 110,850 8,351 105,184 2,685

47,645 50,210 2,565 78,210 30,565 Public Works 526,565 545,330 18,765 563,431 36,866

18,862 16,100 (2,762) 18,666 (195) Public Safety 130,783 131,750 967 121,146 (9,636)

6,644 6,525 (119) 6,134 (510) POA Activities 48,811 63,095 14,284 81,391 32,580

61,521 60,505 (1,016) 61,281 (240) Property Tax, Insurance, Interest 491,206 486,976 (4,230) 490,625 (580)

204,850 194,586 (10,264) 244,706 39,856 Total Operating Expenses 1,800,898 1,863,110 62,212 1,959,154 158,256


Big Canoe POAFinancial Summary of Income from Operations

For the Month Ended August 31, 2019August Year-to-Date

2019 Budget

Variance %

to Budget 2018

Variance %


Variance %

to Budget 2018

Variance %

to Last Yr.Amenity Operating Results

(84,600) (34,612) (49,988) (68,469) (16,132) Clubhouse (527,120) (311,423) -69.26% (444,571) -18.57%

150,653 154,567 (3,914) 141,683 8,970 Golf Operations 1,036,475 1,050,518 -1.34% 1,003,112 3.33%

(121,800) (112,305) (9,495) (123,448) 1,648 Golf Maintenance (931,643) (970,928) 4.05% (913,320) -2.01%

34,484 32,995 1,489 37,757 (3,274) Fitness Center 247,456 246,538 0.37% 231,238 7.01%

(10,615) (2,285) (8,330) (12,600) 1,986 Tennis (25,862) (3,989) -548.32% (13,572) -90.56%

(8,176) 10,870 (19,046) 448 (8,624) Swim 23,015 52,973 56.55% (18,641) 223.46%

41,779 54,887 (13,108) 34,488 7,291 Lakes & Marina 230,034 243,775 -5.64% 192,317 -19.61%

(10,821) (14,189) 3,368 (13,741) 2,920 Amenity Management (92,269) (109,754) 15.93% (100,321) 8.03%

(9,096) 89,928 (99,024) (3,881) (5,215) Amenity Net Income/(Loss) (39,915) 197,710 (5) (63,757) 1

Amenity P&L

Revenues:

198,677 256,843 (58,166) 228,678 (30,001) Clubhouse 1,429,149 1,826,937 (397,788) 1,517,498 (88,349)

225,373 227,368 (1,995) 207,821 17,551 Golf Operations 1,529,135 1,553,089 (23,954) 1,454,626 74,509

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

70,794 70,800 (6) 67,300 3,495 Fitness Center 544,818 557,070 (12,252) 520,176 24,642

16,872 20,313 (3,441) 17,555 (683) Racquet Club 146,943 165,050 (18,107) 148,008 (1,065)

34,241 50,825 (16,584) 39,596 (5,355) Swim 234,927 277,440 (42,513) 215,420 19,507

58,431 70,844 (12,413) 50,510 7,921 Lakes & Marina 369,907 380,412 (10,505) 331,714 38,193

- - - - - Amenity Management 2,093 - 2,093 - 2,093

604,387 696,993 (92,606) 611,459 (7,072) Total Revenues 4,256,972 4,759,998 (503,026) 4,187,442 69,530

Cost of Sales:

91,162 101,341 10,179 90,152 (1,010) Clubhouse 555,020 707,389 152,369 550,505 (4,514)

47.07% 38.48% -8.59% 39.26% -7.81% Clubhouse % of Sales 39.53% 38.41% -1.12% 36.94% -2.58%

24,319 22,170 (2,149) 22,396 (1,923) Golf Operations 153,381 142,979 (10,402) 138,684 (14,697)

64.88% 71.00% -135.88% 73.55% 8.67% Golf Operations % of Sales 72.07% 71.00% -143.07% 73.39% 1.33%

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

3,326 1,695 (1,631) 1,199 (2,127) Fitness Center 12,867 12,105 (762) 12,165 (702)

109.60% 60.00% -169.60% 55.71% -53.89% Fitness Center % of Sales 65.02% 60.00% -125.02% 57.78% -7.24%

7,658 6,077 (1,581) 8,687 1,029 Racquet Club 18,051 22,497 4,446 21,746 3,695

61.98% 66.49% 4.51% 66.95% 4.97% Racquet Club % of Sales 63.39% 66.50% 3.11% 67.54% 4.14%

1,960 2,162 202 1,661 (300) Lakes & Marina 15,796 10,492 (5,304) 10,715 (5,081)

77.36% 66.02% -11.34% 59.86% -17.50% Lakes & Marina % of Sales 57.28% 66.01% 8.72% 63.33% 6.04%

128,425 133,445 5,020 124,094 (4,331) Total Cost of Sales 755,114 895,462 140,348 733,814 (21,300)

475,962 563,548 (87,586) 487,365 (11,403) Gross Margin 3,501,857 3,864,536 (362,679) 3,453,627 48,230

Payroll Expenses:

146,300 158,216 11,916 167,492 21,192 Clubhouse 1,148,638 1,170,092 21,454 1,147,803 (835)

75.53% 60.07% -15.46% 72.94% -2.60% Clubhouse % of Sales 81.80% 63.53% -18.27% 77.03% -4.77%

38,146 42,045 3,899 35,276 (2,871) Golf Operations 274,092 289,516 15,424 253,704 (20,388)

82,227 84,280 2,053 82,734 507 Golf Maintenance 620,372 660,068 39,696 616,183 (4,188)

19,569 22,931 3,362 18,812 (757) Fitness Center 171,131 182,286 11,155 158,667 (12,464)

15,074 13,169 (1,905) 12,824 (2,250) Racquet Club 111,227 101,652 (9,575) 98,514 (12,714)

11,349 12,502 1,153 11,761 412 Swim 71,623 68,859 (2,764) 66,605 (5,018)

11,080 10,392 (688) 11,169 89 Lakes & Marina 82,721 76,161 (6,560) 74,310 (8,411)

10,021 10,514 493 9,798 (224) Amenity Management 78,182 84,316 6,134 73,927 (4,255)

333,767 354,049 20,282 349,865 16,098 Total Payroll Expenses 2,557,986 2,632,950 74,964 2,489,714 (68,272)

Operating Expenses:

45,815 31,898 (13,917) 39,502 (6,313) Clubhouse 252,611 260,879 8,268 263,760 11,149

12,254 8,586 (3,668) 8,467 (3,787) Golf Operations 65,187 70,076 4,889 59,126 (6,061)

39,573 28,025 (11,548) 40,714 1,141 Golf Maintenance 311,272 310,860 (412) 297,137 (14,135)

13,415 13,179 (236) 9,531 (3,884) Fitness Center 113,364 116,141 2,777 118,107 4,743

4,754 3,352 (1,402) 8,644 3,890 Racquet Club 43,526 44,890 1,364 41,321 (2,206)

31,068 27,453 (3,615) 27,387 (3,680) Swim 140,289 155,608 15,319 167,456 27,167

3,612 3,403 (209) 3,193 (419) Lakes & Marina 41,357 49,984 8,627 54,372 13,015

799 3,675 2,876 3,943 3,143 Amenity Management 16,180 25,438 9,258 26,393 10,213

151,291 119,571 (31,720) 141,382 (9,910) Total Operating Expenses 983,786 1,033,876 50,090 1,027,671 43,885

(9,096) 89,928 (99,024) (3,881) (5,215) Amenity Net Income/(Loss) (39,915) 197,710 (237,625) (63,757) 23,843

Big Canoe POAFinancial Summary of Income from Operations

For the Month Ended August 31, 2019August Year-to-Date

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