Samoset at Winnipesaukee Condominium Association. Estimated Financial Results for Operating & Reserve Budget for 2012
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1 Samoset at Winnipesaukee Condominium Association Estimated Financial Results for 2011 Operating & Budget for /15/2011 Final 2012 Budget File Prepared Nov
2 Operating Annual Budget FY 2012 INCOME Association / Condo Fees 544, , , Late/Interest/Collection Fees 2,500 3,900 1,400 3, Maintenance/Repair Billing Fundraising Misc Income Insurance Claim Income Owner Contribution - Social 5,000 3,577-1,423 5,000 1,423 Owner Contribution - Waterfront 3,000 1,350-1,650 3,000 1,650 TOTAL INCOME 555, ,065-1, ,400 2,335 EXPENSES Accounting 3,000 3, , Administration 4,500 2,186-2,314 2, Operating Contingency 5, ,000 4,800 4,800 Legal 2, ,527 1, Legal / Collection Fees Management Fee 27,000 35,000 8,000 47,737 12,737 Misc Operations 3, ,000 3,000 3,000 Office Supplies 2,500 5,134 2,634 2,400-2,734 Office Rent 2,800 2, ,616-8,400 Postage Social Events 12,000 14,538 2,538 15, Recreational Activity 1, , Maintenance Payroll 32,000 29,026-2,974 52,136 23,110 Activity Payroll 2, ,000 1,200 1,200 Cleaning Personnel 2,200 2, , Insurance 42,000 39,972-2,028 40, Insurance Claim Expense 5, ,000 4,800 4,800 Note Payable Interest 3,500 3, , Taxes - Fed / State Income 3, ,000 1,500 1,500 Taxes - Property 3,200 3, , TOTAL ADMINISTRATION 156, ,339-14, ,647 43,308 Electricity 20,000 19, ,400 1,343 Kerosene 1, , Telephone 3,500 2,277-1,223 3,600 1,323 TOTAL UTILITIES 25,000 22,187-2,813 25,200 3,013 Maintenance/Repair 9,000 6,689-2,311 12,000 5,311 Maintenance Supllies / Materials 9,000 6,409-2,591 9,600 3,191 Maintenance Repair / General 9,000 5,717-3,283 7,200 1,483 Maintenance Repairs - Units Chimney Cleaning / Inspection 2,000 2, ,000 0 Painting - Exterior 32,000 29,700-2,300 32,000 2,300 Fire Alarm System 3,500 5,100 1,600 6, Security 7,000 5,220-1,780 6, Sewer 25,000 23,387-1,613 22,100-1,287 Water Supply / Testing 3,000 3, , Pest Control 3, ,424 2,400 1,824 Trucks ,800 1,280 Irrigation 3,500 11,388 7,888 4,200-7,188 TOTAL MAINTENANCE 106, ,438-6, ,900 8,462 Land Improvement 10,000 13,217 3,217 12,000-1,217 Landscape Grounds Contract 41,000 40, ,968 14,991 Mulch 10,000 9, ,150 Snow Removal Contract 31,400 34,896 3,496 32,400-2,496 Snow Removal Non-Contract 2,000 9,806 7,806 4,000-5,806 Trash / Rubbish Removal 12,000 11, , TOTAL GROUNDS COSTS 106, ,322 12, ,368-2,954 Pool Supplies / Chemicals 5,500 5, ,200 1,249 Docks / Moorings Repair 18,000 12,044-5,956 14,000 1,956 TOTAL FACILITIES 23,500 17,995-5,505 21,200 3,205 TOTAL EXPENSES 418, ,281-15, ,315 55,034 NET INCOME / (LOSS) 137, ,784 14,749 99,085-52,699 CAPITAL RESERVE FUNDING 120, , ,000-30,000 NET I / (L) AFTER RESERVE 17,035 31,784 14,749 9,085-22,699 11/15/2011 Final 2012 Budget File Prepared Nov
3 ASSETS Samoset Association Operating Balance Sheet FY 2011 CASH Operating 35,285 27,327 (7,958) 26,767 (560) Money Market - Capital TOTAL CASH 35,285 27,327 (7,958) 26,767 (560) CURRENT ASSETS Accounts Receivable 3,500 12,000 8,500 10,000 (2,000) Prepaid Federal Taxes 1,824 0 (1,824) 0 0 Prepaid Insurance 9,891 10, ,197 0 Due from Operating / 0 12,125 12,125 12,125 0 Loan Closing Costs 1,688 1, ,808 0 Accum. Amort. Loan Closing Costs (121) (362) (241) (362) 0 TOTAL CURRENT ASSETS 16,782 35,768 18,986 33,768 (2,000) FIXED ASSETS Building 38,012 38, ,012 0 Land 18,433 18, ,433 0 Appliances & Equipment 15,550 16,788 1,238 24,788 8,000 Furniture & Fixtures 7,382 7, ,382 0 TOTAL FIXED ASSETS 79,377 80,615 1,238 88,615 8,000 A/D Accumulated Depr. 57,321 59,099 1,778 59,099 0 NET FIXED ASSETS 22,056 21,516 (540) 29,516 8,000 TOTAL ASSETS 74,123 84,611 10,488 90,051 5,440 LIABILITIES & CAPITAL CURRENT LIABILITIES Accounts Payable 1,000 3,525 2,525 3,000 (525) Prepaid Assessments / Fees 8,000 7,054 (946) 7,054 0 Due to Operating / Note Payable 49,412 49,239 (173) 46,119 (3,120) TOTAL CURRENT LIABILITIES 58,412 59,818 56,173 (3,645) CAPITAL Retained Earnings (Beginning) (1,324) (6,991) (5,667) 24,794 31,785 Net Income/(Loss) - Current Year 17,035 31,785 14,750 9,085 (22,700) TOTAL CAPITAL 15,711 24,794 33,879 9,085 TOTAL LIABILITIES & CAPITAL 74,123 84,612 10,489 90,052 5,440 11/15/2011 Final 2012 Budget File Prepared Nov
4 Operating Cash Flow FY 2012 Net Profit / (Loss) 17,035 31,784 14,749 9,085-22,699 Add Depr/Amort Cash from Operations 17,035 31,784 14,749 9,085-22,699 Balance Sheet Changes Accounts Receivable 0-4,351-4,351 2,000 6,351 Prepaid Taxes 0 1,824 1, ,824 Prepaid Expenses Loan Costs Building Land Appliances & Equipment ,000-8,000 Furniture/Fixtures Accounts Payable 925-3,635-4, ,110 Prepaid Assessments/Fees 0 4,212 4, ,212 Due to Operating / Due from Operating / 0-12,125-12, ,125 Note Payable -2,824-3, , Cash Used for B.S. Items -1,899-17,078-15,179-9,645 7,433 Net Cash to Fund Operation 15,136 14, ,266 Beg. Cash Balance 20,149 12,621-7,528 27,327 14,706 Ending Cash Balance 35,285 27,327-7,958 26, /15/2011 Final 2012 Budget File Prepared Nov
5 Annual Budget FY 2012 INCOME Capital Funding 120, , ,000-30,000 Unit Assessments Interest - s TOTAL INCOME 120, , ,000-30,140 EXPENSES Misc TOTAL ADMINISTRATION Building Improvements / Repairs 20,000 19, ,000 4,109 Roof Repairs / Replacement 5, , , ,000 Fire Safety System 8, ,000 5,000 5,000 Water System / Pumps 4, ,000 4,000 4,000 Irrigation System Maintenance ,000 6,000 Major Repairs 14,000 8,377-5, ,377 TOTAL MAINTENANCE 51,000 28,268-22, , ,732 Landscape Grounds Improvement 12, ,000 10,000 10,000 Tree / Shrub Maintenance 5,000 9,000 4,000 10,000 1,000 TOTAL GROUNDS COSTS 17,000 9,000-8,000 20,000 11,000 Road Replacement / Repairs 5,000 7,640 2,640 18,000 10,360 Culverts and Drainage Projects 0 10,100 10,100 20,000 9,900 Tennis Court Repairs 2,000 1, ,000 48,400 Pool Renovations ,000 40,000 Pool Pumps 10,000 11,756 1,756 5,000-6,756 Dock Maintenance / Repairs 5,000 2,475-2,525 8,000 5,525 TOTAL FACILITIES 22,000 33,571 11, , ,429 TOTAL EXPENSES 90,000 70,839-19, , ,161 NET INCOME / (LOSS) 30,000 49,301 19, , ,301 11/15/2011 Final 2012 Budget File Prepared Nov
6 ASSETS Samoset Association Balance Sheet FY 2011 CASH Operating Money Market - Capital 103, ,749 30,944 (127,251) (262,000) TOTAL CASH 103, ,749 30,944 (127,251) (262,000) CURRENT ASSETS Accounts Receivable Prepaid Federal Taxes Prepaid Insurance Due from Operating / Loan Closing Costs Accum. Amort. Loan Closing Costs TOTAL CURRENT ASSETS FIXED ASSETS Building Land Appliances & Equipment Furniture & Fixtures 8,010 8, ,010 0 TOTAL FIXED ASSETS 8,010 8, ,010 0 A/D Accumulated Depr. 2,015 3,172 1,157 3,172 0 NET FIXED ASSETS 5,995 4,838 (1,157) 4,838 0 TOTAL ASSETS 109, ,587 29,787 (122,413) (262,000) LIABILITIES & CAPITAL CURRENT LIABILITIES Accounts Payable Prepaid Assessments / Fees Due to Operating / 0 12,125 12,125 12,125 0 Note Payable TOTAL CURRENT LIABILITIES 0 12,125 12,125 12,125 0 CAPITAL Retained Earnings (Beginning) 79,300 78,161 (1,139) 127,462 49,301 Net Income/(Loss) - Current Year 30,500 49,301 18,801 (262,000) (311,301) TOTAL CAPITAL 109, ,462 17,662 (134,538) (262,000) TOTAL LIABILITIES & CAPITAL 109, ,587 29,787 (122,413) (262,000) 11/15/2011 Final 2012 Budget File Prepared Nov
7 Cash Flow FY 2010 Net Profit / (Loss) 30,000 49,301 19, , ,301 Add Depr/Amort Cash from Operations 30,000 49,301 19, , ,301 Balance Sheet Changes Accounts Receivable Prepaid Taxes Prepaid Expenses Loan Costs Building Land Appliances & Equipment Furniture/Fixtures Accounts Payable Prepaid Assessments/Fees Due to Operating / 0 12,125 12, ,125 Due from Operating / Note Payable Cash Used for B.S. Items 0 12,125 12, ,125 Net Cash to Fund Operation 30,000 61,426 31, , ,426 Beg. Cash Balance 73,805 73, ,749 61,426 Ending Cash Balance 103, ,749 30, , ,000 11/15/2011 Final 2012 Budget File Prepared Nov
8 Annual Budget FY Approved Estimated Budget Budget Budget Budget Budget Budget Budget INCOME Capital Funding 120, ,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 Unit Assessments Interest - s TOTAL INCOME 120, ,140 90,000 90,000 90,000 90,000 90,000 90,000 90,000 EXPENSES Misc TOTAL ADMINISTRATION Building Improvements / Repairs 20,000 19,891 24,000 24,000 24,000 24,000 24,000 24,000 24,000 Roof Repairs / Replacement 5, , , , , , ,000 Fire Safety System 8, ,000 5,000 5,000 5,000 5,000 5,000 5,000 Water System / Pumps 4, ,000 4,000 4,000 4,000 4,000 4,000 4,000 Irrigation System Maintenance 0 0 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Major Repairs 14,000 8, TOTAL MAINTENANCE 51,000 28, , , , , , ,000 39,000 Landscape Grounds Improvement 12, ,000 10,000 10,000 10,000 10,000 10,000 10,000 Tree / Shrub Maintenance 5,000 9,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 TOTAL GROUNDS COSTS 17,000 9,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Road Replacement / Repairs 5,000 7,640 18,000 18,000 25,000 25,000 25,000 25,000 25,000 Culverts and Drainage Projects 0 10,100 20,000 10,000 10,000 10,000 10,000 10,000 10,000 Tennis Court Repairs 2,000 1,600 50,000 2,000 2,000 2,000 2,000 2,000 2,000 Pool Renovations ,000 4,000 4,000 4,000 4,000 4,000 4,000 Pool Pumps 10,000 11,756 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Dock Maintenance / Repairs 5,000 2,475 8,000 8,000 8,000 8,000 8,000 8,000 8,000 TOTAL FACILITIES 22,000 33, ,000 47,000 54,000 54,000 54,000 54,000 54,000 TOTAL EXPENSES 90,000 70, , , , , , , ,000 NET INCOME / (LOSS) 30,000 49, , , , , , ,000-23,000 11/15/2011 Final 2012 Budget File Prepared Nov
9 Balance Sheet FY 2011 ASSETS Approved Estimated Budget Budget Budget Budget Budget Budget Budget CASH Operating Money Market - Capital 103, ,749 (127,251) (295,251) (470,251) (645,251) (820,251) (995,251) (1,018,251) TOTAL CASH 103, ,749 (127,251) (295,251) (470,251) (645,251) (820,251) (995,251) (1,018,251) CURRENT ASSETS Accounts Receivable Prepaid Federal Taxes Prepaid Insurance Due from Operating / Loan Closing Costs Accum. Amort. Loan Closing Costs TOTAL CURRENT ASSETS FIXED ASSETS Building Land Appliances & Equipment Furniture & Fixtures 8,010 8,010 8,010 8,010 8,010 8,010 8,010 8,010 8,010 TOTAL FIXED ASSETS 8,010 8,010 8,010 8,010 8,010 8,010 8,010 8,010 8,010 A/D Accumulated Depr. 2,015 3,172 3,172 3,172 3,172 3,172 3,172 3,172 3,172 NET FIXED ASSETS 5,995 4,838 4,838 4,838 4,838 4,838 4,838 4,838 4,838 TOTAL ASSETS 109, ,587 (122,413) (290,413) (465,413) (640,413) (815,413) (990,413) (1,013,413) LIABILITIES & CAPITAL CURRENT LIABILITIES Accounts Payable Prepaid Assessments / Fees Due to Operating / 0 12,125 12,125 12,125 12,125 12,125 12,125 12,125 12,125 Note Payable TOTAL CURRENT LIABILITIES 0 12,125 12,125 12,125 12,125 12,125 12,125 12,125 12,125 CAPITAL Retained Earnings (Beginning) 79,300 78, ,462 (134,538) (302,538) (477,538) (652,538) (827,538) (1,002,538) Net Income/(Loss) - Current Year 30,500 49,301 (262,000) (168,000) (175,000) (175,000) (175,000) (175,000) (23,000) TOTAL CAPITAL 109, ,462 (134,538) (302,538) (477,538) (652,538) (827,538) (1,002,538) (1,025,538) TOTAL LIABILITIES & CAPITAL 109, ,587 (122,413) (290,413) (465,413) (640,413) (815,413) (990,413) (1,013,413) 11/15/2011 Final 2012 Budget File Prepared Nov
10 Cash Flow FY Approved Estimated Budget Budget Budget Budget Budget Budget Budget Net Profit / (Loss) 30,000 49, , , , , , ,000-23,000 Add Depr/Amort Cash from Operations 30,000 49, , , , , , ,000-23,000 Balance Sheet Changes Accounts Receivable Prepaid Taxes Prepaid Expenses Loan Costs Building Land Appliances & Equipment Furniture/Fixtures Accounts Payable Prepaid Assessments/Fees Due to Operating / 0 12, Due from Operating / Note Payable Cash Used for B.S. Items 0 12, Net Cash to Fund Operation 30,000 61, , , , , , ,000-23,000 Beg. Cash Balance 73,805 73, , , , , , , ,251 Ending Cash Balance 103, , , , , , , ,251-1,018,251 Total Samoset Units 137 Assessment Per Unit $929 $2,155 $3,432 $4,710 $5,987 $7,265 $7,432 Assessment to Maintain $100,000 $1,659 $2,885 $4,162 $5,440 $6,717 $7,995 $8,162 Incremental Assessment $1,659 $1,226 $1,277 $1,277 $1,277 $1,277 $168 11/15/2011 Final 2012 Budget File Prepared Nov
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