Eagle Tree Condominium Association, Inc. Financial Package May 31, 2018

Transcription

1 Eagle Tree Condominium Association, Inc. Financial Package

2 Assets Total Assets Liabilities Jupiter Eagle Tree Condominium Association BALANCE SHEET Operating Fund Reserve Fund Property Tax Total Cash & Cash Equivalents 2,988,272 5,336, ,083 9,110,564 Investments Maintenance Fee Receivable 13,553 13,553 Allowance for Bad Debt (102,130) (102,130) Guest Ledger 4,888 4,888 Other Receivables 29,170 29,170 Foreclosed Inventory 211, ,089 Prepaid Expenses 166, ,674 Prepaid Deposits 6,540 6,540 Fixed Assets Due (to) from Operating Fund 508, ,256 Due (to) from Reserve Fund (508,256) (508,256) 3,826,311 4,827, ,083 9,440,346 Accounts Payable 13,295 13,295 Accrued Expenses Payroll Liability 151, ,192 Income Tax Payable Taxes Payable 3,756 3,756 Unearned Maintenance Fees 3,213,772 3,213,772 Other Liabilities 4,740 4,740 3,386,756 3,386,756 Total Liabilities Equity Fund Balance Yeartodate (72,398) 472, ,292 Fund Balance Prior Year 511,953 4,355, ,655 5,653,298 Total Fund Balance 439,555 4,827, ,083 6,053,590 Total Liabilities & Equity 3,826,311 4,827, ,083 9,440,346 2 of 10

3 Jupiter Eagle Tree Condominium Association Statement of Revenues and Expenses Operating Fund Current Month YeartoDate Revenues Actual Budget Variance Actual Budget Variance Operating Fees 419, ,804 (0) 3,133,817 3,133,817 0 Investment Income 250 (250) 368 1,250 (882) Late Fees & Interest ,782 7,500 (718) Foreclosed Inventory Gain/Loss (3,558) (3,558) Member Per Diem 9,380 15,982 (6,602) 56,591 96,638 (40,047) Misc. Income 10,784 10, ,822 70,583 25,239 Total Revenues 440, ,144 (5,632) 3,289,821 3,309,788 (19,967) Common General Expenses Accounting 18,702 20,570 1,868 75, ,161 26,764 Administrative & General 62,913 62,295 (618) 308, ,977 20,571 Master Association Dues 546, ,300 (19,700) Board of Directors % Engineering 16,398 16, ,569 82,793 1,224 Human Resources 14,526 14,257 (269) 70,812 72,135 1,323 Loss Prevention 18,018 19,874 1,856 90,680 99,373 8,693 55% Management Fee Common 23,341 23, , , Legal (694) 4,000 4,694 9,876 23,000 13,124 Marketing 5,297 3,250 (2,047) 33,146 28,750 (4,396) Owner Services 61,368 55,532 (5,835) 323, ,389 (2,194) Bad Debt Expense 19,813 20, , ,130 18,204 Spa Fee 325, ,000 Insurance 12,354 13,436 1,082 61,929 67,178 5,249 Administrative Utilities 1,378 1, ,873 7, Total General Expenses 253, ,337 1,922 2,133,901 2,204,765 70,864 Vacation Plan Expenses Club Services & Reservations 15,732 18,026 2,294 93,807 97,024 3,217 Electricity 16,363 18,747 2,384 81,812 85,340 3,528 Engineering 49,195 49, , ,378 3,672 75% Gas 9,453 7,560 (1,893) 63,700 52,319 (11,381) Housekeeping 81,607 85,455 3, , ,519 30,868 Insurance (Interior) 1,969 1,575 (394) 9,684 7,875 (1,809) Management Fee Vacation 19,097 19, ,487 96, % Water / Sewer 6,968 10,665 3,696 39,471 46,983 7,512 Total Vacation Plan Expenses 200, ,182 10,798 1,228,318 1,264,599 36,281 Total Club Expenses 453, ,518 12,720 3,362,219 3,469, ,145 Surplus (Deficit) (13,287) (20,374) 7,087 (72,398) (159,576) 87,178 Lifetodate Fund Balance 3 of ,555

4 Jupiter Eagle Tree Condominium Association Notes to Operating Expenses MTD Variance YTD Variance Comments / Notes Operating Fees (0) 0 Investment Income (250) (882) Late Fees & Interest 544 (718) Gain/ Loss on Foreclosed Units (3,558) Member Per Diem (6,602) (40,047) Less per diem bookings Misc. Income ,239 $ (5,632) $ (19,967) Common General Expenses Accounting 1,868 26,764 Savings in Wages Administrative & General (618) 20,571 Master Association Dues (19,700) Board of Directors Engineering 242 1,224 Human Resources (269) 1,323 Loss Prevention 1,856 8,693 Savings in salaried wages vs budget. Also carries over to payroll taxes Management Fee Common Legal 4,694 13,124 Timing of expenses as prior month had higher than expected invoices due to deliquent accounts. Marketing (2,047) (4,396) Continued roll out of digital marketing platform. Line item will catch up in a couple months Owner Services (5,835) (2,194) Newspaper and Trump valet charges were received for multiple months. Bad Debt Expense ,204 Spa Fee Insurance 1,082 5,249 Administrative Utilities $ 1,922 $ 70,864 Vacation Plan Expenses Club Services & Reservations 2,294 3,217 Lower hourly staff with less occupancy Electricity 2,384 3,528 Combined gas & electric usage was fairly close for month Engineering 726 3,672 Gas (1,893) (11,381) Gas is higher YTD due to unseasonsably colder tempertures Housekeeping 3,849 30,868 Savings in hourly wages as occupancy was lower and efficiency has gotten better. Insurance (Interior) (394) (1,809) Management Fee Vacation Water / Sewer 3,696 7,512 Wetter than average May led to less usage Total Vacation Plan Expenses $ 10,798 $ 36,281 $ 12,720 $ 107,145 4 of 10

5 Jupiter Eagle Tree Condominium Association Statement of Revenues and Expenses Reserve Fund Current Month YeartoDate Actual Budget Variance Actual Budget Variance Revenues Reserve Contributions 716, ,898 Investment Income Gain/Loss Reserve Interest Income Total Revenues 716, ,898 Expenses Travel and Other Roofing Cabling System FF&E 41,893 (41,893) 236,403 (236,403) Internal Building 8,232 (8,232) Administrative Bank Fees Approved Budget ,893 (41,893) 244,635 (244,635) Total Expenses (41,893) (41,893) 472, ,898 (244,635) Surplus (Deficit) 2017 Opening Fund Balance 4,355,690 Lifetodate Fund Balance 4,827,953 5 of 10

6 Jupiter Eagle Tree Condominium Association Reserve Spending #6818 Project Category Project Description January February March April May Total Actual Budget Variance Common Areas Reserves Building Insurance Claim (10,683) (10,683) 10,683 Total (10,683) (10,683) 10,683 Vacation Plan Reserves FF&E 838, ,843 Sealy 39,705 39,705 (39,705) Broedell Jupiter 4,470 2,036 6,507 (6,507) Aloha Pools 2,725 2,300 2,300 2,036 All Marble Restoration 37,447 37,447 (37,447) Custom Pool & Spa 35,077 Jupiter Golf Club LLC 4,780 Miklos Air Inc 114, ,210 (114,210) Total 46,900 4,336 39, ,210 41, , , ,975 TOTAL RESERVE EXPENSES 36,217 4,336 39, ,210 41, , , ,658 6 of 10

7 Current Month YeartoDate Actual Budget Variance Actual Budget Variance Revenues Property Tax Operating Fees Property Tax Investment Income Property Tax Gain/Loss Total Revenues Expenses Jupiter Eagle Tree Condominium Association Statement of Revenues and Expenses Property Tax Fund Property Tax Administrative Fees Total Expenses Surplus (Deficit) Opening Fund Balance 785,655 Lifetodate Fund Balance 786,083 * Property Tax Contribution reports per Budget in November along with payment allocation 7 of 10

8 Jupiter Eagle Tree Condominium Association Occupancy and Owner Statistics 2018 Statistics Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL/YTD Total Available Keys Total Occupied Keys Occupancy % 88.13% 89.14% 92.13% 81.20% 38.97% 77.91% No Show Keys No Show % 8.26% 7.50% 6.52% 10.80% 13.48% 9.31% Total Reserved Occupancy % 96.39% 96.64% 98.65% 92.00% 52.45% 87.23% Reserved Allocation Exchanged Allocation TRP Affiliated Marriott/Ritz Inspirato Per Diem Per Diem Revenue $22, $4, $6, $13, $9, $56, # of nights available through internal trade or per diem % of nights available through internal or per diem 42.06% 29.36% 23.48% 39.00% 67.81% 40.34% # of weeks available through internal trade or per diem # of unclaimed TRP weeks which were returned % of available nights attributed to TRP return 44.02% 35.77% 19.23% 11.97% 10.00% 24.20% 2017 Statistics Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL/YTD Total Available Keys Total Occupied Keys Occupancy % 79.68% 90.43% 92.00% 78.40% 43.68% 34.80% 36.13% 19.35% 17.67% 59.61% 70.87% 74.52% 58.09% No Show Keys No Show % 10.13% 6.57% 6.83% 11.33% 10.32% 16.40% 10.77% 1.80% 4.87% 14.39% 13.80% 13.03% 10.02% Total Reserved Occupancy % 89.81% 97.00% 98.84% 89.73% 54.00% 51.20% 46.90% 21.23% 22.53% 74.00% 84.67% 87.55% 68.12% Reserved Allocation Exchanged Allocation TRP Affiliated Marriott/Ritz Inspirato Per Diem Per Diem Revenue $29, $10, $17, $15, $14, $24, $29, $18, $7, $37, $17, $21, $244, # of nights available through internal trade or per diem % of nights available through internal or per diem 46.13% 31.29% 27.94% 40.87% 66.06% 70.87% 75.55% 95.68% 99.07% 66.58% 46.80% 40.39% 58.93% # of weeks available through internal trade or per diem Statistics Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TOTAL/YTD Total Available Keys Out of Order Rooms Total Occupied Keys Occupancy % 91.23% 92.90% 93.35% 75.07% 32.52% 38.07% 25.48% 16.06% 11.20% 35.03% 73.53% 68.13% 54.22% No Show Keys No Show % 7.23% 6.14% 5.75% 11.69% 11.16% 18.80% 22.39% 0.39% 0.80% 10.52% 11.73% 16.06% 10.23% Total Reserved Occupancy % 98.45% 99.03% 99.10% 86.60% 43.68% 56.87% 47.87% 16.45% 12.00% 45.55% 85.27% 84.19% 64.44% Reserved Allocation Exchanged Allocation TRP Affiliated Marriott/Ritz Inspirato Per Diem Per Diem Revenue $ 17, $ 5, $ 10, $ 13, $ 13, $ 6, $ 9, $ 5, $ 4, $ 9, $ 21, $ 22, $ 141, of 10

9 Jupiter Eagle Tree Condominium Association Delinquent Status Report OWNERSHIP INFO ACTION TAKEN JAN BAL FEB BAL MAR BAL APR BAL MAY CHANGE PREVIOUS DELINQUENT ACCOUNTS EAGLE TREE COA COAowned interests 228, , , , , Claim of Liens filed Feb 16, , , , , Claim of Liens filed Feb 18, , , , , Claim of Liens filed Feb 18, , , , , Jointly Owned One Paid 9, , , , (9,394.00) Paid Half 8, , Foreclosure 34, , , , , Paid Half 9, APPROVED PAYMENT PLAN 17, , , , , (3,131.34) 657/02 APPROVED PAYMENT PLAN 12, , , , , /05, 333/04, 644/10 APPROVED PAYMENT PLAN 43, , , , , (7,282.29) Total Aging without credits 438, , , , , PAYMENT PLANS ON FORECLOSED PROPERTIES WITH JUDGMENTS Settlement Agreement May 2016/Payments $613 a month 23, , , , , (613.00) Total Judgment Payment Plans 23, , , , , (613.00) Grand Total 461, , , , , , of 10

10 Jupiter Eagle Tree Condominium Association EAGLE TREE CONDOMINUIM ASSOCIATION BANK BALANCES April Mth to Mth Change Wells Operating 2,891,560 2,612,898 (278,662) House Banks 4,486 4,486 0 Wells Advisors Operating Investment 419, ,186 (36,847) Wells Advisors Reserve Cash 945, ,765 6,926 Wells Advisors Reserve Securities CD's 3,866,671 3,871,264 4,593 Wells Fargo Credit Line 483, , SunTrust Property Tax , , Payroll Bank Account 58,456 58,456 (58,456) / / Investment Operating / / / of 10