To: ECMA Board Members From: Robin Dowty Date: November 6, 2015 Subject: Q3 Financial Summary 09/30/15 Balance Sheet: There are no significant variances to report. 09/30/15 Income Statement: Facilities: Repairs and Maintenance include the planned street striping that was completed in September. The equestrian pasture maintenance has been completed for the year. Consultant and professional fees include Resort Resources review of the reserve study, Sports Center lease and the extension of joint use agreement; Attorney Michelle Da Rosa draft of the sports center joint use agreement and sports center lease. Travel costs for board members have been separated out from professional fees YTD. Postage, printing, annual meeting costs were higher than expected due to the annual meeting mailing that was mailed first class instead of bulk. Property taxes are lower than anticipated YTD by 36% due to reassessment by the county for two parcels that were classified as common area with no structures in 2014. Consequently, there are no property taxes assessed on those parcels. The budget reflected taxes on those two lots. Sports Center: Merchandise and bike rental revenue are exceeding budget as of 09/30/15 and exceeding 09/30/14 actuals. COS is 63% through 09/30/15 with merchandise and bike rental sales of $167,475 compared to 66% COS and merchandise and bike rental sales of $153,478 through 09/30/14. 7555 FALCON CREST DRIVE REDMOND, OREGON 97756 PHONE: (541) 923-0807
Water & Sewer: Water & Sewer Fee EHOA variances are due to the change in developed and undeveloped lots. Repair & maintenance includes costs regarding the break in the main sewer line. Reserves: Reserve expenses included Entrance lighting, flow meter replacement, water line break repairs and soccer field restroom pump replacement. Please see reserve report for more details. 7555 FALCON CREST DRIVE REDMOND, OREGON 97756 PHONE: (541) 923-0807
EC MASTER ASSOCIATION Operating Fund 04A02 For nine months ending September 30, 2015 2015 2015 Actuals Budget Variance Revenues: Golf Course Rental $ 23,085 $ 30,780 75% Miscellaneous 20 100 20% Member assessments: VROA 78,120 104,160 75% FVA 20,160 26,880 75% RVA 29,187 39,480 74% EHOA 114,660 152,880 75% RR Properties 2,520 3,360 75% WorldMark 52,281 68,880 76% Conference center - ECI 2,520 3,360 75% Hotel 20,160 26,880 75% Total Revenue $ 342,713 $ 456,760 75% Expenses: Repairs and maintenance $ 11,674 $ 14,000 83% Equestrian Pasture Mtc 1,805 2,000 90% Redtail Hawk Pool (R&M) 8,975 15,000 60% Electric 2,162 3,500 62% Snow removal 255 5,000 5% Insurance 8,473 11,199 76% VROA Sport Ctr rent 600 600 100% Postage, printing, annual meeting costs 4,421 4,000 111% Consultants and Professional Fees 22,403 20,000 112% Director Travel 1,124 Ladder Fuel Reduction 5,000 Reserve Contribution 37,500 50,000 75% Safety services 30,684 40,912 75% Landscaping 99,930 133,240 75% General administration 10,459 13,946 75% Pools & Spa (Redtail Hawk) 10,182 13,576 75% Subtotal Expenses: $ 250,647 $ 331,974 76% Management fee 14,938 19,918 75% Resort management services 21,017 28,023 75% Property taxes 2,525 7,085 36% Reserve Contribution - Golf Course 30,780 41,040 75% Total Expenses $ 319,907 $ 428,040 75% Net Income/(Loss) $ 22,806 $ 28,720 79% Beginning Fund Balance $ (9,864) Ending Fund Balance $ 12,942
EC MASTER ASSOCIATION Sports Center 04C02 For nine months ending September 30, 2015 Year to Date 2015 2015 Actuals Budget Variance Revenue: Merchant Sales Revenue $ 101,111 $ 100,000 101% Commercial rent 1,200 1,000 120% Bike Rentals 66,364 75,000 88% Guest fees 8,646 10,000 86% Sports center user fees: VROA 158,931 211,908 75% FVA-whole owners 7,015 9,007 78% FVA-fractional owners 1,708 2,733 63% RVVE-fractional owners 15,258 20,289 75% RVVE-whole owners 1,559 2,079 75% RECOA 177,986 236,782 75% EHOA 47,273 63,052 75% WorldMark at Eagle Crest 101,293 135,057 75% Total Revenue: $ 688,343 $ 866,906 79% COS Per-Cent of Revenue 62.99% 66.43% Expenses: Cost of sales $ 105,499 $ 116,250 91% Linen Cleaning 16,574 20,000 83% Uniforms 342 1,500 23% R&M 11,320 29,808 38% Janitorial 21,856 27,192 80% Utilities (gas,electric, cable, phone,garbage) 54,153 80,000 68% Water/Sewer 5,220 6,960 75% Insurance 20,584 27,997 74% Supplies 21,355 30,000 71% Taxes/Licenses/Training 538 1,500 36% Travel 80 500 16% Credit Card Fee 2,729 3,000 91% Reserve Contribution 97,500 130,000 75% EC Mgmt LLC charges for: Sports center payroll 161,828 216,390 75% General administration 38,050 50,733 75% Night audit 8,635 11,513 75% Landscaping 9,228 12,304 75% Pool/Spa payroll 18,753 25,004 75% Safety services 23,865 31,820 75% Subtotal Expenses: $ 618,110 $ 822,471 75% Management fee 37,076 49,348 75% Resort management services 5,597 7,463 75% Property Taxes 12,335 16,446 75% Insurance Claims Ded 1,000 0% Prior Yr Carryforward (Surplus)/Loss Total Expenses $ 673,118 $ 896,729 75% Net Income/(Loss) $ 15,225 $ (29,823) -51% Beginning Fund Balance $ 127,343 Ending Fund Balance $ 142,568
EC MASTER ASSOCIATION Utility 04B(D)02 For nine months ending September 30, 2015 Year to Date 2015 2015 Actual Budget Variance Revenue: Water & Sewer Fee - Rec Center $ 5,220 $ 6,960 75% Water & Sewer Fee - VROA 64,728 86,304 75% Water & Sewer Fee - FVA 16,704 22,272 75% Water & Sewer Fee - RVA 24,534 32,712 75% Water & Sewer Fee - EHOA 86,652 111,360 78% Water & Sewer Fee - EHOA Undev 2,779 5,095 55% Water & Sewer Fee - RR Properties 1,566 2,088 75% Water & Sewer Fee - Worldmark 42,804 57,072 75% Water & Sewer Fee-Golf Pro Shop 3,132 4,176 75% Water & Sewer Fee - Hotel 37,584 50,112 75% Water & Sewer Fee-Conf Ctr 2,610 3,480 75% Water & Sewer Fee-Mtce/Golf Mt 522 696 75% Total Revenue: $ 288,835 $ 382,327 76% Expenses: Water: R&M $ 6,143 $ 10,000 61% Testing 1,572 2,000 79% Consumer Conf Report 150 150 100% CBU Water Purchase 1,524 7,350 21% Pumping Costs 27,348 36,050 76% Insurance 1,398 1,919 73% General Administration 9,464 12,618 75% Consultants 3,347 5,000 67% CBU PR Reim 35,858 57,986 62% License & fees 966 1,000 97% Safety Services Expenses 14,899 19,865 75% Water Infrastructure Reserve Contribution 16,500 22,000 75% Capital Expenses - SCADA Well #4 & 2(A) enhancement 15,722 15,500 101% ECMI Mgmt Fee 8,615 11,486 75% Property taxes 7,145 9,526 75% TOTAL WATER EXPENSES $ 150,649 $ 212,450 71% Sewer: R&M $ 9,197 $ 8,000 115% Testing 1,295 2,300 56% Supplies 75 0% Consultants 900 0% Payroll Expense 29,137 47,120 62% CBU-ECX Operating Expense 6,000 8,000 75% Permit Renewal 839 850 99% Subtotal sewer operating expenses: 46,467 67,245 69% ECMI Mgmt Fee 3,026 4,035 75% TOTAL SEWER EXPENSES $ 49,494 $ 71,280 69% Reserve Contribution Water/Sewer 63,750 85,000 75% ECMI Mgmt Fee 3,825 5,100 75% Water Carry Forward of Prior Yr (Surplus)/Loss Total Water/Sewer Expenses $ 267,718 $ 373,830 72% Projected Ending Fund Balance Surplus/(Deficit) $ 21,117 $ 8,498 249% Beginning Fund Balance $ 58,877 Ending Fund Balance $ 79,994
Reserve Fund for the nine months ending September 30, 2015 Facilities Utilities Water Systems Golf Course YTD Annual % of Actual YTD Annual % of Actual YTD Annual % of Actual YTD Annual % of Actual Actual Budget to Budget Actual Budget to Budget Actual Budget to Budget Actual Budget to Budget Revenues: Revenues: Revenues: Revenues: Facilities Contribution $ 37,500 $ 50,000 75% Utilities Contribution $ 63,750 $ 85,000 75% Water System Contribution $ 16,500 $ 22,000 75% Golf Course Contribution $ 30,780 $ 41,040 75% Interest 5,644 9,775 58% Interest 7,424 9,429 79% Interest 735 1,925 38% Interest 2,083-0% Total Revenue: $ 43,144 $ 59,775 72% Total Revenue: $ 71,174 $ 94,429 75% Total Revenue: $ 17,235 $ 23,925 72% Total Revenue: $ 32,863 $ 41,040 80% Expenses: Expenses: Expenses: Expenses: R&M - Facilities $ 14,063 $ 29,732 47% R&M - Utilities $ 13,482 $ 172,071 8% R&M - Water Systems $ 7,461 $ - 0% R&M - Golf Course $ 7,937 $ 39,980 20% Licenses and fees 150 250 Licenses and fees 250 Licenses and fees - 0% Licenses and fees 250 0% Income taxes Income taxes - 0% Income taxes - 0% Income taxes - 0% Total Expenses $ 14,213 $ 29,982 47% Total Expenses $ 13,482 $ 172,321 8% Total Expenses $ 7,461 $ - 0% Total Expenses $ 7,937 $ 40,230 20% Net Income/(Loss) $ 28,931 $ 29,793 Net Income/(Loss) $ 57,693 $ (77,892) Net Income/(Loss) $ 9,774 $ 23,925 Net Income/(Loss) $ 24,926 $ 810 balance 1/1/15 $ 365,723 balance 1/1/15 $ 472,114 balance 1/1/15 $ 72,313 balance 1/1/15 $ 50,606 balance 09/30/15 $ 394,654 balance 09/30/15 $ 529,807 balance 09/30/15 $ 82,087 balance 09/30/15 $ 75,532 38.07% 49.14% 7.53% 5.27%
EAGLE CREST MASTER ASSOCIATION BALANCE SHEET SEPTEMBER 30, 2015 WITH COMPARATIVE TOTALS FOR December 31, 2014 9/30/2015 12/31/14 OPERATING RESERVE FUND FUND TOTAL TOTAL ASSETS Cash and Investments: Edward Jones $ - $ 95,210 $ 95,210 $ 117,081 Bank of the Cascades 881,041 881,041 530,154 Wells Fargo 284,404 284,404 159,114 Northwest Bank 119,916 119,916 346,377 Total cash and investments $ 284,404 $ 1,096,167 $ 1,380,570 $ 1,152,728 Receivables 16,392 16,392 9,880 Less: Allowance for doubtful accounts - - Prepaid real estate taxes - 14,670 Prepaid insurance - 177,986 Inventory - sports center 15,864 15,864 15,927 TOTAL ASSETS $ 316,660 $ 1,096,167 $ 1,412,826 $ 1,371,191 LIABILITIES Accounts payable and accrued expenses $ 64,800 $ 14,086 $ 78,887 $ 84,098 TOTAL LIABILITIES $ 64,800 $ 14,086 $ 78,887 $ 84,098 Beginning Fund Balance $ 178,805 $ 960,756 1,139,562 $ 925,932 Current year net income (loss) 59,148 121,324 180,473 213,631 Ending Fund Balance $ 237,953 $ 1,082,081 $ 1,320,034 $ 1,139,563 TOTAL LIABILITIES AND FUND BALANCES $ 302,754 $ 1,096,167 $ 1,398,921 $ 1,223,660