Sandyport 2015 Q1 Statements

S FINANCIAL STATEMENTS 2015 Q1 unaudited

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SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2015 (Expressed in Bahamian dollars)

As at Mar 31, 2015

As at Mar 31, 2014

1,106,514

1,032,802

312,229

148,601

-

2,772

92,537

114,291

1,511,280

1,298,466

96,510

117,409

1,607,790

1,415,875

Accounts payable and accrued expenses

114,404

147,459

Prepaid maintenance fees and deposits

947,890

660,210

1,062,294

807,669

406

398

General reserve fund

557,028

534,126

Maintenance fund

(11,938)

73,683

545,496

608,207

1,607,790

1,415,876

ASSETS Current Assets Cash and cash equivalents Accounts receivable Loan receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL

LIABILITIES AND EQUITY LIABILITIES Current Liabilities

Total current liabilities

SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 406 (2014: 398) shares issued and outstanding

Total shareholders’ equity TOTAL

Unaudited

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2015 (Expressed in Bahamian dollars)

3 months to Mar 31, 2015 Actual

3 months to Mar 31, 2015 Budget

3 months to Mar 31, 2014 Actual

Maintenance fees

650,335

674,446

664,298

Water & meters income

131,994

113,316

103,984

Other services

39,286

12,642

49,394

Miscellaneous income

10,386

-

12,291

832,001

800,404

829,967

167,551

173,384

166,823

Maintenance of common areas

130,380

90,068

77,263

Gardening expenses

107,687

104,709

101,496

Water & meters

103,694

99,469

85,274

Improvements

61,988

75,000

119,650

Painting expenses

60,729

43,448

42,171

Wastewater management

58,044

75,444

55,987

Garbage removal

21,000

21,000

16,500

711,073

682,522

665,164

120,928

117,882

164,803

Salaries, benefits & national insurance

51,638

61,619

52,761

Provision for doubtful accounts

42,895

10,458

-

9,746

11,132

11,295

9,400

10,254

6,200

Rent & utilities

9,150

9,150

9,150

Telephone & communications

4,094

3,879

3,947

Finance charges

3,472

2,270

4,328

Insurance

2,471

2,628

2,440

Other expenses

-

593

-

Property & other taxes

-

250

1,000

Total operating expenses

132,866

112,233

91,120

NET MAINTENANCE FUND

(11,938)

5,649

73,683

REVENUE

Total revenue

DIRECT EXPENSES Security expenses

Total direct expenses Gross Profit OPERATING EXPENSES

Office & computer supplies Professional fees

Unaudited

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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community