Dues Actually Collected - 75%

How many homeowners actually look at the monthly financial statements? And of those who do look at them, how many understand them?

For example, the monthly financial statement for the period ending 9/30/2023 was distributed at the November 7, 2023 board meeting. In the Statement of Revenues and Expenses is Line 4000 Assessment Income.

Actual* Year-to-Date receipts, through 9/30/2023, total $948,295. 

The first thing an unknowledgeable person might do is compare that to the 9-month budget of $946,687.50 and think, "Nothing wrong there. In fact, Actual exceeds Budget."

However, what's wrong, and what's really wrong, is that assessments were due 7/1/2023 and were late after 7/31/2023. Perhaps many homeowners paid on-time, in July. Some paid a little late, in August. And some may have paid a little later, in September. How likely is it that those who didn't pay in July, August, or September will pay in October, November, or December. I'll venture a guess that it is not likely!

The Actual Budget number of $1,262,250 isn't even correct, because that is based on 2475 homes. That number was wrong last year, too.

The correct Actual Budget for Assessments, based on 2480 homes, is $1,264,800. Will the 2024 Proposed Budget include the correct amount?

$948,295 is 74.98% of the corrected Budgeted Assessment income. But very little Assessment income might come in during the months of October, November and December.

This problem is not taken into account in the monthly financials. It has never been explained to the Board or Members during monthly open meetings, and it's possible that members of the Finance Committee and the "old" Board never were informed by CAMS of the problem or aware of it themselves.

Now it's time to take a look at the first six months of 2023 and the last six month of 2022.

* Is this the actual amount collected or, because the Association is on the accrual method of accounting, is this just a pro rata estimate of what should have been collected?