ILPOA Treasurer’s Update

Year to date, we have spent 71% of the operating budget, putting us on a good path to close out the year.   We are also still ahead of estimates on revenue collected, due to lower uncollectable accounts.

Scott Rockafellow, ILPOA Treasurer

August Treasurer’s Update

As we close out the 3rd quarter of the year, we have spent 66% of the operating budget, putting us on a good path for the year.  We are also still ahead of estimates on revenue collected, due to lower uncollectable accounts.

Scott Rockafellow, ILPOA Treasurer (srockafellow@ilpoa.org)

Tresurer’s Report – Scott Rockafellow

As promised after the last quarterly meeting, below are is the quarterly budget report.  At mid-year, we have spent 42% of the operating budget, putting us on a good path for the year.  We are also ahead of estimates on revenue collected, due to lower uncollectable accounts.

In addition to the annual operating funds, we have three restricted funds, listed below.  Previous boards were very forward thinking in establishing the “Dam Reserve”, to protect our lake in case the Dam were to ever need extensive large repairs, or have a failure.  Beyond that, our community currently has no Reserve Funds.  Creation of the “Community Reserves” is one of the initiatives we promised to begin in 2019.  A best practice for HOA’s is to have at least 1 year’s operating needs in a reserve account.   We will continue to slowly add to this fund over the coming years, while balancing the current and short-term needs.

The Available Cash” line item is what can be used to fund expenses, beyond the operating budget.  We have available cash to continue to make incremental improvements, but not to fund the larger infrastructure projects.   We continue to look for options for those. 

Scott Rockafellow, ILPOA Treasurer (bod.srockafellow@ilpoa.org)

May 2019 Treasurer’s Report

As discussed at both quarterly member meeting this year, one of the goals is to make the financial updates easier to understand and provide a clearer picture of the current and long term financial position of the community. Going forward, we will no longer be publishing the balance sheet as the monthly financial update. Feedback received was that it was confusing, hard to understand, and generated more questions than answers.

If you would like to still like to see the basic accounting financial reports, they are published monthly and will continue to be at ILPOA.ORG. They are located under the financial section, and monthly reports that go back to June of 2017 are available

2019 Identified Operating Needs Break Down


The “operating needs” show what the anticipated need is to maintain the community for the year, excluding capital and long term needs. Simply put, “it’s what we need to spend to keep the place running day to day.” The last column shows the estimated change from what was actually spent in 2018.

The estimated operating income for 2019 is $382,770. This is an estimated number that assumes all anticipated funds will be collected. The definition of our operating income amounts to the funds that we should be able to count on for a given year (dues, boat stickers, interest income, ect). I realize that this is not the traditional definition, but it is what I will use going forward to help clarify our numbers.

My plan for future Smoke Signal updates is as follows:

  • Monthly, report on anything that is outside of normal operating expenditures
  • Quarterly, report progress against the operating needs, and show what the actual spend is against the estimates above.
  • Quarterly, report funds that the community has in savings, restricted funds, CD’s, ect.

As stated above, full financial reports are always available on the ILPOA website. If there are any questions, please feel free to send me a note at bod.srockafellow@ilpoa.org.

Scott Rockafellow– Treasurer