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
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:
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 firstname.lastname@example.org.
Scott Rockafellow– Treasurer