Treasurer’ Report, April 2018

I

Written by Board Treasurer

On April 25, 2018

March was another strong month financially for Lake Holiday. The Board of Directors, our GM Mike Goodwin, and the dedicated office staff continue to work diligently to collect delinquent dues, manage expenses, and keep our community financially sound. A few financial highlights are outlined below:

  • Income for the month of March came in 18% above expectations, this was due in large part to lower than expect delinquencies, higher capitalization fees.
  • Total Administrative expenses were 6% under budget.
  • Personnel expenses came in at 27% under budget.
  • Total operating expenses for the month were $110,803 or 15.6% under budget, an excellent job of managing expenses all around.
  • Also for the month the association saw total assets grow 2.5% while total liabilities dropped 8.4%.

In addition to the excellent management of our operation we also have some positive news on our investments. We have replacement reserve CDARs maturing at Summit bank. These instruments currently have a yield of .85%, they will be rolled over into new CDARs yielding 2.05%. Over the next year this will increase interest revenue by over $3,000. Additionally, some alternatives for our liquid assets have been identified. These alternatives include what are known as “T” accounts; they are FDIC insured and provide a variable rate of return that is tied to the rate on treasury bills, currently yielding 1.3%.

Respectfully,
Jarret Tomalesky

You May Also Like…

President’s Report, January 2021

President’s Report January 2021 The virus continues to plague Lake Holiday office members. The staff will continue using a staggered schedule, appointments to enter the office, wearing a mask, and sanitizing the area. Jill reports that three members of the community...

General Manager’s Report, January 2021

January 2021 General Manager’s Report Beach II Request for Proposals (RFP) The Beach II site plan was recently finalized by Greenway Engineering and has been approved by Frederick County for permitting and development.  This plan was the culmination of nearly two...

Lake Holiday Snow Removal Protocols & Procedures

Lake Holiday Snow Removal Protocols & Procedures

Best Practices: Snow Removal Protocols & Procedures The Lake Holiday Country Club General Manager is responsible for coordinating the efforts and managing road maintenance during times of inclement weather conditions.  The Maintenance Supervisor directs...

Follow this blog

Get every new post delivered right to your inbox.