FINANCIAL STATEMENTS2015 Q1-Q3 unaudited

Serving our community

www.sandyportmanagement.com

S

ASSETS As atSep 30, 2015

As atSep 30, 2014

Current Assets

Cash and cash equivalents 566,050 813,116

Accounts receivable 296,632 185,621

Prepayments and deposits 85,382 95,623

Total current assets 948,064 1,094,360

Fixed assets, net 77,448 95,453

TOTAL 1,025,512 1,189,813

LIABILITIES AND EQUITY

LIABILITIES

Current Liabilities

Accounts payable and accrued expenses 190,972 194,249

Prepaid maintenance fees and deposits 464,751 317,842

Total current liabilities 655,723 512,091

SHAREHOLDERS’ EQUITY

Share capital 5,000 ordinary shares authorized at $1.00 par value, 409 (2014: 399) shares issued and

outstanding409 399

General reserve fund 557,025 534,125

Maintenance fund (187,645) 143,198

Total shareholders’ equity 369,789 677,722

TOTAL 1,025,512 1,189,813

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At September 30, 2015

(Expressed in Bahamian dollars)

Unaudited

REVENUE9 months to

Sep 30, 2015Actual

9 months toSep 30, 2015

Budget

9 months toSep 30, 2014

Actual

Maintenance fees 2,016,097 2,023,338 1,988,950

Water & meters income 384,977 339,949 339,950

Other services 113,797 37,926 132,180

Miscellaneous income 26,192 - 34,730

Total revenue 2,541,063 2,401,213 2,495,810

DIRECT EXPENSES

Security expenses 557,517 520,152 506,230

Improvements 446,730 225,000 331,742

Gardening expenses 322,185 314,126 314,126

Maintenance of common areas 320,118 270,205 270,205

Water & meters 298,956 298,408 259,397

Wastewater management 184,806 226,331 174,990

Painting expenses 154,609 130,344 130,344

Garbage removal 63,000 63,000 52,500

Total direct expenses 2,347,921 2,047,566 2,039,534

Gross Profit 193,142 353,647 456,277

OPERATING EXPENSES

Salaries, benefits & national insurance 169,441 184,857 167,297

Provision for doubtful accounts 105,136 31,373 31,373

Office & computer supplies 28,474 33,395 33,395

Rent & utilities 27,650 27,450 27,450

Professional fees 21,490 30,762 26,280

Telephone & communications 11,772 11,637 11,637

Finance charges 8,378 6,811 6,811

Insurance 7,446 7,885 7,885

Property & other taxes 1,000 750 1,000

Other expenses - 1,778 (50)

Total operating expenses 380,787 336,698 313,078

NET MAINTENANCE FUND (187,645) 16,949 143,198

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 9 months ended September 30, 2015

(Expressed in Bahamian dollars)

Unaudited

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