Finance Committee

Finance Committee

Please click on the link below for the most recent report form the Finance Committee.
Facts and Figures FY2016 – 8/31/16

Southport on Cape Cod Condominium Association, Inc.
Key Finance Facts and Figures
For the Two Months ending August 31, 2016

  • Due to a change in the Association’s fiscal year to December 1 to November 30, a 5-month transition budget is in place from July 1, 2016 to November 30, 2016.
  • As of August 31, 2016, Southport had a budget surplus of $688.
  • At the end of August, condo fees were on budget. The number of conveyed units as of 8/31/16 was 697.  For the 2 months ending August 31, 2016, a total of 12 units were conveyed (9 in July and 3 in August).  There are ~15 additional units under a P&S agreement.
  • Accounts Receivable shows an increase that is attributed to the transition to new payment procedures. A process is in place to bring all accounts current.
  • As of August 2016, there is ~$3.4M in the Reserves of which ~$81K of the Reserves is earmarked for the Waste Water Treatment Plant.
  • In addition, ~$134K is due to the Reserves from Operations in repayment of loans for the purchase of equipment.

Compiled by the Finance Committee:  Joe LeBlanc-Chairman, John Imbergamo, Michael O’Connor, Karen Sullivan and Teri Bergman

 

Finance Committee Members:
Joe LeBlanc (Chair), Karen Sullivan (Secretary), Teri Bergman, John Imbergamo, Michael O’Connor