Olive Branch Manor (Greenwood)

For the 3rd Quarter I revised the format a bit so that the % of budget numbers where not so confusing.

2011 YTD 3Q Summarized

• Budget is based on 2011 Budget approved at HOA meeting. Budget is a yearly budget split across months.
• Some expenses are front loaded or paid in full in the first few months but the budget is spread across the year.  This results in a misleading overage/% budget number.    Algae control and some common area items are examples.
• JuneYTDBudgetVsActuals

The link below is our 1st quarter financial report.

Couple of things to note when reviewing:

• Budget is based on 2011 Budget approved at HOA meeting. Budget is a yearly budget split across months.  So the numbers in the budget column would need to be multiplied by 4 to get the yearly budget total for category.
• Some expenses are front loaded or paid in full in the first few months but the budget is spread across the year.  This results in a misleading overage/% budget number.    Algae control and some common area items are examples.
• Note on management fees:  We paid January and February management fees to Gemini of $1040.40 total.  Also, Gemini wrote an unauthorized payment check of $1377.00 on the day of our HOA meeting 2-23-11 for “Back Management fees from 6/2003 – 6/2006″.
• Note on legal fees:  We have some basic legal fees that came in from debt collection activity, charges for participation at the HOA meeting, and some final expenses carried over regarding the drainage litigation.
• Pool expense actuals are shown but pool budget is not accurate on this report.  We will be updating soon.
• 2011 Q1 Budget vs Actuals