Dear Cherokee Shores Owners Association Members,
We are pleased to present the financial report for the Cherokee Shores Owners Association (CSOA) for November 2023. The report provides an overview of the association’s income, expenses, and financial position. Here’s the pdf of the full report.
Financial Highlights:
- Net Income: $1,437.97
- Total Income: $306,876.60
- Operating Account Balance: $226,180.76
- Road Fund Account Balance: $209,777.08
Income:
The majority of the CSOA’s income in November 2023 came from the following sources:
- Lot Assessments: 63.05%
- Annual Road Assessments: 22.40%
- Late Charges: 7.68%
- Title Transfer and Resale Fees: 3.22%
Expenses:
The largest categories of expenses for the CSOA in November 2023 were:
- Sanitation: 22.77%
- Administrative Expenses: 20.42%
- Parks and Pools: 4.59%
Some of the specific expenses within these categories include:
- Trash Compactors: 17.98%
- Liability Insurance: 6.25%
- Parks and Pools Payroll: 1.48%
Financial Position:
The CSOA has a strong financial position with total bank accounts of $491,406.53. This includes a healthy operating account balance of $226,180.76 and a dedicated road fund account of $209,777.08.
Key Findings:
- The CSOA is generating a significant amount of income from lot assessments and other sources.
- The association is managing its expenses effectively, resulting in a positive net income.
- The CSOA has a strong financial position with ample reserves.
Recommendations:
- Continue to monitor income and expenses closely.
- Consider investing surplus funds to generate additional income.
- Communicate financial information regularly to members.
Overall, the CSOA is in a good financial position. The association is generating sufficient income to cover its expenses and has a healthy reserve fund. By continuing to manage its finances efficiently, the CSOA can ensure its long-term financial sustainability.
We encourage all members to review the full financial report, which is available here. We are committed to transparency and accountability, and we welcome your feedback and questions.
Sincerely,
The Board of Directors Cherokee Shores Owners Association
