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Budgets
The Association's budget is developed on an annual basis and is based on the income and expenses that are projected to occur in the coming year. Since the Association is a non-profit organization, the Net Income is projected to be zero. The primary income for the Association is derived from the HOA fees and garage rental fees collected from the owners. The expenses include a whole host of activities that are necessary maintain the facility in optimum condition. These include such things as insurance for the complex and its employees, office supplies, accounting & legal fees, repairs & maintenance to the buildings, pools and grounds, utilities and wages for two employees. Other expenses include contributions to the Reserve Fund and capital improvement projects. Although the actual income and expense values may very from the budget, it does provide a guideline for controlling the costs throughout the year.
RIVERVIEW BLUFFS CONDOMINIUMS APPROVED BUDGET 2024
RIVERVIEW BLUFFS CONDOMINIUMS APPROVED BUDGET 2024
Ordinary Income/Expense Income
INCOME
Jan-Dec 24 Monthly
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Garage Rents
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14,520.00
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1,210.00
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HOA Fees
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270,864.00
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22,572.00
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Total INCOME
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285,384.00
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23,782.00
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Total Income
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285,384.00
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23,782.00
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Expense
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Bonus
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408.00
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34.00
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Fire Prevention
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4,008.00
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334.00
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Gate/Camera Service
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2,100.00
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175.00
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Inspections
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372.00
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31.00
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Insurance Expense
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Liability Insurance
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28,824.00
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2,402.00
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Workmans Comp Insurance
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2,172.00
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181.00
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Total Insurance Expense
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30,996.00
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2,583.00
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Licenses & Permits
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468.00
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39.00
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Monthly Event Expense
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1,800.00
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150.00
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Office Supplies
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720.00
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60.00
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Payroll Expenses
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6,816.00
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568.00
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Pet Waste Stations
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300.00
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25.00
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Postage & Delivery
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204.00
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17.00
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Professional Fees
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Accounting
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2,400.00
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200.00
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Legal Fees
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300.00
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25.00
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Tax Prep & Audit
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708.00
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59.00
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Total Professional Fees
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3,408.00
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284.00
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Repairs and Maintenance
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Building Repairs
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30,000.00
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2,500.00
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6uileling upplies
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Z,004.00
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167.00
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Landscaping Services
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16,200.00
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1,350.00
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Pool Service, Rep & Supplies
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7,800.00
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650.00
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Total Repairs and Maintenance
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56,004.00
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4,667.00
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Taxes
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Arizona State Taxes
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60.00
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5.00
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Total Taxes
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60.00
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5.00
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Utilities
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Cable
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32,700.00
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2,725.00
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Electric
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10,068.00
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834.00
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Gas
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3,000.00
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250.00
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Pest Control
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3,048.00
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254.00
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Telephone & Internet
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3,048.00
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254.00
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Trash
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8,580.00
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715.00
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Water
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6,624.00
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552.00
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Jan-Dec 24 Monthly
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Total Utilities
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67,068.00
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5,584.00
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WAGES
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Wages - Maintenance
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44,544.00
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3,712.00
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Wages - Office Staff
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23,653.00
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1,971.00
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Total WAGES
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68,197.00
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5,683.00
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Web Hosting Site Expense
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264.00
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22.00
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Total Expense
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243,193.00
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20,261.00
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Net Ordinary Income
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42,191.00
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3,516.00
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Other Income/Expense
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|
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Other Expense
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|
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Capital Improvements
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13,655.00
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1,138.00
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Reserve Account Contributions
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28,536.00
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2,378.00
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Total Other Expense
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42,191.00
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3,516.00
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Net Income
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0.00
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Balance Sheet Report
The Balance Sheet provides a financial statement that summarizes the Assoiation's assets, liabilities and owner's equity at a specific point in time. In general this report is normally prepared at the end of fiscal year to reflect on the financial health of the Association. Since the Association has a favorable Reserve Fund (funds used for future major repairs and replacements), it's evident that the Association is enjoying a very favorable financial position.
The Financial Review is an accountant's review of the statement on the assets, liabilities and member's equity and the statement of the revenues, expenses and changes in the member's year-end equity. The Financial Review is conducted by applying analytical procedures to data provided by management. As such, the Association has established a policy to perform these reviews by a independent CPA every four years and non-CPA's during the intervening years.
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