Stonewood Property Owners' Association

Financial Report
Actuals for Year Ending September 30, 2023
& Budget for Year Ending September 30, 2024

Assumes no change in maintenance fees

Description Actual Budget

Income:
Maintenance fees - 117 lots @ $250 (116 in budget) $ 29,250.00 $ 29,000.00
Less: Uncollected/Bad debt reserve -
Current year's fees collected in previous year -
Late fees 50.00 50.00
Total Income $ 29,300.00 $ 29,050.00

Expenses:
Loan Payments ($100,000 principal) 12,759.24 11,695.97
Landscaping 13,000.00 17,982.00 (1)
Entrance signs 4,000.00 10,250.00
Liability insurance premium 1,107.00 1,107.00
Administrative expenses 75.00 90.00 (2)
Total Expenses $ 30,941.24 $ 41,124.97

Increase (Decrease) in Reserves (1,641.24) (12,074.97)

Bank Balance at Beginning of Fiscal Year 21,830.73 20,189.49

Available Funds at Year End $ 20,189.49 $ 8,114.52

Footnotes:
(1) Monthly landscaping expense will increase 3% beginning with the May, 2024, payment.
(2) Administrative expenses represent the cost of printing and mailing maintenance fee invoices, plus any other
mailing expenses for things such as our tax return and insurance premium payment.