The document is a detailed accrual‑basis Profit & Loss Budget Performance report for the Beach Club at St. Simons Island Condominium Association, Inc. covering the month of May 2024. It presents a line‑by‑line comparison of actual revenues and expenses against the month’s budget, year‑to‑date (YTD) totals versus YTD budget, and the annual budget allocations. Income is split into primary (owners’ HOA dues, Sea Palms, beach storage) and secondary sources (storage rentals, vending, interest income). Total actual income for May was $65,239.51 (or $790,184.00 in the annual‑budget view), modestly exceeding the budget by $632.51. Expenses are grouped under management, utilities, mechanical, safety, landscaping, amenities, and cleaning/maintenance. Most categories stayed near budget, with notable variances such as higher utility power ($98.20 over budget for May, $1,757.32 YTD) and a large over‑run in irrigation system maintenance ($2,775.00 over budget for May). The total expense for May was $61,334.20, just $90.20 above budget, resulting in a net ordinary income of $3,905.31 for the month (or $1,197.00 when viewed against the annual budget). The report concludes that the Beach Club operated with a small positive variance overall, but specific line items warrant attention for future budgeting.
Topics
Income Overview and Budget Variance
Breakdown of primary and secondary revenue streams, actual amounts versus budget, and year‑to‑date performance.
Management and Administrative Expenses
Costs associated with on‑site management, staff salaries, office supplies, website, uniforms, and related overhead, including budget comparisons.
Utilities and Service Costs
Detailed expenses for power, water & sewer, cable/phone/internet, trash collection, pest control, and natural gas, highlighting variances and YTD trends.
Landscaping, Amenities, and Maintenance Expenditures
Spending on landscaping contracts, irrigation, trees, sod, pool/hot tub maintenance, chemicals, fitness center, and related amenities, with focus on over‑ and under‑budget items.
Overall Budget Performance and Net Income
Summarizes total expenses, net ordinary income, and net income, comparing monthly, YTD, and annual budget figures to assess financial health.