By: Kimberly Williams firstname.lastname@example.org
Happy New Year!
Last month, just prior to Christmas, the Board of Directors and Finance Committee members met together to review the September 30, 2020 (the 2020 Fiscal Year End) and October 31, 2020 (first of FY2021) for both Sandy Pines Wilderness Trails, Inc. and Lake Monterey Golf Course, LLC. The financial statements are available at SandyPines.com/Finance. These are preliminary financial statements prior to tax-basis adjustments and are scheduled for review with SPWT’s external accountants early January 2021. Below is a summary of the financial results for both entities at FYE2020:
- Operation Cash as of Sept 2020 was up approximately $22.7k or 1% over prior year.
- $997k of Other Receivables is in transit after approval from FEMA for reimbursement of grant funding on the North Shore Building and will be an additional increase to Operational Cash.
- The Sept 2020 balance of the Operational Cash does include the $512k receipt of Paycheck Protection Program (PPP) for COVID relief and is currently in the application phase of approval for loan forgiveness.
- The Charles Schwab Investment Account as of the end of Sept was up $109k or approximately 6.2% from prior year.
- Current Liabilities includes the $512k holding of the PPP funds until full forgiveness approval has been granted.
- Total Net Income as of the end of FY2020 was $259,175 higher than prior year, for a total income of $306,909.
- Administration Net Income was ($127k) over budget for FY2020 and related to a decrease in Inspection Income of ($30k), increase in Salaries due to the retirement of two long term Admin employees, along with an increase of ($5k) in Newsletter Expense, and ($17k) in Tree Removal Expense. The cancellation of all flea markets also accounted for a total ($16k) loss in Flea Market Revenue.
- Maintenance Net Income was $139,450 under budget for Net Expense. Maintenance Gross Revenue took a direct hit of ($21k) to the budget with the reduced opportunity of revenue early in the season due to COVID. The majority of the savings was through reduction in expenses, specifically salary costs attributable to the temporary furlough prior to receipt of the PPP funds and the reduction of expense in repairs and maintenance.
- Public Safety Net Income was ($3.5k) over budget for Net Expense. The majority of the loss of gross revenue was related to Guest Pass Income and Mag Card Income, but off-set with the savings in expenses, specifically related to Employee Group Health benefits, Supplies and Seminar training costs.
- Recreational Net Income was $25k higher than budget for FY2020. The ($27k) decrease in gross revenue was absorbed and offset by the reduction in expenses of $59k.
- Resort Services Net Income was up $345k due to the natural increase of dues with COLA and the natural reduction in some depreciable costs.
- Lease Operations Net Income was $5,670 over budget, with the Food Truck Income remaining productive even amongst the restrictions of COVID.
- Park and Garden Net Income was ($22k) under budget for FY2020 and $1.6k over prior year. Cost of Goods Sold on product with the return of revenue continues to be a challenge, however the store is managing overall sales well.
- Rentals Net Income was ($18k) under budget for FY2020. The increased activity at the end of the season did help, however could not make up for all the earlier cancellations of multiple golf cart reservations related to the pandemic restrictions and slower restart/delayed opening of the park.
- The Retail Center was ($22k) under budget for FY2020, however $2.5k higher than prior year. The loss in revenue was specifically related to a loss in gasoline income with the pump closed for retail sales, in addition to a loss in some laundry income.
- Sales and Hospitality Income was $290k over budget for FY2020 and $259k higher than prior year. Site Rental Income, however was still ($17k) under budget due to the delay in opening and restrictions imposed in camping early in the COVID outbreak.
- Operation Cash as of September 30 was up approximately $153k or 72% over prior year.
- The Sept 2020 balance of the Operational Cash does include the $35k receipt of Paycheck Protection Program (PPP) for COVID relief and is currently in the application phase of approval for loan forgiveness.
- Current Liabilities includes the $35k holding of the PPP funds until full forgiveness approval has been granted.
- Total Gross Revenue was $47k over budget at the end of FY2020. The major source of the increase is related to Member Green Fees.
- Total Net Income was up approximately $13.4k over budget at the end of FY2020, for a total Net Income of $80,616 as of September 30, 2020.
For your reference and information, below is the payment plan schedule if you have elected to make monthly installments to pay for your 2021 Annual Dues and Assessments. Your monthly payment this year is $327.88, and is payable on the 25th of each month, from October 2020 thru March 2021. This payment plan is allowed for dues and assessments only. (Please note, your December billing statement does include your quarterly electric and state unit tax, which must also be accounted for in your payment). To stay current within the payment plan, your balance owed at the end of each month for 2020-2021 must equal the following on each date listed below:
- October 25, 2020 $1,591.64
- November 25, 2020 $1,282.72
- December 25, 2020 $969.16
- January 25, 2021 $650.90
- February 25, 2021 $327.87
- March 25, 2021 $0 – All dues and assessments paid
The best way to determine the amount owed on your account when following the payment plan is to take the current month’s balance invoiced to you and subtract the correlating maximum monthly balance as highlighted above. For example, if your statement sent out on January 1st is $1,000.00, subtract the amount highlighted above for Jan 25. $650.90 and pay the difference of $349.10.
If a monthly payment is missed, you will no longer be eligible for the monthly payment plan program and your account will go into a delinquent status, and a fee will be assessed per membership card to reactivate. If you have any concerns regarding making payment on your account, please reach out to myself or our Park President, Jeff Sweitzer.
As a reminder: All other member fees and charges billed to your account (outside of the annual dues and assessments) are due by the 25th of the subsequent month after being billed. You must add all other charges for services, electric, state unit tax, etc. to the monthly installment amount to stay within the balance plan displayed above.
Within the current temporary shutdown of the Administration Office, per State guidelines, we want to note there are still multiple and feasible ways to make payments on your account. Payments can be made the following ways:
- Directly with your bank through online bill pay (your 4-digit site number and last name are your account number; Sandy Pines is the vendor, mailing address is the address on your statement) – (no additional fee)
- Through USPS mail by mailing a check (no additional fee)
- Directly at the Administration office through the exterior drop box; located in the back of the building. (no additional fee)
- Online through our website (includes 3% fee)
- Over the phone with Member Service or Public Safety (includes 3% fee)
Please note a 3% convenience fee is charged for credit card payments made online or over the phone.
Thank you all for being a part of the Sandy Pines Community and we wish you many blessings in this New Year!