News & Announcements
Treasurer’s Report for May 2024
Posted on Jun 27th, 2024

From:  Dan Becker, Treasurer DRAFT DRAFT DRAFT
Subject:  Treasurer Report for May 2024
 
Attached is Select this link to view the Financial Highlight Report for May 2024 - resident login required.  
 
The purpose of this report is to provide the Board with key high level performance indicators to assess the financial condition of Villas and to take corrective action if necessary.  The Board is committed to a monthly review of the financial results and to do its best to ensure adherence to the budget.
 
The Villas of Wake Forest finances are healthy.
 
Cash and Liquidity:  The operating cash account balance is $101,356 or $11,874 above December 2023’s balance of $92,292. The balance in the reserve account is $450,922.  There are $164,220 in liquid reserve funds (funds not tied up in CD’s) which are more than adequate to fund anticipated near-term expenditures.
  
Operating Statement: Expenses are favorable to budget by $5,434.  Several favorable variances were partially offset by a couple of unfavorable variances.  Please see the attached report for details.
 
Reserve Fund Statement:  $66,602 was spent on the re-roofing of two buildings in May.  That is two thirds of the total cost, the balance to be paid in June.  The total re-roofing project came in under budget by $9,927 ($6,587 or two thirds of this favorable variance is shown on the attached statement).  Please see the attached report for all the details of the year-to-date revenue and expenses for the reserve fund.
   
 
For more detail, please see the attached report select either link below to view the report.  The financial reports can be found on the following site:
 
NOTE: the report is also available on the community website - resident login required:
 
Please let me know if you have any comments or questions - see below.  The Board will respond and include any such comments/questions in its normal update to the Community.
 
Cc:  Villas of Wake Forest Board
 
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If you have any questions or concerns, please direct them to either the Committee chairs or to the Board.  You will be responded to in a timely manner.
 
Villas Board of Directors
Pam Alig
Dan Becker
Carolyn Coordes
Barney Ford
Shelley Welch
 
NOTE: if you have a question or a concern for the Board, please use this website's Contact form to email them a message.