News & Announcements
Treasurer's Report for December
Posted on Jan 23rd, 2025

To:  Villas of Wake Forest Unit Owners
From:  Dan Becker, Treasurer
Subject:  Treasurer Report for December 2024
 
I am happy to report that 2024 was a very good year for the Villas from a financial standpoint.
 
Operating Account:  The operating cash account balance at December 31, 2024 is $119,761, up $27,469 over last year due to an operating surplus of $27,320.  This surplus was due to higher revenue of $10,324 primarily due to timing of dues receipts and expenses being below budget by $16,996.
As dues receipts are recorded as revenue when deposited and not when they are due and include prepayments, they can vary plus or minus year to year compared to budget.
Please view this webpage link for the see the attachedFinancial Highlight Report” (resident login required) which lists the major expenses categories that were under and over budget.
 
Reserve Operating Account:  The balance in the reserve account at December 31, 2024 is $349,474, $89,191 below December 2023’s $438,665 as monies are being spent on projects plus a one-time transfer of $43,410 was made from the reserve to the operating account in order to pay insurance up front instead of the installment basis and save interest.  Expenses were over budget in the reserve by $90,983 primarily due to the hardi board painting project.  See explanation on the attached statement.
The financial reports can be found on the following site: 
 
Please let me know if you have any comments or questions.  The Board will respond and include any such comments/questions in its normal update to the Community.
Cc:  Villas of Wake Forest Board
Sincerely,
Dan Becker