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TWHBEA Financials…Both Good and Bad

There is both good news and bad news in the TWHBEA’s financial statements presented at the annual meeting in early December.  The report covered 11 months of the year and will no doubt change in either a positive or negative direction when year-end numbers are complete.

The good news is that year-to-date the Association is making a little money - $20,669 to be exact.  October numbers showed a “profit” of $23,918 which indicates that prior to that month the Association was showing a YTD loss of $3,249 - or virtually a breakeven year.  November numbers will determine whether the Association is profitable in 2011.

Here are some of the 2011 numbers:

$1,641,139 – 2011 year-to-date revenue
$1,620,470 – 2011 year-to-date expenses
$20,669 – 2011 year-to-date “profit”
Here are comparable 2010 numbers:
$1,963,702 – 2010 year-to-date revenue
$1,887,102 – 2010 year-to-date expenses
$76,599 – 2010 year-to-date “profit”
Comparison of 2011 and 2010 revenues:
$1,641,139 – 2011 year-to-date revenue
$1,963,702 – 2010 year-to-date revenue
$322,563 – decrease in revenue from 2010 to 2011
16% - percentage decrease

Comparison of 2011 and 2010 expenses:

$1,620,470 – 2011 year-to-date expenses
$1,887,102 – 2010 year-to-date expenses
$266,632 – decrease in expenses from 2010 to 2011
14% - percentage decrease
Comparison of 2011 and 2010 “profits”:
$20,669 – 2011 year-to-date “profits”
$76,599 – 2010 year-to-date “profits”
$55,930 – decrease in “profits” from 2010 to 2011
73% - percentage decrease

The disturbing number is that revenue dropped $322,562 or 16% from 2010.  On the positive side, the Association was able to trim expenses $266,632 or 14% with the end result being a decrease in “profits” of $55,930 or 73%.

The association financials list 11 revenue sources and 13 expense categories and we will take a look at these in future posts.

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