2024-08 Monthly Financials

FINANCIAL COMMENTS AND DATA AS OF THE END OF AUGUST 2024

We would like to thank our owners for reading our various reports. This report is released late, due to computer difficulties at our accounting processing firm. Comments will be short as we release the 2024/2025 budget data by August 13, 2024, with elaborate comments.

So far 20 units changed hands, which is a good performance. To our new owner’s “Welcome!”. We are forecasting a loss of $ 1,675.00; our fiscal year end is October 31, 2024. This is mainly due to the building maintenance cost with an overrun of $65,000.00 compared to budget, partially offset by a savings of $ 42,550.00 in the salary group of expenses. Let’s hope that hurricane Milton is the last one that will threaten Florida. To the various States that Helene did hit, let’s hope that they can recover quickly. Waterside did not suffer any substantial damage, just a few broken branches, torn awnings and a lot of leaf debris, this is before Milton, the story may be different in a week from now.

We are left with a balance due from the operating bank account to the Working Capital reserve bank account of just $41,000.00 which will be reimbursed by October 7, 2024. Remember that the working capital reserve was used to pay for the insurance cash shortage due to timing of our insurance policies, all in accordance with the appropriate prior resolutions.

We have signed an agreement with an Auditor firm and will meet with the firm partners on October 21. They already have asked to rebuild all the closing files of the previous audit firm. Larisa, Stacey and me from a distance have already provided the required information. One of the items on the agenda is the insurance accounting treatment. The firm also asked for an updated procedure of control with the office work. We have done this and will present the updated control procedures at that meeting.

Owners, please review our changes in the forecast by comparing August to July. In 2024 we booked 8 new CD’s ($800,000.00), either from budgeted fund or end of term annuities. Interest rates have been coming down quickly. At the beginning of the year, it was possible to obtain a CD with an interest of 5.30%, now it is down to 3.65%.

So far, the hurricane season has been kind to Waterside. However, Milton a new named storm, could prove to be a threat for Florida this coming week. Until the hurricane season is over, you should be vigilant. Owners, if you have caretakers looking after your units, please have them check that everything has been properly taken care of, shutters closed and all outside furniture and other potential flying objects safely stored.

Thanks for reading.
France Laroche Treasurer,
Andre Mongrain President
October 6, 2024