Monthly Financials

2024-10 Monthly financials

Michel

FINANCIAL COMMENTS AND DATA AS OF THE END OF OCTOBER 2024, PRE-AUDIT


This report is being released late, due to yearend work. Remember our fiscal year ran from November 1st to October 31. We have provided our new auditor firm with all the data they requested. Take note that this report is before their audit work which they are performing now. Any request from them will be replied to in due time. The schedule is to have the audited statement in time for the annual meeting on January 25, 2025.
We will still have issue with the insurance cost recording, either on a cash basis or on an accounting rule basis. The audit firm mentioned that they will work with us to find a long-term solution to the issue.
We had 21 units changing hands during the last fiscal year, which is a good performance. To our new owner’s “Welcome!”.


We are forecasting a surplus of $ 1,017.00. Please review the financial data section to find out the variance in the various accounts. Two items on one we are lower in salary components total cost and the second one we are way over in building maintenance cost.
We transferred $105,000.00 to the Insurance deductible reserve in accordance with last year’s annual meeting resolution. This is a first for Waterside. We were able to pay out of the operating budget for the repair to a portion of the surface water drainage system, this was an amount of $30,186.00. This way we did not have to use the reserve account for that purpose. We will check one more portion this fiscal year.

There is no due from the operating to the reserve account at yearend and did have $2,174,815.00 in our various reserve accounts. By the end of December 2024, we will have $2,500,000.00 that will generate interest revenue in the reserve accounts. Average interest at the beginning of the year, it was possible to obtain a CD with an interest of 5.30%, then it went down to 3.65%, now back-up between 4.10% and 4.45%.

We used $50,072.00 from the pool reserve account to redo the east pool.
On a very positive note, our accounts receivable are at the lowest point ever standing at $4,850.00, not even the value of the yearly fee for one unit. This performance did have a positive impact on our collection legal fee and generated a reduction of our reserve for bad debt. Thanks to our staff to maintain a tight grip on this.


Thanks for reading.
France Laroche Treasurer,
Andre Mongrain President
December 11, 2024

Please find the full details in attached files below:

FinancialReport_2024-10-31_english
FinancialReport_2024-10-31_french

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