Lake Forest Property Owners Association

Financial Report

For Month Ended March 31, 2003

Revenues for March were as follows:

Actual:    $188,686
Budget:   $203,097
           ($14,411) Less than Budget

Expenditures for March were as follows:

Actual:   $173,512
Budget:  $163,923
          ($9,589) More than Budget

Expenditures:  The main component of the expenditures overspend was the $8,143 that we spent on Fertilizer and Chemicals.  We have budgeted $44,000 for the year but not in the particular month of March due to the uncertainty of the timing of the expenditure when the budget was constructed.  However, if you compare the year to date expenditure for Fertilizer and chemicals we are within $300.00 of budget.

Current Assets:  We finished the month with an operating account balance of $192,211.84. 

Accounts Receivable:  At the end of March we had receivables due from Members of $349,447 of which $96,139 is doubtful accounts.

Fixed Assets:  After a careful review of fixed assets we disposed of approximately $35,000 worth of assets.  The majority of these assets were fully depreciated which results in a $0 effect on our bottom line.  However a few of these assets were not fully depreciated which resulted in a loss on disposal of assets of $1,389. 

Completed Work In Process:  Work in Process that was completed in the month of March is as follows:

Current Liabilities:  We renewed our Club Insurance in March.  We made a down payment of $27,791.56 and financed the remained of $89,221.24 which will be paid in 10 monthly installments. 

The last remaining payment on our old Golf Cart Lease on the books for $4,348 will be written off in April due to negotiations with Yamaha which resulted in the benefit of releasing LFPOA of this final payment.  Our new Yamaha Lease provides for our first payment in May 2003. 

Incentives and benefits negotiated with the new lease are as follows:

	Yamaha will offer (2) new G21AX utility vehicles which the club will own at the end of the lease.  (Hard tops included)
	Yamaha will offer (1) new G21AX Utility Range Picker which the club will own at the end of the lease (Aluminum Cage)
	Golf cars will have Yamaha’s new (5) year Factory warranty included
	Yamaha will pay for Lake Forest Golf car Manager Jose Santiago to attend Mechanic and Fleet Manager’s school in Newnan, Ga.
	Yamaha will furnish 5-10 seasonal fleet cars as needed for $75.00 per car per month.  This includes freight for delivery and pick up.

Members Equity:  We had an overall loss after depreciation for the month of $8,873.  Which leaves current period members equity at $87,180 YTD

Collections:  Collections at Jay Ross’ office are going extremely well.  His office collected about $4,116.00 in March and so far for the month of April they have collected about $15,000.00