Next meeting (subject to change) Saturday, August 1, 10:00 AM. Clubhouse
Attendees
Chair: Harris Mathis
Co-Chair: Lisa Fearon
Member: Nick Hotalski
Regrets:
Joe Schwartz
Cheryl Fitzgerald
Meeting Minutes
The Financial committee will be focusing this summer on the upcoming budget for 2027. Our
HOA budgets for the coming year are approved by the HOA Board in November.
With the Budget for 2027 we will want to recommend changes to the Chart of Account (COA)
1. We see that 7120 Clubhouse Administrative Expense includes several general ledger types.
The largest amount we should segregate is Payroll reimbursement to Leland. This payroll and
related expense has been averaging approximal $33,000 per month, which is around 90% of
the account 7120. The other 10% includes account types such as Event & Catering Services,
Office Supplies, Operating Janitorial Supplies, and Complimentary Snacks, Coffee, & Bottled
Water. These should be separate General Ledger accounts.
2. We see 7140 Clubhouse Utilities expense includes several utility types, such as FP&L
Electricity, Republic Services for trash compactors, AmeriGas for propane, City of Palm Bay for
water & sewer. We recommend these account types be broken out and included in the Utility
group of accounts.
1. We see 6390 Contingency General & Administrative expense is mostly Website Mobile
App reimbursed to Leland Management. This should be classified to Website Mobile App.
2. There are a few other accounts with budgeted amounts that show no or very little expense. We
believe that all budget accounts should be justified and explained with a clear definition.
The June insurance renewal for the coming year was reduced by $18,549.50. We will expect to
see this reflected in the 2027 Budget.
May Financial Statement. Balance Sheet and Cash Flow
The Cash in Operating as of May 31 st shows a balance of $263,102.92. This is an increase of
$51,696.38 over the previous month. Accounts Payable show a balance of $367,355.70. This is an
increase of $89,196.85 over the previous month. The cash flow ratio should show the Cash in Bank
greater than the Accounts Payable for our HOA to pay the bills in a timely manner.
Assessment Income for May was $120,887.83. The developer contribution in May was $16,215.05.
For our homework summer assignment, we will continue to deep dive into creating a 2027 budget
that we can recommend to the Board and Management. As always, we will review the most current
financial reports from Leland.
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