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Successful management during a pandemic
Wednesday, June 30, 2021
The following appeared in the summer issue of the Ocean Pines Quarterly Report:
Ocean Pines Association (OPA) was successful in managing operating expenses during the pandemic, which lasted the duration of FY21. The operating budget yielded a favorable result of $1.243 million (unaudited) versus the adopted budget. These results are unaudited and are subject to any audit adjustments that may occur.
OPA also just received notice from the Small Business Administration (SBA) that their Paycheck Protection Program loan/grant that was awarded would be fully forgiven. From an accounting standpoint, OPA had made the assumption that the funds, used 100% to fund payroll during the allowed “covered period” as defined per law, would be forgiven. Thus, the funds were classified as revenue during FY22. Now that forgiveness has been granted by the SBA, no adjustments will be required to the financials.
May started off extremely well, as a positive operating variance in excess of $500,000 was achieved. Approximately half of this favorability is due to membership dues revenue. Management does believe that a portion of this member- ship revenue favorability will reverse in June 2021 (timing) due to a higher volume of memberships that were purchased early this year, when COVID restrictions were initially eased in April and May. However, management feels that Food and Beverage profits coupled with a portion of the other amenity membership and other revenues is real favorability.
TGM was awarded the contract for audit services in FY21. They have been on site at OPA for a total of nearly three weeks performing audit procedures on our books. They continue to perform certain analysis and procedures remotely, which will then result in the issuance of an audit opinion and financial statements by the mid to end of July. Finance is also working with the Public Works department, and our outside vendor Design Management Associates Inc. (DMA), to refresh/update our reserve study data via a “level-two” study that was approved by the Board.
Once the data is received from DMA, this information will be vetted internally and through the Budget and Finance committee. Of course, the information produced in this study should be frequently examined and updated to ensure that OPA has adequate reserves on hand and continues to contribute sufficient funds each year to these reserves to replace existing assets/infrastructure. This includes reserve funding that is designated for roads, drainage, bulkheads, new capital, and general replacements.