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COVID closures impact amenity revenue, assessment collections
Sunday, May 3, 2020
(May 4, 2020) The COVID-19 pandemic clearly has had an impact on Ocean Pines operations and finances, General Manager John Viola said during a May 2 report to the Association Board.
Viola noted that Ocean Pines revenues were “not all from assessments,” but said about 60% comes from annual assessments and the remaining 40% comes from amenity revenues.
“And a lot of our amenities are closed right now,” he said.
According to the March financial report, net operations were unfavorable for the month about $36,000, largely because of COVID-19 closures, Viola said.
He said revenues were off budget by about $60,000, with the Yacht Club (-$19,000) Aquatics (-$13,000), CPI (-$12,000), and Golf (-$4,000) all missing budget estimates.
Expenses, however, were favorable to budget across the board, Viola said.
“Obviously, we’re closed,” he said.
Treasurer Larry Perrone said the Association, as of April 30, has received about $4.2 million in assessments out of the $9.1 million total due, accounting for about 46%. The Board last month extended the assessment due date to Aug. 1.
“Our hope was to have about 25% to carry us to August, so we’re way ahead of that number,” Perrone said. “However, compared to last year, we are down $1.5 million in [collecting] assessments.
“What that says to me is that people are holding onto their money,” he continued. “Hopefully ... in the next couple of months people who can afford to send us their assessment dollars will do it.”
Perrone said the $1.14 million loan from the federal Paycheck Protection Program would help make up the difference in cashflow.
“I want to make sure everybody understands ... the impact of the Coronavirus and the shutdown of our amenities,” Perrone said. “Even if we get open by June, this may be a long-term effect in a lower amount of revenue coming in.
“We don’t know, at this point, if people are still going to come to the beach [or] if they’re going to come to Ocean Pines. So, we don’t know how long that impact will be or what the amount will be,” he added.
PHOTO: Top row, from left, General Manager John Viola and Director of Amenities and Operational Logistics Colby Phillips; Bottom row, from left, Association President Doug Parks and Treasurer Larry Perrone during a May 2 regular OPA Board meeting.