By Greg Ellison
(Aug. 8, 2019) The Ocean Pines Association fiscal 2019 and 2018 end-of-year closing balances, along with an independent auditors’ report compiled by the SC&H Group, were recently released and reveal the bottom line grew by just under 2 percent over that period.
Ocean Pines fiscal year ends on April 30, and is followed by an auditor’s review of associated balance sheets to ensure that the final statements are fair presentations of the entity’s financial position.
Total fund balances, factoring in liabilities, were $41,420,275 to end fiscal 2018, while the tally to close fiscal 2018 was $40,635,352, for an increase of just under 2 percent.
Before factoring in liabilities, fund balances closed fiscal 2019 at $30,283,143, with fiscal 2018 winding out at $29,401,135, representing a 3 percent increase.
Although operating funds ended both years in the loss column, at more than $895,000 in fiscal 2019 and roughly $1.6 million in fiscal 2018, these figures were offset by reserve funds of roughly $8.8 million in fiscal 2019 and $7.8 million in fiscal 2018.
Further boosting operating funds were investments in fixed assets, which totaled $22.3 million to close fiscal 2019 and $23.1 million to end fiscal 2018.
Total current assets totaled $19,041,253 to close fiscal 2019 and $17,745,911 in fiscal 2018.
Current asset totals included $6.8 million in cash and money equivalents for fiscal 2019 and $10.6 million to end fiscal 2018, with certificates of deposit values of $7.8 million in fiscal 2019 and $2.6 million in fiscal 2018.
Although cash on hand dropped by 35 percent from fiscal 2019 from the prior year, the funds tied to certificates of deposit nearly tripled.
The total included in accounts receivable derived from property assessments was $3,620,259 to close fiscal 2019 and $3,340,191 to end fiscal 2018.
Included with the non-current assets are property and equipment that dropped slightly in value, going from $22,341,928 in fiscal 2019 from $23,122347 to end fiscal 2018, representing a 3.3 percent drop.
Net revenues were $15.6 million during fiscal 2019 and $14.3 million for fiscal 2018, representing a nearly 9 percent increase.
Total expenses were $14.5 million for fiscal 2019, which increased 5.5 percent over the $13.8 million total from fiscal 2018.
Net revenues after expenses, operating transfers and other changes in fund balance were $882,008 in fiscal 2019 and $419,601 in fiscal 2018.
The report and balance sheets can be viewed online at https://www.oceanpines.org/wp-content/uploads/2019/08/OPA-Final-Draft-8.1.19.pdf