This document presents the “Statement of Operations” from the financial statement for OGHC prepared by our auditor, MNP, for 2020.
A “Statement of Operations,” also known as an “Income statement,” records the operating income and the operating expenses of an organization for a particular period of time. (It does not normally show capital expenses.) It is part of OGHC’s annual audited Financial Statements.
A “Statement of Operations,” also known as an “Income statement,” records the operating income and the operating expenses of an organization for a particular period of time. (It does not normally show capital expenses.)
OGHC’s Statement of Operations consists of three major items:
- Revenue (the amount OGHC received through its operations in a single year): $972,992
- Expenses (the amount OGHC spent on its operations in a single year): $923,751
- Excess of revenue over expenses before other items of $5,321
If you hover your cursor over the category in the left column, an explanation of the category will pop up. In some cases, you can link to a more detailed explanation. (If you are using a phone or tablet, you can place your finger over the left-hand column.) In self-explanatory cases (usually totals), there is no explanation. You can download a copy of this document here.
|
Revenue |
|
2020 Budget |
2019 Actual |
| Member fees |
930,183 |
921,610 |
912,623 |
| Parking rent |
39,360 |
40,317 |
39,105 |
| Donations |
– |
4,296 |
830 |
| Other |
2,200 |
4,248 |
6,239 |
| Interest |
1,487 |
2,521 |
1,395 |
|
Total revenue |
973,230
|
972,992 |
960,192 |
|
Expenses |
2020 Budget |
2020 Actual |
2019 Actual |
| Administration and management |
685,404 |
702,784 |
705,466 |
| Operations and maintenance |
225,829 |
220,967 |
200,016 |
|
Total expenses |
911,233 |
923,751 |
905,482 |
|
Net operating income before reserve transfers and other items |
61,997 |
49,241 |
54,710 |
| Reserve transfers |
2020 Budget |
2020 Actual |
2019 Actual |
| Capital replacement reserve allocation |
43,520 |
35,400 |
35,400 |
| Share redemption reserve allocation |
– |
36,000 |
15,000 |
| Total Reserve transfers |
43,520 |
71,400 |
50,400 |
| Excess (deficiency) of revenue over expenses before other items |
18,477 |
1,071 |
4,310 |
|
Other items |
|
|
|
| MHRC mortgage forgiveness |
|
135,972 |
67,986 |
| Unbudgeted purchases of equipment |
|
(5,967) |
|
| Initial contribution to share redemption reserve |
|
– |
(119,000) |
|
Total reserve transfers and other items |
|
130,005 |
(51,014) |
| Excess (deficiency) of revenue over expenses |
18,477 |
135,326 |
(46,704) |
|
|
|
|
|