WVHA 2019 YE Budget vs Actual P&L
WVHA Financials2019
WVHA_FinancialsArchive
Past and present balance and P&L statements
Frequently Answered Questions for financial institutions.
WVHA_FinancialHistory_2023-07-03
The Association’s fiscal year is the same as the calendar year, January through December. The Association’s Treasurer leads an effort each spring to develop a budget recommendation for the following year. The budget proposal is finalized as the annual meeting of the Association approaches, and is distributed as part of the annual meeting agenda. The budget must be approved by the Association.
The current budget is available on the web site. Depending on whether a budget has been approved for the next year, it may also be available.
The annual budget for the Association is actually two budgets; one for operating expenses and another for capital expenses.
The operating expense budget includes utilities, personnel, insurance, regular maintenance, minor purchases, and maintaining a capital reserve of at least 20% of the annual operating expenses. The operating expense budget is paid for by regular assessments included in monthly dues.
The capital expense budget pays for improvements and major repairs or replacements. This includes roofing, siding, paving, retaining walls, lawn mower, tractor, etc. The capital expense budget is paid for by special assessments included in monthly dues. If there are no capital projects or purchases planned for the next fiscal year, there will generally be no special assessment in the budget.