| Island Gate Homeowners Association |
| Income Statement |
| Preliminary Budget 2012 |
| |
| Total |
| Income | |
| Interest Income | 0.00 |
| Late Fee Income | 0.00 |
| Legal Fee Reimbursement | 2,500.00 |
| Maintenance Fee Income | 265,200.00 |
| Membership Fees | 0.00 |
| Misc. Income | 0.00 |
| Services | 0.00 |
| Working Capital Contribution | 0.00 |
| Total Income | $ 267,700.00 |
| Gross Profit | $ 267,700.00 |
| Expenses | |
| A. General and Administrative | |
| Audit | 3,000.00 |
| Bank Charges | 0.00 |
| Insurance | 35,000.00 |
| Legal Fees-Collections | 2,500.00 |
| Legal Fees-General | 5,000.00 |
| Licenses, Permits, Inspections | 25.00 |
| Management Fees | 16,320.00 |
| Office Expenses | 1,500.00 |
| Postage | 450.00 |
| Real Estate Taxes | 0.96 |
| Signage | 0.00 |
| Telephone | 350.00 |
| Total A. General and Administrative | $ 61,145.96 |
| B. Grounds Services | |
| Landscape Maintenance | 34,000.00 |
| Pool Contract | 12,000.00 |
| Snow Removal | 9,000.00 |
| Total B. Grounds Services | $ 55,000.00 |
| C. Repairs and Maintenance | |
| Bath House Cleaning | 1,500.00 |
| Building Repairs | 15,000.00 |
| Contingencies | 0.00 |
| General Repairs | 10,000.00 |
| Gutter Maintenance | 1,500.00 |
| Maint. Tools & Supplies | 0.00 |
| Pond Maintenance | 3,000.00 |
| Pool Supplies & Repairs | 4,000.00 |
| Pump/Well Maintenance | 2,500.00 |
| Sprinkler System Maint. | 3,000.00 |
| Total C. Repairs and Maintenance | $ 37,500.00 |
| D. Utilities | |
| Electric | 8,000.00 |
| Gas | 1,200.00 |
| Water/Sewer | 2,000.00 |
| Total D. Utilities | $ 11,200.00 |
| E. Special Funding | |
| Deferred Maintenance Funding | 20,000.00 |
| Reserve Funding | 60,000.00 |
| Total E. Special Funding | $ 80,000.00 |
| Bad debt expense | $ 12,480.00 |
| Contingencies | $ 10,374.04 |
| Total Expenses | $ 267,700.00 |
| Net Operating Income | 0.00 |
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