Comprehensive Multi-Year Comparison 2019-2023 (Actuals)
| Category | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Revenue | |||||
| Golf Operations Revenue | $1,276,383 | $1,164,079 | $1,153,684 | $810,333 | $890,184 |
| Pro Shop Merchandise | $106,850 | $76,033 | $80,798 | $79,294 | $79,169 |
| Total Revenue | $1,383,233 | $1,240,112 | $1,234,482 | $889,627 | $969,353 |
| Cost of Goods Sold | $75,451 | $57,956 | $58,027 | $59,692 | $57,792 |
| Gross Margin | $1,307,782 | $1,182,156 | $1,176,455 | $829,935 | $911,561 |
| Expenses | |||||
| Salaries and Benefit Reimbursements | $828,998 | $741,618 | $640,280 | $567,267 | $624,310 |
| Equipment Rentals and Leases | $14,179 | $44,542 | $181,754 | $145,538 | $182,761 |
| Grounds Maintenance | $120,376 | $118,690 | $85,135 | $71,512 | $75,097 |
| Utilities | $64,809 | $50,635 | $48,906 | $42,931 | $49,120 |
| Real Estate Taxes | $42,488 | $45,312 | $53,210 | $43,059 | $43,725 |
| Sales Tax Leased Equipment | $8,797 | $15,103 | $10,600 | $5,875 | $9,058 |
| Golf Management Contract | $37,851 | $71,909 | $52,724 | $51,060 | $51,060 |
| Supplies and Maintenance | $111,878 | $56,972 | $64,193 | $44,434 | $56,936 |
| Insurance | $19,993 | $27,308 | $42,769 | $35,853 | $32,081 |
| Bank Fees | $57,965 | $44,360 | $29,517 | $19,244 | $18,126 |
| Fuel Oil | $29,877 | $30,468 | $30,468 | – | – |
| Sales and Marketing | $24,092 | $14,942 | $21,787 | $28,715 | $36,165 |
| Computer Support | $11,196 | $16,010 | $35,074 | $24,294 | $19,416 |
| Miscellaneous | $14,743 | $8,168 | $7,907 | $4,014 | $8,672 |
| Janitorial | $8,183 | $7,405 | $6,307 | $3,003 | $4,118 |
| Permits and Fees | $5,507 | $6,336 | $3,451 | $4,411 | $4,683 |
| Office, Printing and Postage | $4,774 | $11,005 | $11,837 | $10,186 | $11,639 |
| Trash Removal | $1,489 | $1,235 | $1,337 | $1,258 | $1,320 |
| Security | $81 | $1,106 | $636 | $891 | $336 |
| Uniforms | $568 | $3,515 | $3,515 | – | – |
| Legal Fees | $1,603 | – | $2,370 | $69 | $67 |
| Interest Expense | – | – | – | $1,587 | $520 |
| Depreciation | $130,709 | $108,861 | – | $44,391 | $16,584 |
| Total Expenses | $1,540,156 | $1,425,500 | $1,333,777 | $1,149,592 | $1,245,794 |
| Net Surplus/(Deficit) | $(232,374) | $(243,344) | $(157,322) | $(319,657) | $(334,233) |
| Budgeted Dues Subsidy | $167,853 | $264,028 | $315,369 | $351,646 | – |
Notes:
- The 2023 figures are from Colonial Heritage HOA’s 2023 audited financial statements, Schedule of Golf Operations
- The 2022-2019 figures are from their respective supplemental schedules in the audited financial statements
- Some minor differences in categorization may exist between years due to accounting changes
- The budgeted dues subsidy represents the amount allocated from homeowner assessments to subsidize golf operations
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Key Observations:
- The golf operations consistently operate at a deficit, requiring subsidization from homeowner dues.
- 2023 actual deficit ($232,374) was larger than budgeted ($167,853), primarily due to:
- Lower than budgeted golf operations revenue (-$139,475)
- Higher than budgeted expenses for supplies and maintenance (+$70,479)
- Higher bank fees (+$26,741)
- Depreciation expense of $130,709 not included in budget
- Significant expense variations between years:
- Equipment rentals and leases fluctuated considerably ($14,179 in 2023 vs. $221,213 budgeted)
- Salaries and benefits have increased steadily from $567,267 in 2020 to $828,998 in 2023
- Golf management contract fees decreased from $71,909 in 2022 to $37,851 in 2023
- Pro shop merchandise revenues exceeded budget in 2023 ($106,850 vs. $81,346 budgeted)
- Bank fees more than doubled from 2021 ($29,517) to 2023 ($57,965)
This P&L is based on the detailed supplemental information from the audited financial statements.
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