Nassau Point Property Owners Association
Annual Meeting 7/20/24
Treasury Report at 7/8/24

 Balance Sheet 7/8/24 (attached or see below):

NPPOA currently has $87,088 in Total Assets that is essentially cash balances in our M&T Bank Accounts. They include $29,319 in our General Checking account, $5,358 in our Deer account and $52,379 in our Money Market account.

We have $25,442 in Current Liabilities which includes $24,217 in Accounts Payable representing the pending $20,467 General Liability insurance payment due by 7/31/24 plus accruals for estimated expenses for the Annual Wine & Cheese Party tonight and the remaining payments due to the Beach attendant through 7/31/24. We also have $1,125 of Prepaid Dues, Donations and Deer Contributions from members that paid twice this year and elected to roll those payments to next year.

Total Equity is $61,646 compared to $69,407 last year due to an expected loss of $7,761 for this year.

Profit & Loss Comparison 7/8/24 to 7/31/23 plus 2025 Budget(attached):

Total Revenues for this year are $88,406 about $5k less than last year. Compared to last year Dues were down $3k, Deer Contributions were down $3.5k and General Donations down $2k they were offset by a $3k increase in Advertising Income and $1.5k in Interest from our Money Market account.

Total Expenses for this year are $96,167 vs $83,651 last year. The primary differences are outlined below:

Insurance: Increase of $3.5k for our D&O and General Liability Insurance.

Right of Ways: Increase of $3.5k due to new fence and other work at Landing Road. Note that additional road work being done at Landing Road we’ll be invoiced to us in August /September for a current estimate of $18k that is in next year’s budget estimated to be a total $28k.

Maintenance: Increase was up $5k due to the $8.6k we spent on the (lost)Sand at the Causeway Beach offset by some road work done last year. We did not pay for Sand last year.

Printing & Mailing: Decrease of $2.6k due to the increase in electronic mailings vs printing.

Budget: Based on the last 2 years I budgeted a conservative $88k in Total Revenue vs $113k in Total Expenses for a loss of $25k. The increase in Expenses include the Landing Road work, the purchase of Sand which is still to be decided.

Thank you. If you have any questions outside of today’s meeting, please email me at khughes55555@gmail.com.

Keith Hughes, NPPOA Treasurer