By Cindy Hoffman, Staff Writer
Year ends with association $1M ahead of projections
(Aug. 31, 2023) As predicted, the Ocean Pines Association had another good year financially, with more than $1 million in excess revenue, according to the audit conducted by the Salisbury branch of UHY Advisors
“I’m pleased to report that the association received a “clean” unmodified audit opinion,” Chris Hall, managing partner of the Salisbury office, said. “This is the highest level of assurance that any independent accounting firm can give.”
Linda Martin, the Ocean Pines Association’s senior executive office manager delivered the audited results.
Food and beverage brought in $441,000, $150,000 more than budgeted and Amenities came in at $1.5 million, $465,000 more than budgeted.
Both saw an increase from FY2022, with food and beverage bringing in $38,000 more than last year, and amenities bringing in $97,000 more than last year.
In FY23, $279,000 was distributed to Police and Fire/EMS departments. That was down from $298,000 in FY22. All other operating departments received $447,000, $11,000 less than what those same departments received in FY22.
The assessment has fallen from a high of $996 in FY2022 to $883 this fiscal year. The operating fund balance as of April 30, 2023 was $2.5 million.
As of April 30, 2023, the reserve balance was $6.6 million. The projected balance for April 30, 2023 is $7.6 million.