GVRNOW! NOVEMBER 2022
GVREC.ORG
2022 FINANCIAL REPORT GVR has enjoyed yet another year of fiscal health. The local housing market remained strong through much of the
year, and members have returned to recreation programs in much larger numbers over the year before. The projected expenses shown below are lower than budgeted, largely due to staff positions remaining open either by circumstance or design.
Member Dues 58.4% Recreation Programs 4.7% Other Revenue 2.7%
Facilities 32.8%
INCOME
Member & New Member Fees 37.9%
Breaking it down further:
Member and new member fees include guest cards, tenant cards, and fees associated with real estate transactions: Initial Fees and Property Acquisition Capital Fees that contribute to the facilities MRR fund. Other Revenue includes interest on investments and cell tower lease proceeds. Personnel expenses includes wages and associated taxes and benefit for the equivalent of 97 full time employees. Again in 2022, most employees worked in the facilities department (56), followed by recreation (23). The balance of staff work in Administrative Services which includes IT, Finance, Communications, HR, the CEO, and Administrative support personnel. Currently, a surplus of approximately $300,000 is projected for the end of 2022. This surplus is primarily the result of not filling staffing positions. Low wages and the difficult labor market was a significant contributor to the staffing shortage
EXPENSES
Corporate and Operations 6.6% Recreation Programs and Communications 11.9% Personnel 48.7%
GVR experienced in 2022. In some cases, positions were not filled until a careful analysis of need was conducted. As a result of that analysis, some of those positions have been eliminated, while other needs have been identified. A staffing reorganization starting this month and a compensation study concluding next month will further refine our organizational chart. So what happens with that surplus? End-of-year surpluses are not carried forward. Customarily the Board of Directors moves the money into reserve funds. Those funds are used for capital projects such as building the East Center pool, as well as scheduled MR&R activities such as replacing flooring, remodeling locker rooms, and repainting walls and sports courts. The 2023 budget was adopted by the Board of Directors at their October 26 regular meeting. The full budget will be posted after November 7 at www.GVREC.org under the Governance tab. Continued on page 4.