June 2024 Financials Now Available
The June 2024 financial report is now available for review on the Treasure Lake website. Here are the key highlights:
- June Net Income: $186,901, compared to $31,719 in June 2023
- Year-to-Date (YTD) Revenue: Down by $42,000
- YTD Cost of Sales: Decreased by $60,000
- YTD Operating Expenses: Reduced by $280,000
- YTD Bottom Line: A profit of $120,447, a significant improvement from the $207,824 loss in 2023, marking a $328,271 year-over-year improvement
Storage Revenue Adjustment: After researching discrepancies in the Storage Revenue numbers, we identified the cause. Due to low cash balances last fall, the previous management, Board of Directors, and Treasurer decided to send out storage billings in early October instead of December, as had been done in previous years. As a result of that early billing, $48,413 in payments were received in October and November, that our accounting firm recorded as income in 2023 instead of 2024 where it should have been. This error, along with an approximate $13,000 coding error in towing revenue, has now been corrected. We are confident that the Storage and Towing figures are accurate. A letter from Abacus CPA is attached, explaining the 2023 Storage Revenue error and the adjustments made.
The Board of Directors, our new General Manager, and the Finance Committee are committed to improving our financial results every month. I believe you’ll agree that we have made substantial progress compared to the 2022 and 2023 results. Some of these questions take time to review and research, causing delays in reporting. We appreciate your patience as we work to ensure our reporting is accurate before it is released.