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Perimeter Park West reports $5.8M in assets; bookkeeper warns HVAC replacements will reduce dividend
Summary
At the Feb. 10 special meeting, the board heard financial statements showing roughly $5.8 million in assets and a $109,000 net increase for the six months ended Dec. 31; the bookkeeper said HVAC replacements already put capital-improvement spending over budget and could reduce year-end dividends.
Perimeter Park West’s bookkeeper presented financial statements at the board’s Feb. 10 meeting showing total assets near $5.8 million for the six months ended Dec. 31 and a net increase in assets of $109,000.
Liz of Harrod and Associates, the board’s bookkeeper, walked directors through the balance sheet and income statement. She reported total revenues of $490,000 offset by operating expenses of $381,000 for the period, and she told the board there was about $669,007.54 held in the organization’s two accounts at Community Trust.
Liz warned that the capital-improvement line is already a little over budget because of HVAC replacements, and she said that continued capital spending will reduce the dividend the board can pay at year-end. Anne, who oversees building projects, told the board she expects replacement costs for older HVAC units to be substantially higher than previously and that another unit replacement "will tip us to be over budget for the year." A board member estimated replacing the seven oldest units could total roughly $300,000.
The board discussed the budget impact briefly and then moved to ratify the agents’ spending and approve October–December 2025 disbursements; the motion was adopted by voice vote.
The board will meet again in May; staff and the bookkeeper will continue to monitor capital spending and present updated budget-to-actual figures at future meetings.
