As of January 31, 2010, the corporation had $8,191,527 in unrestricted funds, of which the corporation’s cash reserves of $2.5 million are fully funded. Restricted funds, commonly referred to as the Preservation and Improvement Fund or PIF, had a balance of $982,055 at the end of January. Eighty-four new owner home sales were budgeted for January; however, we closed 128 sales, providing us with 44 more than budgeted.
We ended January 2010 with $10,465,889 more in fixed assets and work in progress than last year and only $128,495 more liabilities than last year. Fairway Phase 1 has been completely paid for.
The corporation has operated within its budget year-to-date.