PITCAIRN HOMEOWNERS. ASSN
OPERATING ACCOUNT INCOME STATEMENT
MARCH 31. 2003
UNAUDITED
CURRENT PERIOD							YEAR TO DATE
										ANNUAL
ACTUAL	BUDGET	VARIANCE					ACTUAL	BUDGET	VARIANCE	BUDGET
					INCOME:
10,450	10,450	0	400			Regular Assessments	31,350	31,350	0	125
50	0	50	437			Late Charges	210	0	210	0
0	0	0	439			Collection Costs	200	0	200	0
10,500	10,450	50				TOTAL INCOME	31,760	31,350	410	125
					OPERATING EXPENSES :
1,650	1,650	0	501			Management	4,950	4,950	0	19,800
44	0	(44)	509			BANK FEES - OP	128	0	(128)	0
0	9	9	510			CITY & COUNTY FEES/PERMITS	0	27	27	100
1,721	144	(1,577)	511			Audit/Tax Preparation	1,721	432	(1,289)	1,725
0	29	29	513			Corporate Taxes	10	89	79	350
0	535	535	521			Insurance	4,948	1,605	(3,343)	6,414
150	125	(25)	527			Legal/Collection Costs	150	375	225	1,500
362	209	(153)	533			Clerical & Mailing	923	627	(296)	2,500
350	250	(100)	541			Security	1,050	750	(300)	3,000
3,176	3,176	0	601			Landscape Contract	9,528	9,528	0	38,112
29	334	305	605			IRRIGATION	29	1,002	973	4,000
70	125	55	607			GARBAGE/CUSTODIAL	240	375	135	1,500
0	284	284	640			Miscellaneous	20	852	832	3,400
0	84	84	660			Grounds Repair	301	252	(49)	1,000
252	292	40	661			LANDSCAPE CONTINGENCY	252	876	624	3,500
979	334	(645)	665			Lighting Repairs	1,631	1,002	(629)	4,000
650	584	(66)	680			Tree Care	650	1,752	1,102	7,000
0	125	125	681			ANNUAL COLOR	0	375	375	1,500
108	134	26	755			PG&E	348	402	54	1,600
0	84	84	763			STORM DRAINS/SEWERS	0	252	252	1,000
1,463	1,334	(129)	765			Water	3,467	4,002	535	16,000
0	104	104	770			RESERVE STUDY (3YEARS)	0	314	314	1,250
11,004	9,945	(1,059)				TOTAL OPERATING EXPENSES	30,346	29,839	(507)	119,251
(504)	505	(1,009)				NET INCOME BEFORE RESERVES	1,414	1,511	(97)	6,149
0	(513)	513	799			Reserve Allocation	0	(1,539)	1,539	(6,149)
(504)	(8)	(496)				NET INCOME (LOSS)	1,414	(28)	1,442	0