2021-02-04 SPC Sr Citizens Housing AgendaCITY OF SPECIAL MEETING OF THE
E L S E G U N D O Board of Directors of the
El Segundo Senior Citizens Housing Corporation
AGENDA
Virtual Meeting via Zoom Teleconferencing
MEETING DATE: Thursday, February 4, 2021
MEETING TIME: 3:30 p.m.
DUE TO THE COVID-19 EMERGENCY, THIS MEETING WILL BE CONDUCTED
PURSUANT TO THE GOVERNOR'S EXECUTIVE ORDER N-29-20.
TELECONFERENCE VIA ZOOM MEETING
Meeting ID: 996 3741 2468
Passcode:527906
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The time limit for comments is five (5) minutes per person. Before speaking to the Board, please
state: your name and residence or the organization you represent. Please respect the time limits.
Members of the public may also provide comments electronically by sending an email to the
following address prior to the start of the meeting: vwesson(b-elsegundo.org. Please include
the meeting date and item number in the subject line. If you would like to request that your
emailed comment be read into the record, please include the request at the top of your email, limit
your comments to 150 words or less, and email your comments at least 30 minutes prior to the
start of the meeting. Depending on the volume of communications, the emails will be read to the
Board at the appropriate time.
NOTE: Emails and documents submitted will be considered public documents and are subject to
disclosure under the Public Records Act and possibly posted to the City's website.
NOTE: Public Meetings can be recorded and are subject to disclosure under the Public Records
Act and possibly posted to the City's website.
Additional Information:
The Board of the Senior Citizen Housing Corporation, with certain statutory exceptions, can only
take action upon properly posted and listed agenda items. Unless otherwise noted in the agenda,
the public can only comment on City -related business that is within the subject matter jurisdiction
of the Board.
PLEASE NOTE: Public Meetings are recorded.
In compliance with the Americans with Disabilities Act, if you need special assistance to participate
in this meeting, please contact Venus Wesson, 310-524-2344. Notification 48 hours prior to the
meeting will enable the City to make reasonable arrangements to ensure accessibility to this
meetina.
CALL TO ORDER:
ROLL CALL
A. PUBLIC COMMUNICATION
At this time, members of the public may speak to any item on the agenda only. Before speaking,
you are requested, but not required, to state your name and address for the record. If you represent
an organization or a third party, please so state.
B. APPROVAL OF MEETING MINUTES
1. Special Meeting Tuesday, November 24, 2020
Recommendation: Approval
C. NEW BUSINESS
1. President's Report (Paul Lanyi)
Reports regarding correspondence, meetings, and business related to Park Vista.
Recommendation: Receive and File
2. Financial Statements and LAIF (Local Agency Investment Fund) (Neil Cadman)
a. Discussion, review and status report including, but not limited to, statements, invoices,
finances,
b. LAIF investment fund and transfers between accounts.
Recommendation: Receive and File
3. Draft 2019 Audit (Neil Cadman)
Discussion and review of the draft 2019 Audit.
Recommendation: Approve and authorize the Board President to sign the final 2019 Audit.
4. 2021 Park Vista Operating Budget (Neil Cadman)
Recommendation: Review and approve the draft 2021 Operating Budget.
5. Sustainable, Long -Term Economic Viability Plan (Neil Cadman)
Recommendation: Discussion and possible action regarding adjustments to Park Vista
revenues and expenditures with a view towards increasing and maintaining adequate
funding reserves. This could include, without limitation, rent increases for current tenants,
rent increases for incoming tenants, rent increases applicable to inter -unit transfers, parking
rate increases, and changes to the cable television contract and possible pass -through of all
or part of cable television costs to tenants. Board may recommend one or more long-term
economic viability plans to the City Council for action.
6. Subcommittee Update (Paul Lanyi and Paula Rotolo)
Subcommittee will report its findings and recommendations to the Board regarding waiting
lists and other policies pertaining to current and prospective tenants of Park Vista.
Recommendation: Review, discuss, and consider amending policies regarding the current
waiting list and other policies pertaining to the following:
a. Transfers between units for current tenants.
b. Transfers to ADA accessible units by current tenants.
c. Parking spaces for current tenants.
d. Transfers from outside parking space to interior parking space.
e. Wait list and related policies for prospective tenants of Park Vista.
7. Preview of Draft Presentation to City Council (Paul Lanyi)
Board President will present a draft of the presentation of the annual Park Vista status
report to City Council.
Recommendation: Discussion and Possible Action.
8. Notice of Change of Terms of Tenancy (Neil Cadman)
Discussion and possible action regarding a notice of change of terms of tenancy to provide
that all tenants, authorized residents, and every guest or invitee of any tenant or authorized
resident must wear a face covering or mask over both the nose and mouth whenever they
are present within any common area inside the Park Vista senior housing facility, and
further specifying that each tenant is responsible for ensuring that his or her guests/invitees
abide with the face covering requirement and that the failure to do so constitutes a material
violation of the lease agreement. The notice will further specify that the face covering
requirement will remain in effect until the City Manager's Administrative Order requiring
face coverings within the common areas of Park Vista expires or is rescinded.
Recommendation: Authorize management to issue a notice of change of terms of tenancy
in accordance with applicable law specifying that all tenants, authorized residents, and
every guest or invitee of any tenant or authorized resident must wear a face covering or
mask over both the nose and mouth whenever they are present within any common area
inside the Park Vista senior housing facility and further specifying that each tenant is
responsible for ensuring that his or her guests/invitees abide with the face covering
requirement and that the failure to do so constitutes a material violation of the lease
agreement. The notice will further specify that the face covering requirement will remain
in effect until the City Manager's Administrative Order requiring face coverings within the
common areas of Park Vista expires or is rescinded.
D. UNFINISHED BUSINESS
E. MANAGEMENT REPORT
Report from the Cadman Group regarding Park Vista operations and management. Unless
otherwise listed on the agenda, the Board may not discuss or take action on matters raised in the
management report but may vote to place an item on a future agenda for discussion and possible
action.
F. CITY STAFF REPORT
G. BOARD MEMBERS REPORT
A general report from the Board members.
NEXT REGULAR MEETINGS:
Wednesday, February 24, 2021
Wednesday, March 24, 2021
Wednesday, April 28, 2021
ADJOURNMENT
MINUTES
NOVEMBER 24, 2020
MINUTES OF THE SPECIAL MEETING
El Segundo Senior Citizen Housing Board Corporation
Tuesday, November 24, 2020
Park Vista Senior Housing
350 Main St., Ell Segundo, CA 90245
CALL TO ORDER:
The special meeting was called to order at 4:07 p.m. by member Paul Lanyi presiding.
ROLL CALL
Members Present: Paul Lanyi
Paula Rotolo
Jim Latta
Member Absent: None
Others: Neil Cadman, Cadman Group
Scot Nicol, Councilmember
Joe Lillio, Finance Director
Sam Lee, Development Services Director
Gregg Kovacevich, Assistant City Attorney
Eduardo Schonborn, Principal Planner
Martin Stone, former Board Member
A. PUBLIC COMMUNICATION
Martin Stone — Regarding item 5 (rental rate increase for new tenants), Mr. Stone suggested the
Board consider a 60% to 65% market rental rate for new, incoming tenants. Regarding item 6
(earthquake insurance), he indicated that insurance be obtained if the city's advisors are
recommending that all city facilities are covered. Regarding item 4 (rental rate increase for current
tenants), Mr. Stone stated that the Board must be fiscally responsible, manage expenses and
ensure revenue to keep Park Vista as a viable running organization.
B. APPROVAL OF MEETING MINUTES
Motion to approve the October 28, 2020, meeting minutes was made by Member Rotolo and
Seconded by Member Latta. Motion carried 3-0
C. NEW BUSINESS
1. President's Report
Paul expressed some concern with the recent RFQ and how that may impact Park Vista. He
also expressed concern with Park Vista's financial outlook if reserves are not accessed. Paul
requested formation of a subcommittee to review the internal transfer policy and possibly make
recommendations to amend the policy, which resulted in the formation of a subcommittee
comprised of Paula Rotolo and Paul Lanyi.
2. Financial Reports and LAW (Local Agency Investment Fund)
Paul inquired about the insurance, which Neil clarified that the previous insurance company
issued a refund after cancelling the policy, and the new insurance premium is higher than it
was for the previous carrier. Paul then inquired about a litigation claim and if the Board needs
to be involved. Gregg Kovacevich clarified that the Board will not get involved in a case
unless it's a claim that is not covered by insurance. In this case, it is an insurance claim that
is being handled by the insurance company. Paul also inquired about the increased
management fees and the hotel relocation hotel fees. Neil clarified the ongoing monthly
expense increases due to COVID and the hotel relocation costs is closed.
3. Annual Rental Rate Survey
Neil explained the rental survey process; how he uses comparable units; and obtains
information on the rent they charge instead of what they market. Survey included 30
buildings, which are similar to what has been done historically, and obtain market rent
information. He also searches other properties that may have been sold or remodeled, which
typically results in increased rent. Challenges when doing the survey include obtaining single
units because there are not many in the city; Park Vista has substantially more amenities than
other do not have, such as onsite manager, janitor, laundry, rec room, media room, free
cable, etc.; and, Park Vista 1-bedroom units are smaller than other units built pre-1980, but
comparable to those build post-1980. His task is to provide information on what market rent
is in the city, not what affordable rent is.
Results of survey include:
• Rental rates have not come down
• Market rate for single units is $1,410/month.
• Market rate for one -bedroom is $1,925/month
• Continuing Park Vista's affordable rental rates, which is set at 50-percent of market,
then newly vacated single units and one -bedroom units should be $705/month and
$960/month, respectively. These are the rents that are currently being paid at Park
Vista
4. Rental Rate Increase for Current Tenants
Paul explained that the Board has authorization to increase rents by up to 2-percent or the
latest COLA (cost of living adjustment) without City Council approval. Jim and Paula are in
favor of a 2-percent increase to insure Park Vista brings in funds for maintenance. Paul was
concerned with the increase, but was also concerned with the long term costs.
Motion by Paul to increase rental rates by 2-percent for current tenants to begin February 1,
2021, but rounded down to the next whole dollar. Motion seconded by Jim.
Motion passed, 3-0.
5. Rental Rate Increase for New, Incoming Tenants
Paul prefaced by stating that the Board will need to make a presentation to City Council with a
recommendation to increase rents for new, incoming tenants. Currently, rental rate for new,
incoming tenants is the same as for current tenants, which is 50-percent of market rate.
Discussion ensued regarding presentation to City Council, including potential rate increase for
existing tenants and potential increases for tenants transferring to other units.
Joe Lillio presented the various scenarios he presented in October, which included the financial
outlook when setting rental rates at 50-percent, 60-percent and 65-percent of market rate, and
annual rent increases of 1.5-percent and 2-percent
Discussion ensued on how and what to present to Council, including draft information prepared
by Paul for consideration by the Board. Agreed to make a presentation to the Council regarding
the issues and shortfalls, and recommendations to address them.
Motion by Jim to recommend that City Council change the rental rate for incoming tenants from
50-percent, to 60-percent market rate. Motion seconded by Paula.
Motion passed, 3-0.
Additional discussion ensued regarding adjustments to Park Vista revenues and expenditures
with a view towards increasing and maintaining reserves. Board requested that a sustainable
revenue plan be agendized as an item in the future.
6. Earthquake Insurance
Joe Lillio provided information on Park Vista obtaining earthquake insurance on its own versus
adding it to the city's insurance. Discussion ensued regarding what is required, and whether
FEMA would cover costs if an earthquake occurred. Joe clarified that for FEMA to cover costs,
it would have to be declared a national emergency.
Motion by Paul to recommend that no separate insurance policy be obtained and look at adding
Park Vista into the city's insurance.
Motion passed, 3-0.
7. Financial Audit
Neil provided an overview of the audit engagement letters, and requested the Board to allow
for finalization.
Motion by Paul to authorize Cadman Group to begin the 2020 financial audit and executin of
the 2019 audit engagement letter. Seconded by Jim.
Motion passed, 3-0.
D. UNFINISHED BUSINESS
None
E. MANAGEMENT REPORT
Neil will coordinate with Eduardo and Venus to move forward with a smooth transition.
F. CITY STAFF REPORT
Sam clarified the difference between a RFP and RFQ. Sam also discussed affordable housing,
State mandates, and the city's current RFQ. Park Vista was included in the RFQ to ensure that
all options are considered and available as part of the overall affordable housing plan. Staff will
review the RFQs and present its findings to the City Council.
G. BOARD MEMBER REPORT
None
NEXT MEETING: Wednesday, January 27, 2021
ADJOURMENT: 6:23 pm
FINANCIAL STATEMENTS AND LAIF
(LOCAL AGENCY INVESTMENT FUND)
0
CADMAN ROUP
PARK VISTA
Financial Reporting Analysis
November 2020
Gross Income: $62,020.67
No out of the ordinary issues with regards to income for the month
Gross Expenses: $30,213.79
Expenses for the month were normal except for the following:
• Increased management fees due to overtime of staff members during the COVID-19
crisis.
• No Water bills for November.
• New insurance bill of $30,308.00 resulted in a returned premium of $9,967.00 for the old
insurance.
• Maintenance of $7,065.13 normal type of maintenance except re -build of a kitchen due
to water and mold of site manager's unit.
Net Income: $31,806.88
Total Account Balances: $1,426,810.61
No known upcoming major expenses.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEYARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Total number of vacancies for the month: 94.8% occupied on 11/1/2020
94.8% occupied on 11/30/2020
Move -outs: 1
Move -ins: 0
Notices to Vacate: 0
Budget Comparison Notes:
Operations: Operations for the month was a net income of $110.43 under budget. Year to
Date, operations are $13,637.11 under budget YTD based primarily on the installation of the
heaters in units and excess management fees due to COVID-19.
Income
• Income for the month of November $2,053.00 under budget and $15,857.46 under
budget YTD. This is all attributable to vacancies that are not being leased due to
COVID-19.
Expenses:
• Overall $14,097.87 under budget for all expenses for November, $23,630.67 over
budget YTD. The budget for November is skewed by the insurance refund.
• Maintenance $5,934.87 under budget for November, $19,025.17 under budget YTD.
• Electricity $321.46 under budget in November; $3,056.26 under budget YTD.
• Gas $839.10 over budget for November due to only one bill being issued in October
and November receiving some October invoices. $1,014.97 over budget YTD.
• Cable Television over budget by $174.16. Spectrum raised fees again and we did not
know how much it would be raised when the budget was created.
• Water is $8,386.72 under budget YTD.
• Elevator service over budget $5,327.55 YTD due to unanticipated repairs.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEYARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Income Statement
Cadman Group
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Owned By: El Segundo Senior Citizens Housing Corporation
As of: Nov 2020
Accounting Basis: Cash
Level of Detail: Detail View
Account Name Selected Month % of Selected Month
Operating Income &
Expense
Income
RENT
Rent Income
60,157.00
Parking Income
1,445.00
Total RENT
61,602.00
Maintenance Charge
0.00
(Income Account)
Prepayment
10.00
NSF Bank Fees
0.00
Collected
Laundry Income
0.00
Late Fee
0.00
Total Operating Income
61,612.00
Expense
Fire Service
600.00
Maintenance
7,065.13
Elevator service
0.00
Gardening
979.00
Management Fees
22,190.33
Pest Control
60.00
Insurance - Property
-9,967.00
Licenses and Permits
0.00
Electricity
1,378.54
Gas
1,839.10
Water
0.00
Telephone/Internet
1,394.53
Cable/Television
4,674.16
Office Supplies
0.00
Uniforms
0.00
Advertising &
0.00
Promotion
Bank Service Fees
0.00
Postage
0.00
Professional Fees
0.00
Total Operating
30,213.79
Expense
NOI - Net Operating 31,398.21
Income
Year to Month End % of Year to Month End
97.64
664,162.59
97.03
2.35
15,850.00
2.32
99.98
680,012.59
99.35
0.00
452.12
0.07
0.02
36.50
0.01
0.00
50.00
0.01
0.00
3,906.33
0.57
0.00
0.00
0.00
100.00
684,457.54
100.00
0.97
5,845.06
0.85
11.47
123,974.83
18.11
0.00
14,677.55
2.14
1.59
11,584.10
1.69
36.02
203,301.70
29.70
0.10
3,605.00
0.53
-16.18
41,011.00
5.99
0.00
75.00
0.01
2.24
15,643.74
2.29
2.98
12,014.97
1.76
0.00
32,863.28
4.80
2.26
13,746.78
2.01
7.59
51,025.98
7.45
0.00
2,073.23
0.30
0.00
331.43
0.05
0.00
256.36
0.04
0.00
29.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
49.04
532,059.01
77.73
50.96
152,398.53
22.27
Created on 12/23/2020 Page 1
Income Statement
Account Name
Other Income & Expense
Other Income
Interest on Bank
Accounts
Total Other Income
Other Expense
Capital Expenditures
Fire Prevention
Total Capital
Expenditures
Total Other Expense
Net Other Income
Total Income
Total Expense
Net Income
Selected Month
% of Selected Month
Year to Month End
% of Year to Month End
408.67
0.66
9,536.18
1.39
408.67
0.66
9,536.18
1.39
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
408.67
0.66
9,536.18
1.39
62,020.67
100.66
693,993.72
101.39
30,213.79
49.04
532,059.01
77.73
31,806.88
51.62
161,934.71
23.66
Created on 12/23/2020
Page 2
Balance Sheet
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
As of: 11 /30/2020
Accounting Basis: Cash
Account Name
Balance
ASSETS
Cash
Cash in Bank
277,778.04
Park Vista - Grandpoint Account
183,774.36
Park Vista Business Checking Account - CHASE
11,110.00
Park Vista Reserve Account - LAIF
846,268.25
Park Vista Money Market Account - CHASE
107,879.96
Total Cash
1,426,810.61
Building Improvements
1,046,041.00
Equipment
144,679.00
Furnishings
153,863.00
Personal Property
39.95
Accumulated Depreciation
-811,284.00
TOTAL ASSETS
1,960,149.56
LIABILITIES & CAPITAL
Liabilities
Pet Deposit
4,125.00
Key Deposit
1,270.00
Security Deposit
51,305.00
Passthrough Cash Account
-661.00
Accounts Payable
2,595.00
Total Liabilities
58,634.00
Capital
Owner Contribution
35,996.00
Owner Distribution
-35,996.00
Retained Earnings
184,881.95
Prior Years Retained Earnings
12,696.00
Calculated Retained Earnings
161,934.71
Calculated Prior Years Retained Earnings
1,542,002.90
Total Capital
1,901,515.56
TOTAL LIABILITIES & CAPITAL
1,960,149.56
Created on 12/23/2020 Page 1
Bill Detail
Properties: Park Vista - 615 E.
Holly Avenue El Segundo, CA 90245
Payees: All
Payment Type: All
GL Accounts: All
Bill Status: All
Date Type: Bill Date
Date Range: 11/01/2020 to 11/30/2020
Automated AP: All
Reference Bill Date
Due Date
Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
6000 - Fire Service
1518 11/20/2020
11/20/2020
6000 - Fire
Park Vista -
Brigade Fire
600.00
0.00 9246-2120
11/24/2020
Troubleshooting
Service
615 E. Holly
Protection Inc.
building's
Avenue El
failing fire
Segundo, CA
panel issues.
90245
6210 - Maintenance
0000328 11/03/2020
11/03/2020
6210 -
Park Vista -
Vazquez, Raul
2,900.00
0.00 FA17-47D6
11/12/2020
Kitchen
Maintenance
615 E. Holly
reconstruction
Avenue El
after mold
Segundo, CA
remediation
90245
#109; new
cabinets,
granite counter
tops, new
drywall
including
hallway and
closet, prime
and paint
throughout
balance of
work due.
0000330 11/03/2020
11/03/2020
6210 -
Park Vista -
Vazquez, Raul
295.00
0.00 AFD9-32CA
11/06/2020
Emergency;
Maintenance
615 E. Holly
water heater
Avenue El
repairs made;
Segundo, CA
clearing of
90245
sediments, dirt
and debris in
pipes which
were clogged
causing no hot
water to half of
the building
due to boiler
shut off. Clean
blower fan and
install new air
Created on 12/23/2020
Pagel
Bill Detail
Reference Bill Date Due Date Account Property Unit
0000331 11/03/2020 11/03/2020 6210 - Park Vista -
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
0000332 11/03/2020 11/03/2020 6210 - Park Vista -
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
0000333 11/03/2020 11/03/2020 6210 - Park Vista -
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
9186035414
11/04/2020
11/04/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186079347
11/04/2020
11/04/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
S124665-1
11/05/2020
11/05/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
0000334
11/05/2020
11/05/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Created on 12/23/2020
Payee Name
Paid
Unpaid Check #
Paid Date
Description
filter; parts +
labor.
Vazquez, Raul
350.00
0.00 AFD9-32CA
11/06/2020
Emergency
replacement of
copper piping
connected to
water heater
on roof which
was leaking
onto
circulating
pump and
surrounding
area.
Vazquez, Raul
225.00
0.00 AFD9-32CA
11/06/2020
Replacement
of 2 fixtures on
patios of 2nd
floor that could
not be
repaired and
light bulbs
were not the
issue.
Vazquez, Raul
250.00
0.00 AFD9-32CA
11/06/2020
Emergency
replacement of
circulating
pump of
building's
water heater
on roof after
leak fixed in
water line.
HD Supply
181.39
0.00 5571
11/04/2020
Maintenance
supplies
HD Supply
68.86
0.00 5571
11/04/2020
Janitorial and
maintenance
supplies
The Chute
878.00
0.00 3000000176
11/12/2020
Quarterly trash
Doctor
chute cleaning
service.
Vazquez, Raul
547.50
0.00 FA17-47D6
11/12/2020
Balance due of
new flooring
Page 2
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Avenue El
installed in
Segundo, CA
#109 after
90245
mold
remediation
construction.
0000335
11/06/2020
11/06/2020
6210 -
Park Vista -
Vazquez, Raul
185.00
0.00 DOFE-DD06
11/10/2020
Repairs made
Maintenance
615 E. Holly
to shower
Avenue El
spout to stop
Segundo, CA
active leaking,
90245
new caulking
around shower
stall and
bathtub; #416.
44589
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
30.64
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
44596
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
18.60
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
44602
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
13.13
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
44606
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
13.13
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
44618
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
53.63
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
44643
11/09/2020
11/09/2020
6210 -
Park Vista -
Southbay
40.25
0.00 5573
11/10/2020
Maintenance
Maintenance
615 E. Holly
Industrial
supplies.
Avenue El
Hardware
Segundo, CA
90245
31612
11/16/2020
11/16/2020
6210 -
Park Vista -
Cadman
20.71
0.00 ACH
11/16/2020
Quill Invoice
Maintenance
615 E. Holly
Group
#10895215 -
Avenue El
Disposable
Segundo, CA
masks
90245
Created on 12/23/2020 Page 3
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
31612
11/16/2020
11/16/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186401814
11/17/2020
11/17/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
31622
11/19/2020
11/19/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
PETTY CASH
11/24/2020
11/24/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186669356
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186557232
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186669357
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186747839
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186802752
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Cadman
10.50
0.00 ACH
11/16/2020
Quill Invoice
Group
#11278762 -
cleaning
supplies
HD Supply
103.58
0.00 5581
11/17/2020
Maintenance
supplies
Cadman
75.63
0.00 1119
11/19/2020
Quill Invoice
Group
11679670 -
Janitorial
supplies
Estrada,
341.28
0.00 5582
11/24/2020
Smardan
Teresa
Supply
Gardena -
Parts
purchased for
emergency
water pump
repair
HD Supply
141.77
0.00 5587
11/30/2020
Janitorial
supplies
HD Supply
63.65
0.00 5587
11/30/2020
Maintenance
supplies for
Unit #416
HD Supply
62.54
0.00 5587
11/30/2020
Maintenance
supplies for
Unit #507
HD Supply
35.03
0.00 5588
12/01/2020
Disposable
face masks
HD Supply 69.69 0.00 5588 12/01/2020 Maintenance
supplies for
Unit #214
Created on 12/23/2020
Page 4
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
9186802753
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186802755
11/30/2020
11/30/2020
6210 -
Park Vista - 101
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186846549
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186846548
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9186846550
11/30/2020
11/30/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
6245 - Elevator service
DVB23856001 11/25/2020 11/25/2020 6245 - Park Vista -
Elevator 615 E. Holly
service Avenue El
Segundo, CA
90245
6250 - Gardening
4286 11/04/2020 11/04/2020 6250 - Park Vista -
Gardening 615 E. Holly
Avenue El
Segundo, CA
90245
Payee Name
Paid
Unpaid Check #
Paid Date
Description
HD Supply
102.47
0.00 5588
12/01/2020
Maintenance
and Janitorial
supplies
HD Supply
200.13
0.00 5588
12/01/2020
New toilet
tank, bowl and
seat for Unit
#104
HD Supply
65.69
0.00 5588
12/01/2020
Maintenance
supplies
HD Supply
127.30
0.00 5588
12/01/2020
Maintenance
supplies
HD Supply
94.57
0.00 5588
12/01/2020
Maintenance
supplies
7,564.67 0.00
Amtech 1,385.00 0.00 81F7-42138 12/04/2020 Afterhours
Elevator elevator
Service service to get
working again
and unstuck
from 4th floor
urgent repairs
made by
technician sent
out.
Octavio Rojas 979.00 0.00 F663-FE74 11/04/2020 Monthly
Landscaping Service -
October
Created on 12/23/2020
Page 5
Bill Detail
Reference Bill Date Due Date Account Property Unit Payee Name
6270 - Management Fees
Paid Unpaid Check # Paid Date Description
11/02/2020
11/02/2020
6270 -
Park Vista -
Cadman
15,000.00
0.00 ACH
11/02/2020
Management
Management
615 E. Holly
Group
Fees for 11/
Fees
Avenue El
2020
Segundo, CA
90245
11/02/2020
11/02/2020
6270 -
Park Vista -
Cadman
1,838.37
0.00 ACH
11/02/2020
Increased
Management
615 E. Holly
Group
maintenance
Fees
Avenue El
and Janitorial
Segundo, CA
due to
90245
COV I D-19
11/02/2020
11/02/2020
6270 -
Park Vista -
Cadman
493.53
0.00 ACH
11/02/2020
Increased
Management
615 E. Holly
Group
management
Fees
Avenue El
due to
Segundo, CA
COVID-19
90245
11/16/2020
11/16/2020
6270 -
Park Vista -
Cadman
1,838.37
0.00 ACH
11/16/2020
Increased
Management
615 E. Holly
Group
maintenance
Fees
Avenue El
and Janitorial
Segundo, CA
due to
90245
COV I D-19
11/16/2020
11/16/2020
6270 -
Park Vista -
Cadman
493.53
0.00 ACH
11/16/2020
Increased
Management
615 E. Holly
Group
management
Fees
Avenue El
due to
Segundo, CA
COVID-19
90245
11/30/2020
11/30/2020
6270 -
Park Vista -
Cadman
1,910.43
0.00 ACH
11/30/2020
Increased
Management
615 E. Holly
Group
maintenance
Fees
Avenue El
and Janitorial
Segundo, CA
due to
90245
COV I D-19
11/30/2020
11/30/2020
6270 -
Park Vista -
Cadman
616.10
0.00 ACH
11/30/2020
Increased
Management
615 E. Holly
Group
management
Fees
Avenue El
due to
Segundo, CA
COVID-19
90245
22,190.33
0.00
6315 - Pest Control
438951 11/17/2020 11/17/2020 6315 - Pest Park Vista - Terminix 60.00 0.00 5580 11/17/2020 Monthly
Control 615 E. Holly Service -
Avenue El November
Segundo, CA
90245
6410 - Electricity
2-22-974-6581 11/30/2020 11/30/2020 6410 - Park Vista - 109 Edison
Electricity 615 E. Holly
Created on 12/23/2020
121.83 0.00 5586 11/30/2020 Service 10/13/
20 - 11/12/20
Page 6
Bill Detail
Reference Bill Date Due Date Account Property Unit Payee Name Paid Unpaid Check # Paid Date Description
Avenue El
Segundo, CA
90245
2-02-314-5071 11/30/2020 11/30/2020 6410 - Park Vista - Edison 1,256.71 0.00 5585 11/30/2020 Service 10/13/
Electricity 615 E. Holly 20 - 11/12/20
Avenue El
Segundo, CA
90245
1,378.54 0.00
6420 - Gas
075 005 3297
11/17/2020
11/17/2020
6420- Gas
Park Vista - 109
Gas Company
7.58
0.00 5579
11/17/2020
Service 10/1/
8
615 E. Holly
20 - 11/2/20
Avenue El
Segundo, CA
90245
056 105 3200
11/17/2020
11/17/2020
6420- Gas
Park Vista -
Gas Company
949.01
0.00 5578
11/17/2020
Service 10/1/
3
615 E. Holly
20 - 11/2/20
Avenue El
Segundo, CA
90245
056 105 3200
11/17/2020
11/17/2020
6420 - Gas
Park Vista -
Gas Company
882.51
0.00 5578
11/17/2020
Service 9/1/20
3
615 E. Holly
- 9/30/20
Avenue El
Segundo, CA
90245
1,839.10
0.00
6445 - Telephone/Internet
145150448
11/10/2020
11/10/2020
6445 -
Park Vista -
AT&T
189.50
0.00 5572
11/10/2020
Service 9/27/
Telephone/
615 E. Holly
20 - 10/26/20
Internet
Avenue El
Segundo, CA
90245
310-322-5036
11/12/2020
11/12/2020
6445 -
Park Vista -
AT&T
487.27
0.00 5575
11/12/2020
Service 11/4/
Telephone/
615 E. Holly
20 - 12/3/20
Internet
Avenue El
Segundo, CA
90245
310-640-7156
11/17/2020
11/17/2020
6445 -
Park Vista -
AT&T
414.28
0.00 5577
11/17/2020
Service 11/5/
Telephone/
615 E. Holly
20 - 12/4/20
Internet
Avenue El
Segundo, CA
90245
310-519-1730
11/30/2020
11/30/2020
6445 -
Park Vista -
AT&T
200.20
0.00 5583
11/30/2020
Service 11/13/
Telephone/
615 E. Holly
20 - 12/12/20
Internet
Avenue El
Created on 12/23/2020 Page 7
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Segundo, CA
90245
337000205336
11/30/2020
11/30/2020
6445 -
Park Vista -
AT&T
103.28
0.00 5584
11/30/2020
Service 11/9/
Telephone/
615 E. Holly
20 - 12/8/20
Internet
Avenue El
Segundo, CA
90245
1,394.53
0.00
6455 - Cable/Television
8448 30 006
11/10/2020
11/10/2020
6455 - Cable/
Park Vista -
Spectrum
17.16
0.00 5574
11/10/2020
Service 10/30/
0255251
Television
615 E. Holly
20 - 11/29/20
Avenue El
Segundo, CA
90245
8448 30 006
11/12/2020
11/12/2020
6455 - Cable/
Park Vista -
Spectrum
4,657.00
0.00 5576
11/12/2020
Service 11/4/
0017008
Television
615 E. Holly
20 - 12/3/20
Avenue El
Segundo, CA
90245
4,674.16
0.00
Total
42,065.33
0.00
Created on 12/23/2020 Page 8
Budget - Comparative
Properties: Park Vista - 615 E.
Holly Avenue
El Segundo, CA 90245
Period Range: Nov 2020 to Nov 2020
Comparison Period Range: Nov
2019 to
Nov 2019
Accounting Basis: Cash
Level of Detail: Detail View
Comparison
Comparison
Comparison $
Comparison %
Account Name Period Actual
Period Budget Period $
Variance
Period % Variance
Actual
Budget
Variance
Variance
Income
RENT
Rent Income
60,157.00
62,000.00
-1,843.00
-2.97%
59,876.40
58,900.00
976.40
1.66%
Parking Income
1,445.00
1,250.00
195.00
15.60%
1,445.00
1,450.00
-5.00
-0.34%
Total RENT
61,602.00
63,250.00
-1,648.00
-2.61%
61,321.40
60,350.00
971.40
1.61%
Prepayment
10.00
0.00
10.00
0.00%
67.50
0.00
67.50
0.00%
Laundry Income
0.00
415.00
-415.00
-100.00%
387.52
415.00
-27.48
-6.62%
Total Budgeted
61,612.00
63,665.00
-2,053.00
-3.22%
61,776.42
60,765.00
1,011.42
1.66%
Operating Income
Expense
Fire Service
600.00
335.00
-265.00
-79.10%
270.00
335.00
65.00
19.40%
Maintenance
7,065.13
13,000.00
5,934.87
45.65%
18,142.59
8,000.00
-10,142.59
-126.78%
Elevator service
0.00
850.00
850.00
100.00%
0.00
850.00
850.00
100.00%
Gardening
979.00
1,350.00
371.00
27.48%
1,525.90
1,350.00
-175.90
-13.03%
Management
22,190.33
14,500.00
-7,690.33
-53.04%
14,500.00
14,500.00
0.00
0.00%
Fees
Pest Control
60.00
400.00
340.00
85.00%
46.00
291.66
245.66
84.23%
Insurance -
-9,967.00
0.00
9,967.00
0.00%
0.00
0.00
0.00
0.00%
Property
Licenses and
0.00
35.00
35.00
100.00%
0.00
35.00
35.00
100.00%
Permits
Electricity
1,378.54
1,700.00
321.46
18.91%
1,250.19
1,500.00
249.81
16.65%
Gas
1,839.10
1,000.00
-839.10
-83.91%
792.12
950.00
157.88
16.62%
Water
0.00
3,750.00
3,750.00
100.00%
0.00
3,750.00
3,750.00
100.00%
Telephone/
1,394.53
1,250.00
-144.53
-11.56%
2,019.10
1,000.00
-1,019.10
-101.91%
Internet
Cable/Television
4,674.16
4,500.00
-174.16
-3.87%
4,362.90
4,300.00
-62.90
-1.46%
Office Supplies
0.00
300.00
300.00
100.00%
260.22
300.00
39.78
13.26%
Uniforms
0.00
50.00
50.00
100.00%
0.00
50.00
50.00
100.00%
Created on 12/23/2020
Page 1
Budget - Comparative
Comparison
Comparison
Comparison $
Comparison %
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Actual
Budget
Variance
Variance
Advertising &
0.00
625.00
625.00
100.00%
213.90
625.00
411.10
65.78%
Promotion
Entertainment
0.00
150.00
150.00
100.00%
0.00
150.00
150.00
100.00%
Bank Service
0.00
6.25
6.25
100.00%
0.00
6.25
6.25
100.00%
Fees
Postage
0.00
10.41
10.41
100.00%
0.00
10.41
10.41
100.00%
Professional Fees
0.00
500.00
500.00
100.00%
0.00
458.33
458.33
100.00%
Total Budgeted
30,213.79
44,311.66
14,097.87
39.82%
43,382.92
38,461.65
-4,921.27
-12.80%
Operating
Expense
Total Budgeted
61,612.00
63,665.00
-2,053.00
-3.22%
61,776.42
60,765.00
1,011.42
1.66%
Operating Income
Total Budgeted
30,213.79
44,311.66
14,097.87
31.82%
43,382.92
38,461.65
-4,921.27
-12.80%
Operating Expense
NOI - Net
31,398.21
19,353.34
12,044.87
62.24%
18,393.50
22,303.35
-3,909.85
-17.53%
Operating Income
Other Income
Interest on Bank
408.67
250.00
158.67
63.47%
1,450.20
50.00
1,400.20
2,800.40%
Accounts
Total Budgeted
408.67
250.00
158.67
63.47%
1,450.20
50.00
1,400.20
2,800.40%
Other Income
Net Other Income
408.67
250.00
158.67
63.47%
1,450.20
50.00
1,400.20
2,800.40%
Total Budgeted
62,020.67
63,915.00
-1,894.33
-2.96%
63,226.62
60,815.00
2,411.62
3.97%
Income
Total Budgeted
30,213.79
44,311.66
14,097.87
31.82%
43,382.92
38,461.65
-4,921.27
-12.80%
Expense
Net Income
31,806.88
19,603.34
12,203.54
62.25%
19,843.70
22,353.35
-2,509.65
-11.23%
Cash
Cash in Bank
31,398.21
0.00
-31,398.21
0.00%
19,358.50
0.00
-19,358.50
0.00%
Park Vista -
7.53
0.00
-7.53
0.00%
7.55
0.00
-7.55
0.00%
Grandpoint
Account
Created on 12/23/2020
Page 2
Budget - Comparative
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Park Vista
400.24
0.00
-400.24
0.00%
Reserve Account
- LAIF
Park Vista Money
0.90
0.00
-0.90
0.00%
Market Account -
CHASE
Total Budgeted
31,806.88
0.00
-31,806.88
0.00%
Cash
Liability
Key Deposit
0.00
0.00
0.00
0.00%
Security Deposit
0.00
0.00
0.00
0.00%
Total Budgeted
0.00
0.00
0.00
0.00%
Liability
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
1,439.24
0.00
-1,439.24
0.00%
3.41
0.00
-3.41
0.00%
20,808.70
0.00%
0.00
-20,808.70
70.00
0.00
70.00
895.00
0.00
895.00
965.00
0.00
965.00
0.00%
0.00%
0.00%
Created on 12/23/2020
Page 3
0
CADMAN ROUP
PARK VISTA
Financial Reporting Analysis
December 2020
Gross Income: $61,985.67
No out of the ordinary issues with regards to income for the month
Gross Expenses: $53,282.99
Expenses for the month were normal except for the following:
• Increased management fees due to overtime of staff members during the COVID-19
crisis.
• Water bills of $6,639.90 for December.
• Professional fees of $5,500.00 for the 2019 Audit.
• Maintenance of $7,817.53 normal type of maintenance plus a new wall heater for one
unit and the down payment for new awnings.
Net Income: $8,702.68
Total Account Balances: $1,434.946.29
No known upcoming major expenses.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEY ARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Total number of vacancies for the month: 93.8% occupied on 12/1/2020
93.8% occupied on 12/31/2020
Move -outs: 0
Move -ins: 0
Notices to Vacate: 0
Budget Comparison Notes:
Operations: Operations for the month was a net income of $11,047.08 under budget. Year
to Date, operations are $50,535.21 under budget YTD based primarily on the installation of
the heaters in units and excess management fees due to COVID-19.
Income
• Income for the month of December $2,075.75 under budget and $17,933.21 under
budget YTD. This is all attributable to vacancies that are not being leased due to
COVID-19.
Expenses:
• Overall $8,971.33 over budget for all expenses for December, $32,602.00 over budget
YTD.
• Maintenance $5,182.47 under budget for December, $24,207.64 under budget YTD.
• Electricity $597.24 under budget in December; $3,653.50 under budget YTD.
• Gas $163.97 over budget for December. $1,178.94 over budget YTD.
• Cable Television over budget by $174.16. Spectrum raised fees again and we did not
know how much it would be raised when the budget was created.
• Water is $5,496.82 under budget YTD.
• Elevator service over budget $7,201.03 YTD due to unanticipated repairs.
NOTE: THIS DOCUMENT IS A SUMMARYAND ANALYSIS ONLY OF THE MONTHLY FINANCIAL
STATEMENTS FOR PARK VISTA. THEY ARE NOT PART OF THE ACTUAL FINANCIAL STATEMENTS FOR
PARK VISTA.
Income Statement
Cadman Group
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Owned By: El Segundo Senior Citizens Housing Corporation
As of: Dec 2020
Accounting Basis: Cash
Level of Detail: Detail View
Account Name Selected Month % of Selected Month
Operating Income &
Expense
Income
RENT
Rent Income
59,527.00
Parking Income
1,445.00
Total RENT
60,972.00
Maintenance Charge
0.00
(Income Account)
Prepayment
-10.00
NSF Bank Fees
0.00
Collected
Laundry Income
627.25
Late Fee
0.00
Total Operating Income
61,589.25
Expense
Fire Service
0.00
Maintenance
7,817.53
Elevator service
2,723.48
Gardening
1,688.90
Management Fees
19,986.35
Pest Control
360.00
Insurance - Property
0.00
Licenses and Permits
0.00
Electricity
1,102.76
Gas
1,163.97
Water
6,639.90
Telephone/Internet
1,625.94
Cable/Television
4,674.16
Office Supplies
0.00
Uniforms
0.00
Advertising &
0.00
Promotion
Bank Service Fees
0.00
Postage
0.00
Professional Fees
5,500.00
Total Operating
53,282.99
Expense
NOI - Net Operating 8,306.26
Income
Year to Month End % of Year to Month End
96.65
723,689.59
97.00
2.35
17,295.00
2.32
99.00
740,984.59
99.32
0.00
452.12
0.06
-0.02
26.50
0.00
0.00
50.00
0.01
1.02
4,533.58
0.61
0.00
0.00
0.00
100.00
746,046.79
100.00
0.00
5,845.06
0.78
12.69
131,792.36
17.67
4.42
17,401.03
2.33
2.74
13,273.00
1.78
32.45
223,288.05
29.93
0.58
3,965.00
0.53
0.00
41,011.00
5.50
0.00
75.00
0.01
1.79
16,746.50
2.24
1.89
13,178.94
1.77
10.78
39,503.18
5.30
2.64
15,372.72
2.06
7.59
55,700.14
7.47
0.00
2,073.23
0.28
0.00
331.43
0.04
0.00
256.36
0.03
0.00
29.00
0.00
0.00
0.00
0.00
8.93
5,500.00
0.74
86.51
585,342.00
78.46
13.49
160,704.79
21.54
Created on 01/20/2021 Page 1
Income Statement
Account Name
Other Income & Expense
Other Income
Interest on Bank
Accounts
Total Other Income
Other Expense
Capital Expenditures
Fire Prevention
Total Capital
Expenditures
Total Other Expense
Net Other Income
Total Income
Total Expense
Net Income
Selected Month
% of Selected Month
Year to Month End
% of Year to Month End
396.42
0.64
9,932.60
1.33
1.33
396.42
0.64
9,932.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
396.42
0.64
9,932.60
1.33
61,985.67
100.64
755,979.39
101.33
53,282.99
86.51
585,342.00
78.46
8,702.68
14.13
170,637.39
22.87
Created on 01/20/2021
Page 2
Balance Sheet
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
As of: 12/31 /2020
Accounting Basis: Cash
Account Name
Balance
ASSETS
Cash
Cash in Bank
285,517.30
Park Vista - Grandpoint Account
183,782.14
Park Vista Business Checking Account - CHASE
11,110.00
Park Vista Reserve Account - LAIF
846,655.99
Park Vista Money Market Account - CHASE
107,880.86
Total Cash
1,434,946.29
Building Improvements
1,046,041.00
Equipment
144,679.00
Furnishings
153,863.00
Personal Property
39.95
Accumulated Depreciation
-811,284.00
TOTAL ASSETS
1,968,285.24
LIABILITIES & CAPITAL
Liabilities
Pet Deposit
4,125.00
Key Deposit
1,270.00
Security Deposit
50,738.00
Passthrough Cash Account
-661.00
Accounts Payable
2,595.00
Total Liabilities
58,067.00
Capital
Owner Contribution
35,996.00
Owner Distribution
-35,996.00
Retained Earnings
184,881.95
Prior Years Retained Earnings
12,696.00
Calculated Retained Earnings
170,637.39
Calculated Prior Years Retained Earnings
1,542,002.90
Total Capital
1,910,218.24
TOTAL LIABILITIES & CAPITAL
1,968,285.24
Created on 01/20/2021 Page 1
Bill Detail
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 90245
Payees: All
Payment Type: All
GL Accounts: All
Bill Status: All
Date Type: Bill Date
Date Range: 12/01/2020 to 12/31/2020
Automated AP: All
Show Reversed Transactions: No
Reference Bill Date Due Date Account Property Unit Payee Name
2120 - Passthrough Cash Account
Paid Unpaid Check # Paid Date Description
12/08/2020 12/08/2020 2120 - Park Vista - 103 Lipton , Carla- 567.00 0.00 5591 12/08/2020 Carla -Jane
Passthrough 615 E. Holly Jane Lipton, Park
Cash Account Avenue El Vista - 103:
Segundo, CA Move Out
90245 Refund
4100 - Rent Income
12/08/2020 12/08/2020 4100 - Rent Park Vista - 416 Messia, Linda 912.50 0.00 5590 12/08/2020 Overpayment
Income 615 E. Holly of rent
Avenue El
Segundo, CA
90245
6210 - Maintenance
389817 12/03/2020 12/03/2020 6210 - Park Vista - 504
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
12042020 12/04/2020 12/04/2020 6210 - Park Vista - 401
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
0000347 12/04/2020 12/04/2020 6210 - Park Vista -
Maintenance 615 E. Holly
Avenue El
Segundo, CA
90245
Created on 01/20/2021
Montalvo, Uriel 110.00
0.00 6205-7DAC 12/08/2020 Afterhours;
snaked
backed up
toilet clog.
#504
Elim HVAC 1,400.00
0.00 9944-1314C 12/04/2020 New wall
Inc.
furnace unit,
installation,
venting,
thermostat,
wiring
downpayment
of 50% #401
Vazquez, Raul 295.00
0.00 6211-11362 12/08/2020 Emergency
repair of
copper pipe on
roof running
from boiler. 4
feet of copper
pipe replaced.
Clear
circulating
Page 1
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
44703
12/07/2020
12/07/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
44735
12/07/2020
12/07/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
44721
12/07/2020
12/07/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
44763
12/07/2020
12/07/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
0000348
12/07/2020
12/07/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9187018808 12/09/2020 12/09/2020 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9187055642 12/09/2020 12/09/2020 6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
389830 12/14/2020 12/14/2020 6210 -
Park Vista - 504
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
Created on 01/20/2021
Payee Name
Paid
Unpaid Check #
Paid Date
Description
pump for
maintenace.
Southbay
22.97
0.00 5592
12/08/2020
Maintenance
Industrial
supplies.
Hardware
Southbay
66.67
0.00 5592
12/08/2020
Maintenance
Industrial
supplies.
Hardware
Southbay
71.15
0.00 5592
12/08/2020
Maintenance
Industrial
supplies.
Hardware
Southbay
40.50
0.00 5592
12/08/2020
Maintenance
Industrial
supplies.
Hardware
Vazquez, Raul
85.00
0.00 6211-11362
12/08/2020
Removal of
small piece of
pipe sticking
out of floor of
garbage room
and parking lot
area causing
trip hazard.
HD Supply
91.95
0.00 5594
12/09/2020
Janitorial and
maintenance
supplies
HD Supply
9.58
0.00 5594
12/09/2020
Janitorial and
maintenance
supplies
Montalvo, Uriel
450.00
0.00 BOF9-FA56
12/17/2020
Emergency
call to fix
active leak
behind wall,
open wall,
replace part of
cast iron
piping with
Page 2
Bill Detail
Reference Bill Date Due Date Account Property Unit
20120500
12/14/2020
12/14/2020
6210 -
Park Vista - 216
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
5444
12/15/2020
12/15/2020
6210 -
Park Vista - 401
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9187160550
12/15/2020
12/15/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
9187220778
12/15/2020
12/15/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Segundo, CA
90245
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Maintenance
615 E. Holly
Avenue El
Created on 01/20/2021
Payee Name
Paid
Unpaid Check #
Paid Date
Description
leak, re -install
kitchen sink
drain pipes,
patch up
drywall, paint
and texturize
to match. #504
Superior
1,349.00
0.00 5602
12/14/2020
Downpayment
Awning
for work; 50%
of total job.
#208 and #216
Elim HVAC
1,850.00
0.00 6E78-8704
12/23/2020
Balance due
Inc.
for installing
new wall
furnace,
venting and
thermostat
#401.
HD Supply
189.49
0.00 5598
12/15/2020
Maintenance
supplies
HD Supply
145.01
0.00 5598
12/15/2020
Maintenance
supplies
Cadman
60.17
0.00 ACH
12/17/2020
Quill Invoice
Group
#12320914 -
Janitorial/
Sanitation
supplies
Cadman
5.25
0.00 ACH
12/17/2020
Quill Invoice
Group
#12364370 -
cleaning
supplies
Cadman
67.32
0.00 ACH
12/17/2020
Quill Invoice
Group
#12367526 -
cleaning
supplies
Cadman
15.74
0.00 ACH
12/17/2020
Quill Invoice
Group
#12364067 -
cleaning
supplies
Page 3
Bill Detail
Reference
Bill Date
Due Date
Account
Property
Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Segundo, CA
90245
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Cadman
76.58
0.00 ACH
12/17/2020
Quill Invoice
Maintenance
615 E. Holly
Group
#12491036 -
Avenue El
cleaning/
Segundo, CA
sanitation
90245
supplies
31727
12/17/2020
12/17/2020
6210 -
Park Vista -
Cadman
151.09
0.00 ACH
12/17/2020
Quill Invoice:
Maintenance
615 E. Holly
Group
#12529775 -
Avenue El
cleaning
Segundo, CA
supplies
90245
0000354
12/18/2020
12/18/2020
6210 -
Park Vista -
316
Vazquez, Raul
215.00
0.00 D2C1-B308
12/21/2020
Patch, prime
Maintenance
615 E. Holly
and paint
Avenue El
ceiling hole
Segundo, CA
above shower
90245
where repairs
were made in
plumbing
behind drywall.
#316
389844
12/22/2020
12/22/2020
6210 -
Park Vista -
310
Montalvo, Uriel
110.00
0.00 8375-9230
12/30/2020
Replace wall
Maintenance
615 E. Holly
heater
Avenue El
thermostat;
Segundo, CA
parts + labor.
90245
#310
245425
12/23/2020
12/23/2020
6210 -
Park Vista -
420
Garcia,
145.00
0.00 FE85-E238
12/29/2020
After hours
Maintenance
615 E. Holly
Gerardo
service;
Avenue El
repairs made
Segundo, CA
to leaking
90245
drain pipes
under kitchen
sink. #420.
9187336182
12/23/2020
12/23/2020
6210 -
Park Vista -
HD Supply
100.18
0.00 5608
12/23/2020
Maintenance
Maintenance
615 E. Holly
supplies
Avenue El
Segundo, CA
90245
DVB24120001
12/29/2020
12/29/2020
6210 -
Park Vista -
Amtech
747.50
0.00 54132-A5132
01/11/2021
Emergency
Maintenance
615 E. Holly
Elevator
technician
Avenue El
Service
service for
Segundo, CA
elevator in
90245
front out of
order.
577410
12/31/2020
12/31/2020
6210 -
Park Vista -
Montalvo, Uriel
95.00
0.00 57AF-3F40
01/05/2021
Repairs made
Maintenance
615 E. Holly
to lower
Avenue El
garage parking
gate to have
Created on 01/20/2021
Page 4
Bill Detail
Reference Bill Date
Due Date
Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
Segundo, CA
working again
90245
properly.
577401 12/31/2020
12/31/2020
6210 -
Park Vista - 205
Montalvo, Uriel
1,800.00
0.00 54B9-13AC
01/11/2021
Sloping patio
Maintenance
615 E. Holly
repairs;
Avenue El
reslope new
Segundo, CA
cement,
90245
fiberglass
material
installed, and
painted and
textured to
match entire
floor. #205
9,765.15
0.00
6245 - Elevator service
151400224077 12/11/2020
12/11/2020
6245 -
Park Vista -
Amtech
1,338.48
0.00 941 F-9A44
12/14/2020
Service 1/1/
Elevator
615 E. Holly
Elevator
2021 - 3/31/
service
Avenue El
Service
2021
Segundo, CA
90245
6250 - Gardening
4326 12/04/2020
12/04/2020
6250 -
Park Vista -
Octavio Rojas
1,076.90
0.00 81 FF-71 F4
12/04/2020
Monthly
Gardening
615 E. Holly
Landscaping
Service -
Avenue El
November
Segundo, CA
90245
4326 12/04/2020
12/04/2020
6250 -
Park Vista -
Octavio Rojas
612.00
0.00 81 FF-71 F4
12/04/2020
Extra supplies
Gardening
615 E. Holly
Landscaping
and approved
Avenue El
work for
Segundo, CA
November,
90245
2020:
Backyard
trimmed, 3
pear tree,
hauled away
all trash and
dump, (3) 501b
bags of plant
fertilizer
1,688.90
0.00
6270 - Management Fees
12/01/2020
12/01/2020
6270 -
Park Vista -
Cadman
15,000.00
0.00 ach
12/01/2020
Management
Management
615 E. Holly
Group
Fees for 12/
Fees
Avenue El
2020
Segundo, CA
90245
Created on 01/20/2021
Page 5
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
Payee Name
Paid
Unpaid Check #
Paid Date
Description
12/14/2020
12/14/2020
6270 -
Park Vista -
Cadman
1,966.29
0.00 ACH
12/14/2020
Increased
Management
615 E. Holly
Group
maintenance
Fees
Avenue El
and Janitorial
Segundo, CA
due to
90245
COV I D-19
12/14/2020
12/14/2020
6270 -
Park Vista -
Cadman
493.53
0.00 ACH
12/14/2020
Increased
Management
615 E. Holly
Group
management
Fees
Avenue El
due to
Segundo, CA
COVID-19
90245
12/28/2020
12/28/2020
6270 -
Park Vista -
Cadman
1,910.43
0.00 ACH
12/28/2020
Increased
Management
615 E. Holly
Group
maintenance
Fees
Avenue El
and Janitorial
Segundo, CA
due to
90245
COV I D-19
12/28/2020
12/28/2020
6270 -
Park Vista -
Cadman
616.10
0.00 ACH
12/28/2020
Increased
Management
615 E. Holly
Group
management
Fees
Avenue El
due to
Segundo, CA
COVID-19
90245
19,986.35
0.00
6315 - Pest Control
24278
12/04/2020
12/04/2020
6315 - Pest
Park Vista -
Al & Sons
150.00
0.00 3000000177
12/04/2020
Vermin
Control
615 E. Holly
Termite and
Service 11/19/
Avenue El
Pest Control
20
Segundo, CA
Inc.
90245
438951
12/15/2020
12/15/2020
6315 - Pest
Park Vista -
Terminix
60.00
0.00 5601
12/15/2020
Monthly
Control
615 E. Holly
Service -
Avenue El
December
Segundo, CA
90245
137875
12/23/2020
12/23/2020
6315 - Pest
Park Vista -
Al & Sons
150.00
0.00 3000000183
12/23/2020
Vermin
Control
615 E. Holly
Termite and
Service 12/17/
Avenue El
Pest Control
20
Segundo, CA
Inc.
90245
360.00
0.00
6410 - Electricity
2-02-314-5071
12/22/2020
12/22/2020
6410 -
Park Vista -
Edison
975.92
0.00 5606
12/22/2020
Service 11/12/
Electricity
615 E. Holly
20 - 12/14/20
Avenue El
Segundo, CA
90245
2-22-974-6581
12/22/2020
12/22/2020
6410 -
Park Vista - 109
Edison
126.84
0.00 5607
12/22/2020
Service 11/12/
Electricity
615 E. Holly
20 - 12/14/20
Created on 01/20/2021
Page 6
Bill Detail
Reference Bill Date Due Date Account Property Unit Payee Name
Avenue El
Segundo, CA
90245
6420 - Gas
Paid Unpaid Check # Paid Date Description
1,102.76 0.00
075 005 3297 12/15/2020 12/15/2020 6420 - Gas Park Vista - 109 Gas Company 7.59 0.00 3000000182 12/17/2020 Service 11/2/
8 615 E. Holly 20 - 12/3/20
Avenue El
Segundo, CA
90245
056 105 3200 12/15/2020 12/15/2020 6420 - Gas Park Vista - Gas Company 1,156.38 0.00 3000000182 12/17/2020 Service 11/2/
3 615 E. Holly 20 - 12/3/20
Avenue El
Segundo, CA
90245
1,163.97 0.00
6430 - Water
075-18321-000
12/14/2020
12/14/2020
6430 - Water
Park Vista -
ElSegundo
5,233.93
0.00 ACH
12/14/2020
Service 9/14/
615 E. Holly
Water
20 - 11/13/20
Avenue El
Segundo, CA
90245
075-18411-000
12/14/2020
12/14/2020
6430 - Water
Park Vista -
ElSegundo
241.42
0.00 ACH
12/14/2020
Service 9/14/
615 E. Holly
Water
20 - 11/13/20
Avenue El
Segundo, CA
90245
075-18531-000
12/14/2020
12/14/2020
6430 - Water
Park Vista -
ElSegundo
241.42
0.00 ACH
12/14/2020
Service 9/14/
615 E. Holly
Water
20 - 11/13/20
Avenue El
Segundo, CA
90245
075-18481-000
12/14/2020
12/14/2020
6430 - Water
Park Vista -
ElSegundo
923.13
0.00 ACH
12/14/2020
Service 9/14/
615 E. Holly
Water
20 - 11/13/20
Avenue El
Segundo, CA
90245
6,639.90
0.00
6445 - Telephone/Internet
287272447593 12/04/2020 12/04/2020 6445 - Park Vista - AT&T 23.50 0.00 5589
Telephone/ 615 E. Holly
Internet Avenue El
Segundo, CA
90245
Created on 01/20/2021
12/04/2020 Service 11/17/
20 - 12/16/20
Page 7
Bill Detail
Reference
Bill Date
Due Date
Account
Property Unit
145150448
12/09/2020
12/09/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
149394202
12/14/2020
12/14/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
310-322-5036
12/14/2020
12/14/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
337000205336
12/17/2020
12/17/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
310-640-7156
12/22/2020
12/22/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
310-519-1730
12/22/2020
12/22/2020
6445 -
Park Vista -
Telephone/
615 E. Holly
Internet
Avenue El
Segundo, CA
90245
6455 - Cable/Television
8448 30 006
12/15/2020 12/15/2020 6455 - Cable/
Park Vista -
0255251
Television
615 E. Holly
Avenue El
Segundo, CA
90245
8448 30 006
12/15/2020 12/15/2020 6455 - Cable/
Park Vista -
0017008
Television
615 E. Holly
Avenue El
Segundo, CA
90245
Payee Name
Paid
Unpaid Check #
Paid Date
Description
AT&T
142.80
0.00 5593
12/09/2020
Service 11/27/
20-12/28/20
AT&T
231.90
0.00 5596
12/14/2020
Service12/3/20
- 1 /2/2021
AT&T
507.49
0.00 5595
12/14/2020
Service 12/4/
20 - 1/3/2021
AT&T
103.42
0.00 5603
12/17/2020
Service 12/9/
20 - 1/8/2021
AT&T
416.41
0.00 5604
12/22/2020
Service 12/5/
20-1/4/20
AT&T
200.42
0.00 5605
12/22/2020
Service 12/13/
20 - 1/12/20
Spectrum
Spectrum
1,625.94
17.16
4,657.00
4,674.16
0.00
0.00 5600
0.00 5599
0.00
12/15/2020 Service 11/30/
20 - 12/29/20
12/15/2020 Service 12/4/
20 - 1/3/21
Created on 01/20/2021 Page 8
Bill Detail
Reference Bill Date Due Date Account Property Unit
7620 - Professional Fees
0013133-IN 12/14/2020 12/14/2020 7620 - Park Vista -
Professional 615 E. Holly
Fees Avenue El
Segundo, CA
90245
Total
Payee Name Paid Unpaid Check # Paid Date Description
HSRDS 5,500.00 0.00 5597
55,325.11 0.00
12/14/2020 Audit of
financial
statements for
12/31 /2019
Created on 01/20/2021
Page 9
Budget - Comparative
Properties: Park Vista - 615 E.
Holly Avenue
El Segundo, CA 90245
Period Range: Dec 2020 to Dec 2020
Comparison Period Range: Dec
2019 to
Dec 2019
Accounting Basis: Cash
Level of Detail: Detail View
Comparison
Comparison
Comparison $
Comparison %
Account Name Period Actual
Period Budget Period $
Variance
Period % Variance
Actual
Budget
Variance
Variance
Income
RENT
Rent Income
59,527.00
62,000.00
-2,473.00
-3.99%
60,032.75
58,900.00
1,132.75
1.92%
Parking Income
1,445.00
1,250.00
195.00
15.60%
1,427.50
1,450.00
-22.50
-1.55%
Total RENT
60,972.00
63,250.00
-2,278.00
-3.60%
61,460.25
60,350.00
1,110.25
1.84%
Prepayment
-10.00
0.00
-10.00
0.00%
-300.00
0.00
-300.00
0.00%
Laundry Income
627.25
415.00
212.25
51.14%
349.36
415.00
-65.64
-15.82%
Total Budgeted
61,589.25
63,665.00
-2,075.75
-3.26%
61,509.61
60,765.00
744.61
1.23%
Operating Income
Expense
Fire Service
0.00
335.00
335.00
100.00%
4,996.28
335.00
-4,661.28
-1,391.43%
Maintenance
7,817.53
13,000.00
5,182.47
39.87%
13,227.84
8,000.00
-5,227.84
-65.35%
Elevator service
2,723.48
850.00
-1,873.48
-220.41 %
0.00
850.00
850.00
100.00%
Gardening
1,688.90
1,350.00
-338.90
-25.10%
1,155.00
1,350.00
195.00
14.44%
Management
19,986.35
14,500.00
-5,486.35
-37.84%
14,500.00
14,500.00
0.00
0.00%
Fees
Pest Control
360.00
400.00
40.00
10.00%
205.00
291.66
86.66
29.71 %
Licenses and
0.00
35.00
35.00
100.00%
0.00
35.00
35.00
100.00%
Permits
Electricity
1,102.76
1,700.00
597.24
35.13%
1,069.94
1,500.00
430.06
28.67%
Gas
1,163.97
1,000.00
-163.97
-16.40%
1,020.92
950.00
-70.92
-7.47%
Water
6,639.90
3,750.00
-2,889.90
-77.06%
6,367.33
3,750.00
-2,617.33
-69.80%
Telephone/
1,625.94
1,250.00
-375.94
-30.08%
717.41
1,000.00
282.59
28.26%
Internet
Cable/Television
4,674.16
4,500.00
-174.16
-3.87%
4,362.90
4,300.00
-62.90
-1.46%
Office Supplies
0.00
300.00
300.00
100.00%
276.43
300.00
23.57
7.86%
Uniforms
0.00
50.00
50.00
100.00%
0.00
50.00
50.00
100.00%
Advertising &
0.00
625.00
625.00
100.00%
451.28
625.00
173.72
27.80%
Promotion
Entertainment
0.00
150.00
150.00
100.00%
0.00
150.00
150.00
100.00%
Created on 01/20/2021
Page 1
Budget - Comparative
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Bank Service
0.00
6.25
6.25
100.00%
Fees
Postage
0.00
10.41
10.41
100.00%
Professional Fees
5,500.00
500.00
-5,000.00
-1,000.00%
Total Budgeted
53,282.99
44,311.66
-8,971.33
-20.25%
Operating
Expense
Total Budgeted
61,589.25
63,665.00
-2,075.75
-3.26%
Operating Income
Total Budgeted
53,282.99
44,311.66
-8,971.33
-20.25%
Operating Expense
NOI - Net
8,306.26
19,353.34
-11,047.08
-57.08%
Operating Income
Other Income
Interest on Bank
396.42
250.00
146.42
58.57%
Accounts
Total Budgeted
396.42
250.00
146.42
58.57%
Other Income
Net Other Income
396.42
250.00
146.42
58.57%
Total Budgeted
61,985.67
63,915.00
-1,929.33
-3.02%
Income
Total Budgeted
53,282.99
44,311.66
-8,971.33
-20.25%
Expense
Net Income
8,702.68
19,603.34
-10,900.66
-55.61%
Cash
Cash in Bank
7,739.26
0.00
-7,739.26
0.00%
Park Vista -
7.78
0.00
-7.78
0.00%
Grandpoint
Account
Park Vista
387.74
0.00
-387.74
0.00%
Reserve Account
- LAIF
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
0.00
6.25
6.25
100.00%
0.00
10.41
10.41
100.00%
0.00
458.33
458.33
100.00%
48,350.33
38,461.65
-9,888.68
-25.71 %
61,509.61
60,765.00
744.61
1.23%
48,350.33
38,461.65
-9,888.68
-25.71 %
13,159.28
22,303.35
-9,144.07
-41.00%
1,456.35
50.00
1,406.35
2,812.70%
1,456.35
50.00
1,406.35
2,812.70%
1,456.35
50.00
1,406.35
2,812.70%
62,965.96
60,815.00
2,150.96
3.54%
48,350.33
38,461.65
-9,888.68
-25.71 %
14,615.63
22,353.35
-7,737.72
-34.62%
13,507.28
0.00
-13,507.28
0.00%
7.80
0.00
-7.80
0.00%
1,444.79
0.00
-1,444.79
0.00%
Created on 01/20/2021
Page 2
Budget - Comparative
Account Name Period
Actual
Period Budget
Period $ Variance
Period % Variance
Park Vista Money
0.90
0.00
-0.90
0.00%
Market Account -
CHASE
Total Budgeted
8,135.68
0.00
-8,135.68
0.00%
Cash
Liability
Key Deposit
0.00
0.00
0.00
0.00%
Security Deposit
-567.00
0.00
-567.00
0.00%
Total Budgeted
-567.00
0.00
-567.00
0.00%
Liability
Comparison
Comparison
Comparison $
Comparison %
Actual
Budget
Variance
Variance
3.76
0.00
-3.76
0.00%
14,963.63
0.00
-14,963.63
0.00%
20.00
0.00
20.00
328.00
0.00
328.00
348.00
0.00
348.00
0.00%
0.00%
0.00%
Created on 01/20/2021
Page 3
DRAFT 2019 AUDIT
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
dba PARK VISTA
FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
.]
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
TABLE OF CONTENTS
Independent Auditors' Report
Financial Statements
Statements of Financial Position
Statements of Activities
Statements of Cash Flows
Notes to Financial Statements
Supplementary Information
Schedules of Administrative, Utilities, Maintenance,
Taxes, and Insurance Expenses
Paqe
1 -2
3
4
5
6-11
12
HSRDS
JOANNE HOFFMAN, CPA, CFE, MBA
JIM SHORT, CPA.CITP, CVA
CRAIG R. RUBIN, CPA
HOFFMAN • SHORT
RUBIN • DEWINTER • SANDERSON
AN ACCOUNTANCY CORPORATION WWW.HSRDSCPAS.COM
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
El Segundo Senior Citizen Housing Corporation
dba Park Vista
Report on the Financial Statements
ANEELA DEWINTER, CPA
JOANN G. SANDERSON, CPA/PFS
DALE L. MONTGOMERY, CPA/EMERITUS
We have audited the accompanying financial statements of El Segundo Citizen Housing Corporation dba
Park Vista, which comprise the statements of financial position as of December 31, 2019 and 2018, and the
related statements of activities and cash flows for the years then ended, and the related notes to the
financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted
our audits in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the Entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal
control. Accordingly, we express no such opinion. An audit includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our
audit opinion.
PH: 626.932.0100 • 626.915.7666 1037 PARK VIEW DRIVE • COVINA, CA 91724 Fx: 626.932.0095 • 626.331.7607
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of El Segundo Senior Citizen Housing Corporation dba Park Vista, as of December 31, 2019 and
2018, and the changes in its net assets and its cash flows for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 2 to the financial statements, the Organization has adopted the Financial Accounting
Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows
(Topic 230): Restricted Cash. The requirements of the ASU have been applied retrospectively to all periods
presented. Our opinion is not modified with respect to this matter.
Report on Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a
whole. The accompanying supplementary information shown on page 12 is presented for the purposes of
additional analysis and is not a required part of the financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and
other records used to prepare the financial statements. The information has been subjected to the auditing
procedures applied in the audits of the financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the information is fairly stated in all material respects in relation to the financial statements as a whole.
IL 1\
<*/., Stpa , � SaP4e(&9h
HOFFMAN, SHORT, RUBIN, DEWINTER, SANDERSON
AN ACCOUNTANCY CORPORATION
Covina, California
November 5, 2020
Lead Auditor: Aneela DeWinter, CPA Employer Identification Number: 81-3709413
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF FINANCIAL POSITION
December 31, 2019 and 2018
CURRENT ASSETS
Cash and cash equivalents (Note 2)
Restricted cash (Notes 2 and 3)
Prepaid expenses
Total Current Assets
PROPERTY AND EQUIPMENT (Note 2)
Building improvements
Equipment
Furnishings
Total Property and Equipment
Less: accumulated depreciation
Net Property and Equipment
Total Assets
CURRENT LIABILITIES
Accounts payable
Prepaid rent
Total Current Liabilities
TENANT SECURITY DEPOSITS
Total Liabilities
NET ASSETS (Note 2)
Without donor restrictions
Undesignated
Designated by the City
Total Net Assets
Total Liabilities and Net Assets
ASSETS
n3
LIABILITIES AND NET ASSETS
2019 2018
$ 427,887
$ 800,002
836,834
216,298
4,836
4,581
1,269,557
1,020,881
1,046,041
1,046,041
144,679
144,679
153,863
153,863
1,344,583
1,344,583
893,569
852,560
451,014
492,023
$ 1,720,571
$ 1,512,904
$ 12,441
$ 3,412
3,317
3,144
15,758
6,556
55,892
51,345
71,650
57,901
812,087 1,238,705
836,834 216,298
1,648,921 1,455,003
$ 1,720,571 $ 1,512,904
The accompanying Notes to Financial Statements
are an integral part of these statements
-3-
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF ACTIVITIES
Years Ended December 31, 2019 and 2018
REVENUES
Rent
Parking
Interest
Other revenue
Total Revenue
EXPENSES
Administrative
Management fees
Utilities
Operating and maintenance
Licenses and permits
Insurance
Depreciation
Total Expenses �♦
Change in Net Assets Without Donor Restrictions
Previous Year Net Assets Without Donor Restrictions
Net Assets Without Donor Restrictions
2019
$ 734,578
23,108
8,268
4,406
770,360
54,639
174,000
120,942
164,641
2,121
19,090
41.009
576,442
193,918
1,455,003
$ 1,648,921
The accompanying Notes to Financial Statements
are an integral part of these statements
2018
$ 694,137
17,278
4,327
5,507
721,249
37,995
174,000
115,730
155,824
75
18,261
41,276
543,161
178,088
1,276,915
$ 1,455,003
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2019 and 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
Adjustments to reconcile change in net assets
to net cash provided by operating activities:
Depreciation
(Increase) decrease in assets:
Prepaid expenses
Security deposits, net
Increase (decrease) in liabilities:
Accounts payable
Prepaid rent
Net Cash Provided by Operating Activities
40*
Net Increase in Cash
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year
Cash, Cash Equivalents, and Restricted Cash at End of Year
Cash, Cash Equivalents, and Restricted Cash Comprised of:
Cash in bank - checking
Cash in bank - savings
Restricted cash
Total
2019
2018
$ 193,918 $
178,088
41,009
41,276
(255)
(62)
4,547
2,626
9,029 817
173 (1,259)
248,421 221,486
248,421 221,486
1,016,300 794,814
$ 1,264,721 $ 1,016,300
$ 320,035
$ 692,193
107,852
107,809
836,834
216,298
$ 1,264,721
$ 1,016,300
The accompanying Notes to Financial Statements
are an integral part of these statements
-5-
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
El Segundo Senior Citizen Housing Corporation dba Park Vista ("the Corporation") is a California nonprofit
public benefit corporation formed by the City of El Segundo ("the City") in 1984 to operate a low income
senior apartment complex. The apartment complex was built and funded by the City. In 1987, the complex
was ready for occupancy and was turned over to the Corporation for operation and management. The
Corporation is governed by a seven -member Board of Directors which is appointed by the City Council. All
members of the Board of Directors are unpaid volunteers.
The apartment complex consists of 97 apartment units, known as Park Vista ("the Project"), located at 615
East Holly Avenue in the City of El Segundo. The Corporation is responsible for the operation of Park
Vista pursuant to an Operating Agreement dated May 6, 1986, between the City and the Corporation (see
Note 4).
The Park Vista apartment complex is owned by the City of El Segundo and is recorded as 'Asset' under
the Enterprise Fund of the City. The Corporation's role is to oversee its operation and management of the
apartment complex. The facility is managed by an independent property management company (see Note
4).
The accompanying financial statements are those of the Corporation and do not represent the financial
statements of El Segundo Senior Citizen Housing Corporation dba Park Vista.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements are prepared on the accrual basis of accounting and in accordance with U.S.
generally accepted accounting principles.
New Accounting Pronouncement
ASU No. 2016-18 - In November 2016, the Financial Accounting Standards Board (FASB) issued ASU No.
2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 requires entities to show
the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the
statement of cash flows. As a result, entities will no longer present transfers between cash and cash
equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The ASU
requires changes in the entity's restricted cash to be classified as either operating activities, investing
activities or financing activities in the Statement of Cash Flows, depending on the nature of the activities
that gave rise to the restriction. The new standard is effective for annual reporting periods beginning after
December 15, 2018, including interim reporting periods within those annual reporting periods. The
Organization adopted ASU 2016-18 for year ended December 31, 2019 using the retrospective transition
method for each period presented. Other than this reclassification, the adoption of ASU 2016-18 did not
have a material effect on the Organization's financial position, results of operations or cash flows.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Project considers all highly liquid debt instruments
purchased with an initial maturity of three months or less to be cash equivalents.
M
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Accounts Receivable and Bad Debts
Tenant receivables are charged to bad debt expense when they are determined to be uncollectible based
upon a periodic review of the accounts by management. Accounting principles generally accepted in the
United States of America require that the allowance method be used to recognize bad debts; however, the
effect of using the direct write-off method is not materially different from the results that would have been
obtained under the allowance method. There were no bad debt write-offs in 2019 and 2018.
Proaerty and Eauiament and Deoreciation
Property and equipment are stated at cost. Assets are depreciated over their estimated useful lives using
the straight-line method. The estimated useful lives range from 5 to 27.5 years. Major additions,
betterments and improvements are capitalized, while expenditures for maintenance and repairs are
charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts
are reduced by the related costs and accumulated depreciation. Depreciation expense as of December
31, 2019 and 2018, was $41,009 and $41,276, respectively.
The Project is subject to the provisions of the Impairment or Disposal of Long -Lived Assets topic of the
FASB Accounting Standard Codification (ASC) 260-10. Impairment or Disposal of Long -Lived Assets had
no retroactive impact on the Project's financial statements. The standard requires impairment losses to be
recorded on long-lived assets when indicators of impairments are present and the undiscounted cash
flows estimated to be generated by those assets (excluding interest) are less than the carrying value of the
assets. In such cases, the carrying value of the assets are to be held and used are adjusted to their
estimated fair value and assets for sale are adjusted to their estimated fair value less selling expenses.
No impairment loss was recognized during the years ended December 31, 2019 and 2018.
Rental Revenue
Rental revenue is recognized as rents become due. Rental payments received in advance are deferred
until earned. All leases between Project and tenants of the property are operating leases.
Advertisinq Costs
Advertising and marketing costs are expensed as incurred. Advertising expenses for the years ended
December 31, 2019 and 2018 were $-0-, in each year.
Income Taxes
The Project is exempt from federal and state income taxes under Section 501(c)(3) of the Internal
Revenue Code and Section 23701(d) of the California Revenue and Taxation Code, respectively.
Accordingly, no provision for income taxes is included in the financial statements.
The Project's federal and state income tax returns are subject to possible examination by the taxing
authorities until the expiration of the related statutes of limitations on those tax returns. In general, the
federal income tax returns have a three year statute of limitations, and the state income tax returns have a
four year statute of limitations.
-7-
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Taxes (continued)
The Project evaluates all significant tax positions. As of December 31, 2019 and 2018, the Project does
not believe that it has taken any positions that would require the recording of any additional tax liability nor
does it believe that there are any unrealized tax benefits that would either increase or decrease within the
next year. It is the Project's policy to recognize any interest and penalties in the year incurred. There was
no interest or penalties incurred in 2019 and 2018.
Descriation of Net Assets
The Project is subject to provisions of Presentation of Financial Statements for Not -for -Profit Entities
(Topic 958) of the FASB Accounting Standards Update ASU No. 2016-14. This guidance revised the net
asset classification requirements and the information presented in the financial statements and notes
about a not -for -profit entity's liquidity, financial performance, and cash flows. The main provisions of this
guidance include: presentation of two classes of net assets versus the previously required three; enhances
disclosures for board designated amounts, compositions of net assets with donor restrictions and how the
restrictions affect the use of resources, qualitative and quantitative information about the liquidity and
availability of financial assets to meet general expenditures within one year of the balance sheet date, and
expenses by both their natural and functional classification, including methods used to allocate costs
among program and support functions.
Net assets are classified based on existence or absence of donor -imposed restrictions as follows:
Without Donor Restrictions - Undesignated are resources available to support operations and not
subject to donor restrictions. The only limits on the use of net assets without donor restrictions are
the broad limits resulting from the nature of the Organization, the environment in which it operates,
the purposes specified in the corporate documents and its application for tax-exempt status, and
any limits resulting from contractual agreements with creditors and others that are entered into in
the course of its operations.
Designated by the City are funds held by the City in accordance with the Agreement for
Investment of Funds, entered into on May 20,1998, by and between the City and the Corporation.
The Corporation has access to the funds within 14 days of providing notice to the City of its desire
to withdraw some or all of the funds. Under this Agreement, the City is holding these funds in its
investment pool and as of December 31, 2019 and 2018, the balances are $836,834 and
$216,298, respectively.
Use of Estimates
Management uses estimates and assumptions in preparing financial statements in accordance with U.S.
generally accepted accounting principles. Those estimates and assumptions affect the reported amounts
of assets and liabilities, the disclosure or contingent assets and liabilities and the reported revenues and
expenses. Actual results could vary from the estimates that were utilized in preparing the financial
statements.
IRIN
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair Value Measurement
In accordance with U.S. GAAP, valuation techniques are based on observable and unobservable inputs.
Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs are
internally derived, reflecting what the reporting entity believes to be market assumptions. U.S. GAAP
classifies these inputs into the following hierarchy:
Level One Inputs — Quoted prices for identical instruments in active market.
• Level Two Inputs — Quoted prices for identical instruments in active market; quoted prices for
identical or similar instruments in markets that are not active; and model derived valuations whose
inputs are observable or whose significant value drivers are observable.
• Level Three Inputs — Instruments with primarily unobservable value drivers.
In adopting the fair value measurement in accordance with U.S. GAAP, related disclosures are segregated
for assets and liabilities measured at fair value based on the level used within the hierarchy to determine
their fair values. These standards do not have any financial impact on the Project's financial statements.
There are no Level Two or Three Inputs contained in these statements.
Reclassifications
1�
Certain amounts have been reclassified in the 2018 financial statements to be comparative with the
amounts reported in 2019. These reclassifications have no effect on the Corporation's previously reported
net assets and changes in net assets, or cash flows.
3. RESTRICTED CASH
Investment with City
Investment with City are funds held by the City in accordance with the Agreement for Investment of Funds,
entered into on May 20,1998, by and between the City and the Corporation. The Corporation has access
to the funds within 14 days of providing notice to the City of its desire to withdraw some or all of the funds.
Under this Agreement, the City is holding these funds in its investment pool. During 2019, it was decided
by the Board of Directors to transfer $612,472 from the operating account to the Investment with City
account.
As of December 31, 2019 and 2018 restricted cash consists of the following:
Beginning Ending
Balance Additions Deductions Balance
Investment with City $ 216,298 $ 620,536 $ - $ 836,834
Total $ 216,298 $ 620,536 $ - $ 836,834
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
4. FACILITY OPERATIONS — OPERATING AND MANAGEMENT AGREEMENTS / RELATED PARTY
TRANSACTIONS
Operating Agreement - On May 6, 1986, the City entered into an Operating Agreement with the
Corporation to operate and manage the Park Vista facility for the City. This Agreement provides that the
Corporation's relationship with the City is one of an independent contractor and that the City, through its
City Council, at all times has ultimate control and authority overthe Park Vista facility. Under the Operating
Agreement, the Corporation (through its Board of Directors) is charged with preparing an annual Plan of
Operation which covers matters necessary and appropriate to the efficient and effective management of
the Park Vista facility. The Plan of Operation includes such items as eligibility standards, rental contracts,
rental rates, methods and standards for general maintenance and upkeep of the facility, insurance
coverage, ongoing management of the facility through the retention of a professional real estate
management firm and a recommended annual budget.
The Operating Agreement provides that the Corporation is responsible for hiring, supervising and
discharging of employees, contractors and other persons necessary to properly maintain and operate the
Park Vista facility. The Corporation also must maintain the Park Vista facility in good order and condition
according to standards consistent with the Plan of Operation. The Operating Agreement further requires
that any check drawn in an amount equal to or greater than $5,000 shall require the signature of the City
Treasurer. Finally, the Agreement provides that it may be terminated by either the City or by the
Corporation at any time upon giving at least thirty days prior written notice of such termination.
Property Management Agreement - The Corporation entered into a Management Agreement with
Cadman Group, a property management firm. The Agreement provides that Cadman Group will manage,
maintain, operate, lease and rent the Park Vista units for the Corporation. The terms of service also
provides that Cadman Group will: hire, discharge and supervise all labor required for the operation and
maintenance of the property as employees of Cadman Group; make repairs and alterations, decorations
of the premises, purchases of supplies, and payments of all bills of the Park Vista facility; assume
responsibility for periodic cleaning and maintenance of the facility as provided in the Agreement. The
Property Management Agreement provides compensation at $14,500 per month, which include rent
payments and payroll related expenses. Total management fees for the years ended December 31, 2019
and 2018 was $174,000, each year.
Will
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2019 and 2018
5. LIQUIDITY AND FUNDS AVAILABLE
The following reflects El Segundo Senior Citizen Housing Corporation dba Park Vista's financial assets as
of December 31, 2019 and 2018, reduced by amounts not available for general use because of contractual
or donor -imposed restrictions within one year of the statement of financial position date.
Financial assets available to meet cash needs for general expenditures within one year as December 31,
2019 and 2018:
Financial assets
Cash and cash equivalents
Investment with City
Total Financial Assets
Less those unavailable for general expenditure
within one year, due to:
Investment with City not available
within the next 12 months
Financial Assets Available to Meet Cash Needs
for General Expenditures within One Year
6. SUBSEQUENT EVENTS
2019
2018
$ 107,852 $ 800,002
836,834 216,298
$ 944,686 $ 1,016,300
(836,834) (216,298)
$ 107,852 $ 800,002
The Project has evaluated events and transactions occurring subsequent to the statement of financial
position date of December 31, 2019 for items that should potentially be recognized or disclosed in these
financial statements. The evaluation was conducted through November 5, 2020, the date these financial
statements were available to be issued. Except for the matter noted below, there were no subsequent
events requiring adjustments to or disclosures of as stated herein.
In recent months, the COVID-19 outbreak in the United States has caused some business disruption and
as a result, economic uncertainties have arisen which are likely to negatively impact the Project's
operating results. However, the related financial impact and duration cannot be reasonably estimated at
this time.
- 11 -
EL SEGUNDO SENIOR CITIZEN HOUSING CORPORATION
SCHEDULES OF ADMINISTRATIVE, UTILITIES, MAINTENANCE,
TAXES AND INSURANCE EXPENSES
ADMINISTRATIVE EXPENSES
Office expenses
Manager rent-free unit
Auditing
Telephone
Miscellaneous administrative
Total Administrative
MANAGEMENT FEES
UTILITIES
Electricity
Water
Gas
Cable TV
Total Utilities
MAINTENANCE EXPENSES
Janitorial contract
Exterminating contract
Ground contract
Repairs material
Repairs contract
Elevator maintenance
Decorating contract
Decorating supplies
Fire protection expense
Total Maintenance
LICENSES AND PERMITS
Miscellaneous
INSURANCE EXPENSE
Property insurance
Years Ended December 31, 2019 and 2018
See Independent Auditors' Report
2019
$ 3,284
27,000
5,000
12,512
6,843
$ 54,639
2018
$ 2,812
12,600
5,000
10,221
7,362
$ 37,995
$ 174,000 $ 174,000
$ 17,303
39,281
11,921
52,437
$ 120,942
$ 21,230
4,361
14,144
11,010
49,309
12,383
23,063
20,920
8,221
$ 164,641
$ 2,121
$ 16,249
39,885
10,032
49,564
$ 115,730
$ 21,290
3,302
16,937
43,676
33,386
11,217
10,798
11,400
3,818
$ 155,824
$ 75
$ 19,090 $ 18,261
-12-
2021 PARK VISTA OPERATING BUDGET
Budget Detail
Cadman Group
Properties: Park Vista
- 615 E.
Holly Avenue
El Segundo, CA 90245
Period Range: Jan
2021 to Dec 2021
Consolidate: No
Account Name
Jan 2021
Feb 2021
Mar 2021
Apr 2021
May 2021
Jun 2021
Jul 2021
Aug 2021
Sep 2021
Oct 2021
Nov 2021
Dec 2021
Total
Percent
Park Vista - 615 E. Holly Avenue El Segundo, CA 90245 - Fiscal 2021 Budget
Income
RENT
Rent Income
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
63,562.00
762,744.00
100.14
Parking
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
1,445.00
17,340.00
2.28
Income
Total RENT
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
65,007.00
780,084.00
102.41
Vacancy
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-1,906.86
-22,882.32
-3.00
Laundry
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
4,500.00
0.59
Income
Total Budgeted
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
761,701.68
100.00
Income
Expense
Fire Service
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
6,000.00
0.98
Maintenance
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
13,000.00
156,000.00
25.51
Elevator
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
15,000.00
2.45
service
Gardening
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
1,250.00
15,000.00
2.45
Management
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
210,000.00
34.33
Fees
Pest Control
400.00
400.00
400.00
400.00
400.00
400.00
400.00
400.00
400.00
400.00
400.00
400.00
4,800.00
0.78
Insurance -
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
35,000.00
0.00
0.00
35,000.00
5.72
Property
Licenses and
0.00
0.00
0.00
75.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
75.00
0.01
Permits
Electricity
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
1,700.00
20,400.00
3.34
Gas
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
1,200.00
14,400.00
2.35
Water
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
3,500.00
42,000.00
6.87
Telephone/
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
1,300.00
15,600.00
2.55
Internet
Cable/
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
4,700.00
56,400.00
9.22
Television
Office Supplies
300.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
3,600.00
0.59
Created on 01/20/2021
Page 1
Budget Detail
Account Name
Jan 2021
Feb 2021
Mar 2021
Apr 2021
May 2021
Jun 2021
Jul 2021
Aug 2021
Sep 2021
Oct 2021
Nov 2021
Dec 2021
Total
Percent
Uniforms
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
480.00
0.08
Advertising &
250.00
250.00
250.00
250.00
250.00
250.00
250.00
6,000.00
250.00
250.00
250.00
250.00
8,750.00
1.43
Promotion
Entertainment
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,000.00
0.00
0.00
0.00
0.00
2,000.00
0.33
Bank Service
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
75.00
0.01
Fees
Postage
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
60.00
0.01
Professional
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
6,000.00
0.98
Fees
Total Budgeted
49,901.25
49,901.25
49,901.25
49,976.25
49,901.25
49,901.25
44,901.25
52,651.25
44,901.25
79,901.25
44,901.25
44,901.25
611,640.00
100.00
Expense
Total Budgeted
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
63,475.14
761,701.68
100.00
Income
Total Budgeted
49,901.25
49,901.25
49,901.25
49,976.25
49,901.25
49,901.25
44,901.25
52,651.25
44,901.25
79,901.25
44,901.25
44,901.25
611,640.00
100.00
Expense
Net Operating
13,573.89
13,573.89
13,573.89
13,498.89
13,573.89
13,573.89
18,573.89
10,823.89
18,573.89
-16,426.11
18,573.89
18,573.89
150,061.68
100.00
Income
Other Income
Interest on
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
7,200.00
100.00
Bank Accounts
Total Budgeted
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
7,200.00
100.00
Other Income
Created on 01/20/2021 Page 2
Budget - Comparative
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 9024E
Period Range: Jan 2020 to Dec 2020
Comparison Period Range: Jan 2020 to Jan 2020
Accounting Basis: Cash
Level of Detail: Detail View
Account Name
Income
RENT
Rent Income
Parking Income
Total RENT
Maintenance Charge (Income Account)
Prepayment
NSF Bank Fees Collected
Laundry Income
Total Budgeted Operating Income
Expense
Fire Service
Maintenance
Elevator service
Gardening
Management Fees
Pest Control
Insurance - Property
Licenses and Permits
Electricity
Gas
Water
Telephone/Internet
Cable/Television
Office Supplies
Uniforms
Advertising & Promotion
Entertainment
Bank Service Fees
Period Actual
723,689.59
17,295.00
740,984.59
452.12
26.50
50.00
4,533.58
746,046.79
Period Budget
744,000.00
15,000.00
759,000.00
0.00
0.00
0.00
4,980.00
763,980.00
Period $ Variance
-20,310.41
2,295.00
-18,015.41
452.12
26.50
50.00
-446.42
-17,933.21
Period % Variance
-2.73%
15.30%
-2.37%
0.00%
0.00%
0.00%
-8.96%
-2.35%
5,845.06
4,020.00
-1,825.06
-45.40%
131,792.36
156,000.00
24,207.64
15.52%
17,401.03
10,200.00
-7,201.03
-70.60%
13,273.00
16,200.00
2,927.00
18.07%
223,288.05
174,000.00
-49,288.05
-28.33%
3,965.00
4,800.00
835.00
17.40%
41,011.00
21,000.00
-20,011.00
-95.29%
75.00
420.00
345.00
82.14%
16,746.50
20,400.00
3,653.50
17.91
%
13,178.94
12,000.00
-1,178.94
-9.82%
39,503.18
45,000.00
5,496.82
12.22%
15,372.72
15,000.00
-372.72
-2.48%
55,700.14
54,000.00
-1,700.14
-3.15%
2,073.23
3,600.00
1,526.77
42.41
%
331.43
600.00
268.57
44.76%
256.36
7,500.00
7,243.64
96.58%
0.00
1,800.00
1,800.00
100.00%
29.00
75.00
46.00
61.33%
Created on 01/20/2021 Page 1
Budget - Comparative
Account Name
Postage
Professional Fees
Total Budgeted Operating Expense
Total Budgeted Operating Income
Total Budgeted Operating Expense
NOI - Net Operating Income
Other Income
Interest on Bank Accounts
Total Budgeted Other Income
Net Other Income
Total Budgeted Income
Total Budgeted Expense
Net Income
Cash
Cash in Bank
Park Vista - Grandpoint Account
Park Vista Business Checking Account - CHASE
Park Vista Reserve Account - LAIF
Park Vista Money Market Account - CHASE
Total Budgeted Cash
Liability
Pet Deposit
Key Deposit
Security Deposit
Total Budgeted Liability
Period Actual
0.00
5,500.00
Period Budget
125.00
6,000.00
Period $ Variance
125.00
500.00
585,342.00
552,740.00
-32,602.00
746,046.79
763,980.00
-17,933.21
585,342.00
552,740.00
-32,602.00
160,704.79
211,240.00
-50,535.21
9,932.60
3,000.00
6,932.60
9,932.60
3,000.00
6,932.60
9,932.60
3,000.00
6,932.60
755,979.39
766,980.00
-11,000.61
585,342.00
552,740.00
-32,602.00
170,637.39
214,240.00
-43,602.61
160,264.79
0.00
-160,264.79
91.86
0.00
-91.86
10.00
0.00
-10.00
9,821.76
0.00
-9,821.76
28.98
0.00
-28.98
170,217.39
0.00
-170,217.39
200.00
0.00
200.00
140.00
0.00
140.00
-760.00
0.00
-760.00
-420.00
0.00
-420.00
Period % Variance
100.00%
8.33%
-5.90%
-2.35%
-5.90%
-23.92%
231.09%
231.09%
231.09%
-1.43%
-5.90%
-20.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Created on 01/20/2021
Page 2
Budget - Comparative
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 9024E
Period Range: Jan 2019 to Dec 2019
Comparison Period Range: Jan 2020 to Jan 2020
Accounting Basis: Cash
Level of Detail: Detail View
Account Name
Income
RENT
Rent Income
Parking Income
Total RENT
Prepayment
NSF Bank Fees Collected
Laundry Income
Late Fee
Total Budgeted Operating Income
Expense
Fire Service
Maintenance
Elevator service
Gardening
Management Fees
Pest Control
Insurance - Property
Licenses and Permits
Electricity
Gas
Water
Telephone/Internet
Cable/Television
Office Supplies
Uniforms
Advertising & Promotion
Entertainment
Bank Service Fees
Period Actual
707,577.60
23,107.50
730,685.10
172.75
100.00
4,231.25
75.00
735,264.10
Period Budget
706,800.00
17,400.00
724,200.00
0.00
0.00
4,980.00
0.00
729,180.00
Period $ Variance
777.60
5,707.50
6,485.10
172.75
100.00
-748.75
75.00
6,084.10
Period % Variance
0.11%
32.80%
0.90%
0.00%
0.00%
-15.04%
0.00%
0.83%
7,175.74
4,020.00
-3,155.74
-78.50%
125,808.36
96,000.00
-29,808.36
-31.05%
7,851.94
10,200.00
2,348.06
23.02%
13,165.10
16,200.00
3,034.90
18.73%
172,200.00
174,000.00
1,800.00
1.03%
4,361.00
3,500.00
-861.00
-24.60%
19,345.00
19,000.00
-345.00
-1.82%
2,120.70
420.00
-1,700.70
-404.93%
16,304.89
18,000.00
1,695.11
9.42%
11,639.32
11,400.00
-239.32
-2.10%
39,281.16
45,000.00
5,718.84
12.71
%
12,512.38
12,000.00
-512.38
-4.27%
52,436.97
51,600.00
-836.97
-1.62%
3,243.82
3,600.00
356.18
9.89%
0.00
600.00
600.00
100.00%
6,782.67
7,500.00
717.33
9.56%
0.00
1,800.00
1,800.00
100.00%
36.00
75.00
39.00
52.00%
Created on 01/20/2021 Page 1
Budget - Comparative
Account Name
Period Actual
Period Budget
Period $ Variance
Period % Variance
Postage
24.32
125.00
100.68
80.54%
Professional Fees
5,000.00
5,500.00
500.00
9.09%
Total Budgeted Operating Expense
499,289.37
480,540.00
-18,749.37
-3.90%
Total Budgeted Operating Income
735,264.10
729,180.00
6,084.10
0.83%
Total Budgeted Operating Expense
499,289.37
480,540.00
-18,749.37
-3.90%
NOI - Net Operating Income
235,974.73
248,640.00
-12,665.27
-5.09%
Other Income
Interest on Bank Accounts
8,268.17
600.00
7,668.17
1,278.03%
Total Budgeted Other Income
8,268.17
600.00
7,668.17
1,278.03%
Other Expense
Capital Expenditures
Fire Prevention
330.00
0.00
-330.00
0.00%
Total Capital Expenditures
330.00
0.00
-330.00
0.00%
Total Budgeted Other Expense
330.00
0.00
-330.00
0.00%
Net Other Income
7,938.17
600.00
7,338.17
1,223.03%
Total Budgeted Income
743,532.27
729,780.00
13,752.27
1.88%
Total Budgeted Expense
499,619.37
480,540.00
-19,079.37
-3.97%
Net Income
243,912.90
249,240.00
-5,327.10
-2.14%
Asset
Personal Property
39.95
0.00
-39.95
0.00%
Total Budgeted Asset
39.95
0.00
.39.95
0.00%
Cash
Cash in Bank
-372,319.81
0.00
372,319.81
0.00%
Park Vista - Grandpoint Account
160.98
0.00
-160.98
0.00%
Park Vista Reserve Account - LAIF
620,535.89
0.00
-620,535.89
0.00%
Park Vista Money Market Account - CHASE
42.89
0.00
-42.89
0.00%
Created on 01/20/2021 Page 2
Budget - Comparative
Account Name
Total Budgeted Cash
Liability
Pet Deposit
Key Deposit
Security Deposit
Total Budgeted Liability
Period Actual
Period Budget
Period $ Variance
248,419.95
0.00
-248,419.95
400.00
0.00
400.00
410.00
0.00
410.00
3,737.00
0.00
3,737.00
4,547.00
0.00
4,547.00
Period % Variance
0.00%
0.00%
0.00%
0.00%
0.00%
Created on 01/20/2021
Page 3
Budget - Comparative
Properties: Park Vista - 615 E. Holly Avenue El Segundo, CA 9024E
Period Range: Jan 2018 to Dec 2018
Comparison Period Range: Jan 2020 to Jan 2020
Accounting Basis: Cash
Level of Detail: Detail View
Account Name
Income
RENT
Rent Income
Parking Income
Total RENT
Maintenance Charge (Income Account)
Prepayment
NSF Bank Fees Collected
Laundry Income
Late Fee
Total Budgeted Operating Income
Expense
Fire Service
Maintenance
Elevator service
Gardening
Management Fees
Pest Control
Insurance - Property
Licenses and Permits
Electricity
Gas
Water
Telephone/Internet
Cable/Television
Stenographer
Office Supplies
Uniforms
Advertising & Promotion
Period Actual
681,917.23
17,277.83
699,195.06
410.00
-1,638.59
25.00
5,047.01
25.00
703,063.48
Period Budget Period $ Variance
615,000.00 66,917.23
18,000.00-722.17
633,000.00
66,195.06
0.00
410.00
0.00
-1,638.59
0.00
25.00
4,500.00
547.01
0.00
25.00
637,500.00
65,563.48
Period % Variance
10.88%
-4.01 %
10.46%
0.00%
0.00%
0.00%
12.16%
0.00%
10.28%
3,818.40
3,250.00
-568.40
-17.49%
91,939.61
100,000.00
8,060.39
8.06%
11,216.61
8,000.00
-3,216.61
-40.21
%
15,957.80
15,000.00
-957.80
-6.39%
174,000.00
174,000.00
0.00
0.00%
3,302.00
3,500.00
198.00
5.66%
18,323.00
18,500.00
177.00
0.96%
75.00
700.00
625.00
89.29%
16,249.31
20,000.00
3,750.69
18.75%
9,790.92
12,000.00
2,209.08
18.41
%
39,884.80
40,000.00
115.20
0.29%
10,221.49
16,000.00
5,778.51
36.12%
49,564.01
42,000.00
-7,564.01
-18.01
%
0.00
2,400.00
2,400.00
100.00%
2,812.65
1,750.00
-1,062.65
-60.72%
0.00
1,200.00
1,200.00
100.00%
7,317.66
1,500.00
-5,817.66
-387.84%
Created on 01/20/2021 Page 1
Budget - Comparative
Account Name
Entertainment
Bank Service Fees
Postage
Professional Fees
Total Budgeted Operating Expense
Total Budgeted Operating Income
Total Budgeted Operating Expense
NOI - Net Operating Income
Other Income
Interest on Bank Accounts
Total Budgeted Other Income
Other Expense
Capital Expenditures
Capital Improvements
Total Capital Expenditures
Total Budgeted Other Expense
Net Other Income
Total Budgeted Income
Total Budgeted Expense
Net Income
Cash
Cash in Bank
Park Vista - Grandpoint Account
Park Vista Reserve Account - LAIF
Park Vista Money Market Account - CHASE
Total Budgeted Cash
Period Actual
0.00
44.00
0.00
5,000.00
459,517.26
703,063.48
459,517.26
243,546.22
4,092.23
4,092.23
29,012.71
29,012.71
29,012.71
-24,920.48
707,155.71
488,529.97
218,625.74
217,159.51
331.06
-889,872.29
43.12
-672,338.60
Period Budget
2,200.00
75.00
125.00
5,500.00
467,700.00
637,500.00
467,700.00
169,800.00
600.00
600.00
0.00
0.00
0.00
600.00
638,100.00
467,700.00
170,400.00
0.00
0.00
0.00
0.00
0.00
Period $ Variance
2,200.00
31.00
125.00
500.00
8,182.74
65,563.48
8,182.74
73,746.22
3,492.23
3,492.23
-29,012.71
-29,012.71
-29,012.71
-25,520.48
69,055.71
-20,829.97
48,225.74
-217,159.51
-331.06
889,872.29
-43.12
672,338.60
Period % Variance
100.00%
41.33%
100.00%
9.09%
1.75%
10.28%
1.75%
43.43%
582.04%
582.04%
0.00%
0.00%
0.00%
-4,253.41 %
10.82%
-4.45%
28.30%
0.00%
0.00%
0.00%
0.00%
0.00%
Created on 01/20/2021
Page 2
Budget - Comparative
Account Name
Liability
Key Deposit
Security Deposit
Passthrough Cash Account
Total Budgeted Liability
Capital
Retained Earnings
Total Budgeted Capital
Period Actual
Period Budget
Period $ Variance
120.00
0.00
120.00
2,486.00
0.00
2,486.00
20.00
0.00
20.00
2,626.00
0.00
2,626.00
-893,590.34
0.00
-893,590.34
-893,590.34
0.00
-893,590.34
Period % Variance
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Created on 01/20/2021
Page 3
PREVIEW OF DRAFT PRESENTATION TO CITY
COUNCIL
Park Vista:
State of the Union
Paul Lanyi for the PV Board
Feb X, 2021
Background
Current State
Future Challenges
Options
Board Discussions/Decisions
City Council To Consider
Park Vista Background
• Senior living facility
• Built in 1987
• 97 residential units
• Rent for current units at -50% of 2018 market rates
0 1 bedroom = $960/month
o Studio = $705/month
FDFRAFT
Park Vista Background (2) FDFRAFT
• On average 4 units turn each year
• Approximately 75% of 96 units not paying 50% of market rates
o Some residents have been at PV for 30 years
o Others, average tenure 15 - 20 years
o -75% not paying 50% of current market rate
• Rent increases of 1- 2% have been passed sporadically by the Board in
recent years
• Held first joint Future discussion last year with the City including
Public Works, Finance, The Cadman Group and members of the Board
o Reviewed Replacement Reserves Report visa vis finances
The Big Questions
FDFRAFT
• What is the purpose of Park Vista?
• To what degree must it support itself?
• Without concrete direction -- specific instruction -- we
can't be successful stewards
Current Status
FDFRAFT
• 6 units vacant
• COVID-19 healthy
• PV holds N$1.5M in financial reserves
• Terms expired for two Board members. Neither interested in
extending.
Future Challenges FDFR A F T
• $3.5M worth of projects identified in City Replacement Reserves Report
to be accomplished by 2031, $2.3M by 2027
• Park Vista, undercurrent practices and plans and using PV reserves only,
will go into the red by 2032 and be far below Reserve guidelines
established by City Finance
• The delta maybe offset by City -managed Senior Housing Fund 504 which
is held by the City, not necessarily to be used for Park Vista. (Approx $1M
in Fund 504)
• How do we mitigate the financial challenges?
Options FDFR A F T
• The City, The Cadman Group and members of the Park Vista Board have
discussed multiple scenarios to potentially make up the delta
o Increased rents on current residents by 2% for 2021 as of Feb 1 by
Board vote on Nov 24
o Increase rents on new rentals to another rate
■ Move from 50 to 60% approved by Board on 11/24 to take to City
Council for approval
o Increase internal transfer rental rates
o Increase parking fees
o Monthly cable fee added to current and new rents
o Unit repair beyond normal wear and tear assessed to each unit
Financial Scenarios
Board Discussions/ Decisions
• On 11/25, the Board approved a 2% increase as of Feb 1
• On 11/25, the Board agreed to move to 60% of market rates and bring to
the City for approval
• What to bring to the City Council for review/approval in terms of financial
changes moving forward
City CounciLTo Consider FDFR A F T
• How is the PV Board engaged (if at all) in the RFQ for a Housing Authority?
The City owns the 97-unit Park Vista senior citizen housing project, which is restricted to low
and moderate income households. The respondents chosen through this RFQ process may
be tasked with effectively managing this property, whether in-house or through a qualified
third -party property management company. The City may also potentially offer to sell this
project to the selected respondents.
• Should the PV Board assume that the City's 504 funds can be used to fund
replacement activities?
Our ASKs / for City CounciLto Consider I DRAFT
• ASK #1: Increase rents for new renters to 60% of market rates vs. current 50%
• ASK #2: Increase rents for non ADA transfers to XX% of market rate
• ASK #3: Increase parking rates (first time in 10+ year) by $X month for both inside
and outside spaces