2010 Financial Statement: Association Suffers PHP 463,738.89 Loss In 2010 What Will The Loss Be In 2011?
With No Budget Plan, We Won't Know Until The Year's End Las Terrazas lost PHP 463,738.89 in 2010, according to the 2010 financial Statement compiled and audited by a CPA firm which is included in it's entirety. See page 2, 2010 Financial Report above for complete details.
Less income or a revenue loss of PHP 566, 212 occurred in 2010 compared to 2009. Gross income in 2009 and 2010 was PHP 8,410,916 and PHP 7,844,704 respectively.
Expenses in 2010 were PHP 2,905,868 more than 2009.2009 expenses were PHP 5,402,575 and PHP 8,410,916 in 2010. Notbale increased expenses in 2010 over 2009 were utilities. 2010 utilities was about PHP 2.1 Million compared to PHP 1.4 Million in 2009. Expenses for permits , taxes and licenses were more than PHP 467,000 in 2010 and about PHP 133,000 in 2009.
Even though the total assets of 2010 represented a figure of over PHP 12.4 Million, continued losses in future years like 2010 will lead to a bleak future for the Association .