Quarterly Variance Reports

Horizon strives for extraordinary fiscal responsibility. The purpose of the quarterly report is to explain what events happened that had a significant financial impact and to compare the financial performance of your property to the previous year. 

The quarterly report will serve as your variance report when March, June, September and December financials are finalized. Quarterly reports are due to your Regional Manager 5 business days after you receive your prelims (5 business days from the 1st of the month). 

Attachments - use the saved filters in Company Reports > Variance Reporting when generating reports

• Income Statement Budget vs Actual (Qtr Var) - this should be pulled as a comparative to include prior year actual + $ variances shows which can be added in display options

  • Select Saved Filter for the property named "Comparative Operating Statement"

    • Period: Prior Fiscal Quarter

    • Display Options: Add prior year and $ variance for for Quarter & YTD

• Income Statement Budget vs Actual (monthly var) - pull for the last month of the quarter
• Forecasted Income Statement
• Balance Sheet
• Property - Quarterly Variance Spreadsheet 
  • Fill in yellow areas with financial information for current and prior year
  • Pay close attention to calculations. All fields should be entered as a positive #. On occasion you will need to enter a negative value and confirm the calculations are correct.
• Property - Monthly Variance Spreadsheet

Email Format - Quarterly Variance Report Email Format

Note: Positive variance category summaries do not need to be longer than a couple of sentences to a paragraph, but enough to tell the Operating Statement story.  Negative variance categories will require more detail including the impact causing the variance and plan moving forward.

Revenue: $Variance for the Quarter / $Variance YTD

• Categories to focus on: GPR, Income Loss, and Other income results summary

Summary of Revenue categories – Site level and market level activity driving the variances. Do not repeat what can be taken by reading the financial statement, tell the story. Focus on the events that had a major impact on your statement that caused you to be over or under budget in a category.

NOI: $Variance for the Quarter / $Variance YTD

• Categories to focus on: Payroll, Admin, Marketing, Maint, Turn, Utilities 

Summary of expenses – Site level activity driving major variances or performance compared to budget. Do not repeat what can be taken by reading the financial statement, tell the story. Focus on the events that had a major impact on your statement that caused you to be over or under budget in a category.

CapX: $Variance for the Quarter / $Variance YTD

• CapX summary – Both routine CapX and major CapX projects

Project status update + outstanding invoices or timing to budget. Focus on the events that had a major impact on your statement that caused you to be over or under budget in a category.

NCF: $Variance for the Quarter / $Variance YTD

• Rehab summary

Project status update + outstanding invoices or timing to budget. Focus on the events that had a major impact on your statement that caused you to be over or under budget in a category.

Resources:

• Quarterly Variance Spreadsheet
  
• Monthly Variance Spreadsheet
• Quarterly Variance Report Email Format