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Independent Accountant’s Review Report To The Board of DirectorsEagle Point Homeowners’ Association I have reviewed the accompanying statements of assets, liabilities, and equity – cash basis of Eagle Point Homeowners’ Association as of December 31, 2018, and the related statements of revenue and expenses – cash basis for the year ended. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, I do not express such an opinion. Management is responsible for the preparation and fair presentation of the financial statements in accordance with the cash basis for accounting and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. My responsibility is to conduct the reviews in accordance with Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require me to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. I believe that the results of my procedures provide a reasonable basis for my report. Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements for them to be in conformity with the cash basis of accounting, as described in note 1.Lisa Waldrip HeertenAugust 29, 2019Eagle Point Homeowners’ Association, Inc.Limited Review of Financial StatementsFor the Year Ended December 31, 2018Eagle Point Homeowners Association, Inc.Statement of Assets, Liabilities, and EquityFor the Year Ended December 31, 2018Assets: Current AssetsCash $254,377 Fixed Assets 98,350 Total Assets $352,727 Liabilities & Equity: Liabilities $57,250 Equity$295,477Total Liabilities & Equity$352,727Eagle Point Homeowners Association, Inc.Statement of Revenue and ExpensesFor the Year Ended December 31, 2018Cash Receipts Membership Fees 197,141 Other Fees 9,940 Interest 3,693Total Cash Receipts:210,774Cash Disbursements:Board Approved Projects 5515 Administrative Services 25,319 Insurance Expense 6,744 Landscaping and Grounds keeping 82,711 Neighborhood Expenses 14,928 Printing, Postage, and Office Supplies 2,488 Legal Fees 2,298 Accounting Fees 500 Bank Fees Utilities Water 3,685 Electric 37,567Total Cash Disbursements: 181,756Total Cash Increase due to Income 29,018Prepaid Dues 57,250Transfers in/out of reserves -4,116Cash – Beginning of the Year 172,225 Cash – End of the Year 254,377Difference is transfers into Reserve Accounts Eagle Point Homeowners’ Association, Inc.Financial StatementsDecember 31, 2018Note 1 - Basis of AccountingThe accompanying financial statement has been prepared on the cash receipts and disbursements basis of accounting, which is comprehensive basis of accounting other than generally accepted accounting principles. Under that basis, the only asset recognized is cash, and no liabilities are recognized. All transactions are recognizes either cash receipts of disbursements, and non-cash transactions are not recognized. The cash basis differs from generally accepted accounting principles primarily because the effects of outstanding dues and obligations for assessments unpaid at the date of the financial statement are not included in the financial statements. Note 2 – Donated LandIn 2008, $98,350 in land was given to the Homeowners Association by two contractors, which was based on market value at the time. This value does not necessarily reflect current market value. The land was valued by Don Armstrong, Shelby County Tax Commissioner, based on taxes due on the land. This land represents two lots within Eagle Point Subdivision.Not 3 – Financial IntegrityDuring my review over the past five years, I have noticed consistency within the financials. The accounting of the association is being handled according to accounting principles with no discrepancies. The cash flow has increased this year due to the subdivision growth and collection efforts for the late annual dues.Note 4 – Board Member TermsI noticed in the neighborhood bylaws the board of director terms. (Article II, number 2. Election and Term and Article III, number 2) These items may have been amended if not I would consider it at the next meeting. ................
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