Association Financials

Association Financials

Understanding Your

Association Financial Reports

Your Condomimum Homeowner Association

Table of Contents

1. Balance Sheet 2. Income Expense Statement 3. Cash Disbursements 4. Receivable Summary By Owner 5. Receivable Summary by Account 6. General Ledger Trial Balance 7. Bank Reconcilation

Your Homeowners Association BALANCE SHEET

Period 2/1/2014 to 2/28/2014

ASSETS

Cash Union Bank Operating Morgan Stanley Reserves US Bank Reserves US Bank Secondary Reserves

$ 71,571.52 $ 1,056,916.33 $ 62,064.95 $ 1,488.96

$ 1,120,470.24

Total Operating Cash

$ 1,192,041.76

Receivables-Accounts Receivables-Interest Receivables-Water Receivables-Late Charges Receivables-Collections Fees Receivables-CC&R Fines Receivables-NSF Charges

$ 79,333.94

$ 2,164.56

$ 89,673.87

$ 9,398.22

$ 9,697.62

$ 2,275.00

$

75.00

Total Receivables

$ 192,618.21

TOTAL ASSETS

$ 1,384,659.97

CURRENT LIABILITIES Accounts Payable Assessments Paid in Advance

Subtotal Current Liabilities

RESERVES Reserve Fund-Allocated

Subtotal Reserves

EQUITY Retained Earnings Current Year Net Income

Subtotal Equity

TOTAL LIABILITIES & EQUITY

$ 5,370.13 $ 15,180.56

$ 20,550.69

$ 1,056,916.33 $ 1,056,916.33

$ 162,139.44 $ 89,072.74

$ 251,212.18 $ 1,328,679.20

Understanding Your Monthly Balance Sheet

1. Balance Sheet The Balance Sheet displays a snapshot of the HOA's financial condition at the end of the month. It lists the association's total assets and members equity. The Total Assets should equal the Total Liabilities and Equity.

2. Assets Assets are all of the funds which an HOA owns, specifically the operating account and all reserve accounts.

3. Operating Account The majority, if not all, of the HOA monthly income and expenses passes through the operating. It is listed on the balance sheet as Cash Union Bank Operating.

4. Reserve Funds The association is responsible for saving money each month to be transferred from the operating account to a reserve account. These reserve funds are not to be used for paying monthly operating expenses , but should be used for capital improvements, i.e. items that are identified in the association's Reserve Study. For several reasons, we strongly discourage the practice of paying vendors directly from the reserve account(s). One important legal reason that all payments must be made from the operating account is so that we can appropriately supply vendors with their annual 1099 forms as is required of the association by state law.

5. Total Reserve Funds Total Reserve Funds refers to the sum of all reserve accounts that are listed on the Balance Sheet.

6. Total Assets Total Assets is obtained by adding the Total Operating Cash and the Total Receivables .

7. Equity Equity can be understood as monetary value that has been built up over time. This report shows the retained earnings from two viewpoints, specifically from the prior years (not including the current fiscal year) and the from the current year alone.

Account

Description

INCOME:

4010 Dues Income

4020 Interest

4030 Miscellaneous

4035 Water Income

4050 Late Charges

4055 Collection Fee

4085 NSF Charges

4090 Reserve Assessment

4100 Interest-Reserves

Subtotal Income

Your Homeowners Association INCOME EXPENSE STATEMENT

Period 2/1/2014 to 2/28/2014

Current Period

Year-To-Date

Actual

Budget Variance

Actual

Budget

Variance Yearly Budget

39,942.00 757.19 417.27

32,880.58 1,140.00 2,520.00 0.00 4,438.00 0.00

82,095.04

39,942.00 0.00 0.00

30,000.00 0.00 0.00 0.00

4,438.00 750.00

75,130.00

0.00 757.19 417.27 2,880.58 1,140.00 2,520.00

0.00 0.00 (750.00) 6,965.04

79,884.00 1,502.47 417.27

145,279.77 2,344.00 5,715.00 (30.00) 8,876.00 121.23

244,109.74

79,884.00 0.00 0.00

60,000.00 0.00 0.00 0.00

8,876.00 1,500.00 150,260.00

0.00 1,502.47

417.27 85,279.77

2,344.00 5,715.00

(30.00) 0.00

(1,378.77) 93,849.74

479,304.00 0.00 0.00

360,000.00 0.00 0.00 0.00

53,256.00 9,000.00

901,560.00

EXPENSES: Administrative

6010 Accounting 6020 Management 6024 Collections 6030 Board Meetings 6035 Delinquent Letters 6036 Lien Fees 6040 Reserve Study 6050 Insurance 6065 Postage 6070 Legal 6080 Supplies 6100 Security 6105 Surveillance Equipment 6106 Intercom 6110 Income Taxes 6130 License 6140 Miscellaneous G&A 6200 Events Committee 6300 Bad Debt Assessments 6305 Bad Debt Water

Administrative

0.00 2,773.75

720.00 0.00 0.00

1,800.00 0.00 0.00 0.00 0.00 0.00

600.00 0.00 0.00 0.00 0.00

10.00 62.70 420.00

0.00 6,386.45

125.00 2,773.75

0.00 50.00

0.00 0.00 125.00 1,000.00 416.67 1,250.00 0.00 1,517.50 40.00 42.75 125.00 16.67 41.67 166.67 250.00 250.00 8,190.68

(125.00) 0.00

720.00 (50.00)

0.00 1,800.00 (125.00) (1,000.00) (416.67) (1,250.00)

0.00 (917.50)

(40.00) (42.75) (125.00) (16.67) (31.67) (103.97) 170.00 (250.00) (1,804.23)

0.00 5,547.50

720.00 0.00

3,510.00 1,800.00

0.00 0.00 902.34 2,422.50 25.00 1,200.00 0.00 0.00 0.00 0.00 (3,405.00) 116.90 560.00 0.00 13,399.24

250.00 5,547.50

0.00 100.00

0.00 0.00 250.00 2,000.00 833.34 2,500.00 0.00 3,035.00 80.00 85.50 250.00 33.34 83.34 333.34 500.00 500.00 16,381.36

(250.00) 0.00

720.00 (100.00) 3,510.00 1,800.00 (250.00) (2,000.00)

69.00 (77.50) 25.00 (1,835.00) (80.00) (85.50) (250.00) (33.34) (3,488.34) (216.44) 60.00 (500.00) (2,982.12)

1,500.00 33,285.00

0.00 600.00

0.00 0.00 1,500.00 12,000.00 5,000.00 15,000.00 0.00 18,210.00 480.00 513.00 1,500.00 200.00 500.00 2,000.00 3,000.00 3,000.00 98,288.00

Utilities 7010 7020 7030 7040 7050

Electricity Gas Telephone Water Time Warner Utilities

1,226.13 0.00

298.07 82,185.04

0.00 83,709.24

1,250.00 275.00 68.00

45,833.33 187.50

47,613.83

(23.87) (275.00) 230.07 36,351.71 (187.50) 36,095.41

2,949.88 0.00

611.44 119,682.87

123,244.19

2,500.00 550.00 136.00

91,666.66 375.00

95,227.66

449.88 (550.00) 475.44 28,016.21 (375.00) 28,016.53

15,000.00 3,300.00 816.00

550,000.00 2,250.00

571,366.00

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