Beaver Run Homeowners Association
BEAVER RUN HOMEOWNERS ASSOCIATION (An Operating Division of Beaver Run Homeowners Association)
Financial Statements and
Independent Auditors' Report December 31, 2015 and 2014
BEAVER RUN HOMEOWNERS ASSOCIATION (An Operating Division of Beaver Run Homeowners Association, Inc.)
Table of Contents
Page Independent Auditors' Report....................................................................................................................1 Financial Statements
Balance Sheets...............................................................................................................................3 Statements of Revenues and Expenses..........................................................................................4 Statement of Changes in Fund Balances........................................................................................5 Statements of Cash Flows..............................................................................................................6 Notes to Financial Statements........................................................................................................8 Accompanying Information Supplementary Information on Major Repairs and Replacements..............................................16
INDEPENDENT AUDITORS' REPORT
Board of Directors and Homeowners Beaver Run Homeowners Association Breckenridge, Colorado
REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Beaver Run Homeowners Association (the "Association"), which are comprised of the balance sheets as of December 31, 2015 and 2014, and the related statements of revenues and expenses, changes in fund balances, 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 audit to obtain reasonable assurance about whether the financial statements are free from 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 auditors consider 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 also 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.
Board of Directors and Homeowners Beaver Run Homeowners Association Page Two
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OPINION
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beaver Run Homeowners Association as of December 31, 2015 and 2014, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
OTHER MATTERS
The Association is part of Beaver Run Homeowners Association and has no separate legal status or existence. As explained in Note 1, the accompanying financial statements and notes thereto include only the selected asset, liability, and operating accounts of this operating division. These statements may not necessarily be indicative of the results of operations that would have been obtained as an independent legal entity.
The accompanying financial statements do not include the Association's equity investment in Beaver Run Interim Center Acquisition, LLC (Note 4).
Accounting principles generally accepted in the United States of America require that the information on future major repairs and replacements in the accompanying information be presented to supplement the financial statements. Such information, although not a part of the financial statements, is required by the Financial Accounting Standards Board who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with accounting principles generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
March 25, 2016 Denver, Colorado
EKS&H LLLP
BEAVER RUN HOMEOWNERS ASSOCIATION (An Operating Division of Beaver Run Homeowners Association, Inc.)
Balance Sheets December 31, 2015 (With Comparative Totals for 2014)
Assets
Cash and cash equivalents Accounts receivable
Affiliate Other Due from Rental Program Inventory Prepaid expenses and other Due (to) from other fund Property and equipment, net
Total assets
Liabilities and Fund Balances
Accounts payable Accrued expenses Quarter-owner reserve Due to Rental Program Notes payable - Rental Program Note payable
Total liabilities
Commitments and contingencies
Fund balances
Total liabilities and fund balances
Operating
2015 Funds Asset Maintenance
Total
2014 Total
$ 74,861 $
-$
- $ 74,861 $ 76,765
32,251 14,161 179,012 159,740 258,977 319,003
-
(818,038) 3,467,755
499,035 -
32,251 14,161 179,012 159,740 258,977
3,467,755
26,868 3,339
134,971 242,314
2,715,722
$ 1,038,005 $ 2,649,717 $ 499,035 $ 4,186,757 $ 3,199,979
$ 223,057 $ 145,210 74,332 -
-$ -
442,599
307,915 33,110 341,025
- $ 223,057 $ 109,657
-
145,210
123,517
-
74,332
50,872
-
-
312,779
-
307,915
193,092
-
33,110
36,499
-
783,624
826,416
595,406 2,308,692
499,035 3,403,133 2,373,563
$ 1,038,005 $ 2,649,717 $ 499,035 $ 4,186,757 $ 3,199,979
See notes to financial statements. - 3-
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