CAMELOT GARDENS CONDOMINIUM HOMEOWNERS ASSOCIATION, INC. Financial ...

CAMELOT GARDENS CONDOMINIUM

HOMEOWNERS ASSOCIATION, INC.

Financial Statements and Supplementary Information

with

Independent Auditors' Report

December 31 , 2020

(With Comparative Totals for 2019)

Table of Contents

Page

Independent Auditors' Report ... ..... ....... .... ............................... ........ .. ............................. ... .............. .........

2-3

Financial Statements:

Balance Sheet................ ...... .. ...... .. ..... .... ....... .. ............... ......................................................... ..... ...

4

Statement of Revenues and Expenses and Changes in Fund Balances............... .... ............ .... ..... ...

5

Statement of Cash Flows ........ .. ................. ... ....................... .... ... ..... ....... ........... ............. ..... ............

6

Notes to Financial Statements .. ............ .. .... .......... ...... .. ... .... .... ...... .. ...... .................. ... ... ..... ... ........ ..

7-9

Supplementary Information:

Schedule of Operating Fund Revenues and Expenses... ....... .. ......... ........................................ ...... .

11 - 12

Schedule of Changes in Replacement Fund Balances.................. ...... .............................. ............. ..

13

Supplementary lnfonnation on Future Major Repairs and Replacements .... ..................................

14

?

NUTTALL

DONINI &

ASSOCIATES, CPA'.s

CERTIFIED

PUBLIC ACCOUNTANTS

3055 Card in al Drive, Suite 301

Vero Beach , FL 32963

772-231-1040

I nuttallcp

Independent Auditors' Report

To the Board of Directors

Camelot Gardens Condomin ium Hom eowners Association, Lnc.

Port St. Lucie, Florida

We have audited the accompanying financi al state ments of Came lot Gardens Condominium Homeowners

Association, lnc., which comprise the balance sheet as of December 3 1, 2020, and th e re lated statements of revenues

and expenses, an d changes in fund balances and cash flo ws for the year then ended, and the related notes to the

financial statem ents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financia l statements in accordance with

accounting principles generally accepted in the United States of America; this inc ludes the design , implementation,

an d maintenance of interna l control relevant to the preparation an d fair presentation o f fin anc ial statements that are

free from material misstatement, whether due to fra ud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on th ese financial statements based on our audit. We conducted our audit

in accordance with auditing standards genera lly accepted in th e United States of A merica. Those standards require

that we plan and perform th e audit to obtain reasonab le ass urance abo ut wheth er the fin anc ial statements are free

from material misstatement.

An audit involves performing procedures to obtain audit ev idence about the amoun ts and disclosures in the financia l

statements. The procedures selected depend on the auditor' s judgment, inc luding the assessment of th e risks of

material misstate ment of the financi a l statements, whether due to fraud or error. In making those risk assess ments,

the aud itor considers intern al contro l relevant to th e entity ' s preparation and fair presen tation of the fi nancia l

statements in order to design au dit procedures th at are appropriate in the circ um stances, but not for the purpose of

express ing an op inion on the effectiveness of the entity ' s internal contro l. According ly, we express no such opinion.

An audit also includes evalu ating the appropriateness of accounting po licies used and the reasonableness of

significant accounting estimates made by man agement, as we ll as evaluating the overall presentatio n of the financia l

statements.

We believe th at the audit ev idence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion, the financia l statements referred to above present fairly , in a ll material respects, the financial position

of Camelot Gardens Condom iniun1 Homeowners Association, lnc. as of December 3 1, 2020, and th e results of its

operations and its cash flows for the year th en ended in conformity w ith accounting principl es generally acce pted in

the Un ited States of America.

To the Board of Directors

Camelot Gardens Condominium Homeowners Association, Inc.

Report on Summarized Comparative Information

We have previously audited Camelot Gardens Condominium Homeowners Assoc iati on, Inc. 's 20 19 fi nancial

statements, and we expressed an unmodified op inion on those financial statements in our report dated April 16,

2020. lo our opinion , the summ arized comparative information presented herein as of and for the year ended

December 3 I, 2019, is cons istent, in all material respects, with the audited financial statements from which it has

been derived.

Report on Supplementary Information

Our audit was conducted for the purpose of form ing an opinion on the financial statements taken as a whole. The

schedu le of operating fund revenues and expenses and the schedu le of changes in replacement fund balances on

pages 11-13, is presented for purposes of additiona l ana lysis and is not a req uired part of the fina ncial statements.

Such information , except for the portion marked "unaud ited", is the responsibility of the Association' s m anagement

and was deri ved from and relates di rectly to the underlying accountin g and other records used to prepare the

financial statements . The inform ation has been subjected to the aud iting procedures appl ied in the audit of the

financial statements and certain additiona l proced ures, including comparing and reconcil ing such information

directly to the underlying accounting and other records used to prepare the financial statements or to the financia l

statements themselves, and other additional procedures in accordance w ith auditing standards genera lly accepted in

the United States of America . ln our opinion, the information is fair ly stated in all material respects in relation to the

financial statements as a whole . The information marked "unaudited" has not been subjected to the auditing

procedures applied in the audit of the fina nc ial statements and, according ly, we do not express an opinion or provide

any ass urance on it.

Disclaimer of Opinion on Required Supplementary Information

Account ing princ ipl es genera lly accepted in the United States of America require that infonnation on future major

repairs and replacements of common property on page 14 be presented to supp lement the basic financial statements.

Such information , although not a part of the bas ic fi nancia l statements, is required by the Financia l Accoun ting

Standards Board, which considers it to be an essential part of the financ ial reporting for plac ing the basic financia l

statements in an appropriate operational, economic, or historical context. We have applied certain limited

procedures to the required supplementary information in accordance with auditing standards generally accepted in

the United States of America, which cons isted of inquiries of management about the methods of preparing the

information and comparing the information fo r consistency with management's responses to our inquiries, the basic

financia l statements, and other knowledge we obtai ned during our audi t of the basic financial statements. We do not

express an opinion or provide any assurance on the information because the limited procedures do not provide us

with suffic ient evi dence to express an opinion or provide any ass urance.

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Nuttall , Don in i & Associates, CPA ' s

Certified Public Accountants

February 13, 202 1

-3-

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Camelot Gardens Condominium Homeowners Association, Inc.

Balance Sheet

December 31, 2020

(With comparative totals for 20 19)

2020

Operating

Fund

20 19

Replacement

Fund

Total

Total

(memo only)

$ 364,493

152,064

1,988

10,373

75

$ 520,956

$ 522,435

$ 528,993

$ 542,694

$

$

$

Assets

Cash

Certificates of deposit

Assessments receivable

Prepaid insurance

Utility deposits

Interfund borrowings

$

3,922

$ 360,57 1

152,064

1,988

10,373

75

(9,800)

$

6,55 8

$

13,65 8

6,676

11

1,068

20,595

75

9,800

Liabilities and Fund Balance

Accounts payable

Prepaid assessments

Income tax payable

20,345

(13 ,787)

Fund Balance

$

6,558

See accompanying notes to fi nancial statements.

-4-

13,658

6,676

11

2,745

4,92 3

1,647

20,345

9,3 15

522,435

508,648

533,379

$ 522,435

$ 528,993

$ 542,694

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