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.
J
ILtto..U..
I' .,. :.,;.,. ',._ i-~.,;t._,. .(!_~A
I \~
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Nuttall , Don in i & Associates, CPA ' s
Certified Public Accountants
February 13, 202 1
-3-
I~
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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