Coral Hammock Homeowners Association, FINANCIAL STATEMENTS (AND ...

Coral Hammock Homeowners Association, Inc.

FINANCIAL STATEMENTS (AND SUPPLEMENTARY INFORMATION)

December 31, 2020

Coral Hammock Homeowners Association, Inc. Table of Contents

December 31, 2020

REPORT

Independent Accountants' Review Report............................................................................

1

FINANCIAL STATEMENTS

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

3

Statement of Revenue, Expenses and Changes in Fund Balance.....................................

4

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

5

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

6

SUPPLEMENTARY INFORMATION

Schedule of Changes in Accumulated Funds for Future Major Repairs and

Replacements................................................................................................................

14

Schedule of Operating Fund Revenue and Expenses ? Budget and Actual.....................

15

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

16

INDEPENDENT ACCOUNTANTS' REVIEW REPORT

To the Board of Directors and Members of Coral Hammock Homeowners Association, Inc. Key West, Florida

We have reviewed the accompanying financial statements of Coral Hammock Homeowners Association, Inc., which comprise the balance sheet as of December 31, 2020, and the related statements of revenue, expenses, and changes in fund balance and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of Association 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, we do not express such an opinion.

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.

Accountants' Responsibility

Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

Accountants' Conclusion on the Financial Statements

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

Summarized Comparative Information

We have previously reviewed the Coral Hammock Homeowners Association, Inc.'s 2019 financial statements and in our report dated April 13, 2020, stated that based on our review, we were not aware of any material modifications that should be made to the 2019 financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. We are not aware of any material modifications that should be made to the summarized comparative information presented herein as of and for the year ended December 31, 2019, for it to be consistent with the reviewed financial statements from which it has been derived.

Supplementary Information

The schedule of changes in accumulated funds for future major repairs and replacements and schedule of operating fund revenue and expenses ? budget and actual is presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from, and relates directly to, the underlying accounting and other records used to prepare the financial statements. The supplementary information has been subjected to the review procedures applied in our review of the basic financial statements. We are not aware of any material modifications that should be made to the supplementary information. We have not audited the supplementary information and do not express an opinion on such information.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the information about future major repairs and replacements of common property on page 16 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, which considers it to be an essential part of financial reporting and for placing the basic financial statements in an appropriate operational, economic, or historical context. Such information is the responsibility of management. We have compiled the required supplementary information in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We have not audited or reviewed the required supplementary information and do not express an opinion, a conclusion, nor provide any form of assurance on it.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida February 15, 2021

- 2 -

December 31,

Assets

Cash Certificates of deposit Accounts receivable Prepaid expenses

Total assets

Liabilities and Fund Balance

Liabilities Accounts payable Prepaid assessments Security deposits payable Performance obligation

Total liabilities

Fund balance

Total liabilities and fund balance

Coral Hammock Homeowners Association, Inc. Balance Sheet

2020

Operating Replacement

Fund

Fund

Total

2019 Total (For Comparative Purposes)

$ 66,750 $ 122,116 $ 188,866 $ 175,838

22,475

22,475

44,950

44,176

22,580

-

22,580

6,385

22,466

-

22,466

21,824

$ 134,271 $ 144,591 $ 278,862 $ 248,223

$

4,765 $

-$

4,765 $

4,926

12,107

-

12,107

67,890

2,251

-

2,251

2,248

-

144,591

144,591

145,094

19,123

144,591

163,714

220,158

115,148

-

115,148

28,065

$ 134,271 $ 144,591 $ 278,862 $ 248,223

See accompanying notes and independent accountants' review report. - 3 -

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