Fallsreach Homeowners Association, Inc. Financial Statements For the Years Ended December 31, 2014 and December 31, 2013
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1 Financial Statements For the Years Ended
2 Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements: Balance Sheets 3 Statements of Revenues and Expenses 4 Statements of Members Equity 5 Statements of Cash Flows 6 Notes to Financial Statements 7 Supplementary Information on Future Major Repairs and Replacements 11
3 Independent Auditors Report To the Board of Directors of Fallsreach Homeowners Association, Inc. Potomac, Maryland We have audited the accompanying financial statements of Fallsreach Homeowners Association, Inc., which comprise the balance sheets as of December 31, 2014 and December 31, 2013, and the related statements of revenues, expenses, and changes in members equity 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain 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 auditor considers 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
4 Independent Auditors Report Page 2 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fallsreach Homeowners Association, Inc. as of December 31, 2014 and December 31, 2013, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Emphasis of Matter Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. We have not applied procedures to determine whether the funds designated for future major repairs and replacements as discussedd in Note C are adequate to meet such future costs becausee that determination is outside the scope of our audit. Our opinion on the financial statements is not modified with respect to this matter. Disclaimer of Opinion on Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Supplemental Information on Future Major Repairs and Replacements on page 11 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, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the equired supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the informationn for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the informationn because the limited procedures do not provide us with sufficient evidence to express an opinionn or provide any assurance. Olney, MD "[Date of Finalization]"
5 Balance Sheets Cash and Cash Equivalents - (Note E) Investments - (Note E) Assessments Receivable - Net (Note B) Accrued Interest Prepaid Expenses Income Taxes Receivable Total Assets ASSETS $ 266,952 $ 270, , ,000 2,796 14, ,625 7, $ 568,228 $ 573,070 LIABILITIES: Accounts Payable Prepaid Assessments Income Taxes Payable Total Liabilities LIABILITIES AND MEMBERS' EQUITY $ 14,077 $ ,329 1, $ 28,406 $ 2,185 MEMBERS' EQUITY: Replacement Reserves (Note C) Townhomes Replacement Reserves (Note C) Unappropriated Members' Equity Total Members' Equity Total Liabilities and Members' Equity $ 383,916 $ 391,601 63,310 62,293 92, ,991 $ 539,822 $ 570,885 $ 568,228 $ 573,070 See Accompanying Notes to Financial Statements 3
6 Statements of Revenues and Expenses For the Years Ended REVENUES: Assessments Interest Bad Debt Recovery Other Total Revenues $ 230,514 $ 219,700 2,169 2, ,533 2,807 $ 239,216 $ 225,020 EXPENSES: Management Legal & Audit Insurance Bad Debt Administrative Street Lights Snow Removal Grounds General Repairs & Maintenance Total Expenses Excess (Deficiency) of Revenue over Expenses before Provision for Income Taxes & Contribution to Reserves Provision for Income Taxes (Note D) Contribution to Reserves (Note C) Excess (Deficiency) of Revenue over Expenses $ 8,236 $ 7,420 22,776 11,280 5,489 5,422 16,178-11,317 6,223 4,627 6,051 17,040 5, , ,465 1, $ 216,637 $ 164,919 $ 22,579 $ 60,101 (224) (356) (46,750) (45,303) $ (24,395) $ 14,442 See Accompanying Notes to Financial Statements 4
7 Statements of Members' Equity For the Years Ended Replacement Reserves Townhomes Replacement Reserves Unappropriated Members' Equity Total Members' Equity Balance as of December 31, 2012 Additions: Contributions to Reserves - Budget Contributions to Reserves - Interest Excess of Revenue over Expenses Deductions: Reserve Expenditure - Bank Fees Reserve Expenditure - Storm Water Management Consult Balance as of December 31, 2013 Additions: Contributions to Reserves - Budget Contributions to Reserves - Interest Deductions: Reserve Expenditure - Bridge Replacement Reserve Expenditure - Fence Reserve Expenditure - Landscape & Grounds Work Reserve Expenditure - Bank Service Fee Reserve Expenditure - TH Grounds Work (Deficiency) of Revenue over Expenses Balance as of December 31, 2014 $ 357,783 $ 54,133 $ 102,549 $ 514,465 35,000 8,250 43,250 2, ,053 14,442 14,442 (95) (95) (190) (3,135) (3,135) $ 391,601 $ 62,293 $ 116,991 $ 570,885 35,000 10,000 45,000 1, ,845 (5,315) (5,315) (4,623) (4,623) (34,585) (34,585) (95) (95) (8,895) (8,895) (24,395) (24,395) $ 383,916 $ 63,310 $ 92,596 $ 539,822 See Accompanying Notes to Financial Statements 5
8 Statements of Cash Flows For the Years Ended CASH FLOWS FROM OPERATING ACTIVITIES Excess (Deficiency) of Revenue over Expenses $ (24,395) $ 14,442 Adjustments to Reconcile Excess (Deficiency) of Revenue over Expenses to Net Cash Provided by Operating Activities: Bad Debt (Recovery) 16,178 (327) Decrease (Increase) in: Assessments Receivable Accrued Interest Prepaid Expenses Income Taxes Receivable Increase (Decrease) in: Accounts Payable Prepaid Assessments Income Taxes Payable Net Cash Provided by Operating Activities (4,225) 283 (196) (312) (533) (2,145) (236) - 13,776 (1,231) 12, (356) 356 $ 12,814 $ 11,898 CASH FLOWS FROM INVESTING ACTIVITIES: Received from Assessments (Reserves) Received from Interest (Reserves) Received from Townhomes Replacement Reserves Disbursed for Expenditures (Reserves) Received from Non Cash Equivalents Disbursed for Non Cash Equivalents Net Cash Provided (Used) by Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year $ 35,000 $ 35,000 1,845 2,053 10,000 8,250 (53,513) (3,325) 140, ,000 (150,000) (140,000) $ (16,668) $ 41,978 $ (3,854) $ 53, , ,930 $ 266,952 $ 270,806 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash Paid for Income Taxes See Accompanying Notes to Financial Statements $ 460 $ - 6
9 Notes to Financial Statements Note A Organization Fallsreach Homeowners Association, Inc. is an association organized under the laws of the State of Maryland for the purpose of operating and maintaining the common property of the Association. The Association consists of 223 single-family homes and 75 townhouse units located in Potomac, Maryland. Note B Summary of Significant Accounting Policies Method of Accounting The financial statements are presented on the accrual method of accounting in which revenues are recognized when earned and expenses are recognized when incurred, not necessarily when received or paid. The Association's financial statements are maintained on the cash basis of accounting throughout the year. Property Real property and common areas acquired from the developer and related improvements to such property are not recorded on the Association s financial statements because those properties are owned by the individual homeowners in common and not by the Association. Assessments Receivable Association members are subject to assessments to provide funds for the Association s operating expenses and future major repairs and replacements. Assessments Receivable at the balance sheet date represents fees due from homeowners. The Association utilizes the allowance method of accounting for bad debt. Under the allowance method, collection efforts may continue and recovery of amounts previously written off are recognized as revenue in the year of collection Assessments Receivable $ 32,427 $ 28,202 Less: Allowance for Bad Debt (29,631) (13,453) Assessments Receivable - Net $ 2,796 $ 14,749 Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash Equivalents For purposes of the statement of cash flows, the Association considers all highly liquid investments that have an initial maturity of less than three months to be cash equivalents. 7
10 Notes to Financial Statements Note C Replacement Reserves In accordance with the Association s governing documents, it is accumulating funds for future major repairs and replacements. Accumulated funds, which aggregate $447,226 and $453,894 at, respectively, are held in separate accounts and are generally not available for operating purposes. It is the Association's policy that interest earned on such funds is contributed to the replacement reserves. These designated replacement reserves were fully funded by cash-reserve. In 2014, the Association hired a professional engineer, Mason & Mason, to estimate the remaining useful lives and the replacement costs of the components of common property. The estimates were based on current estimated replacement costs. The table included in the unaudited supplementary information on future major repairs and replacements is based on the study. The Association is funding the replacement reserves over the remaining useful lives of the components based on the 2010 reserve study s estimates of the replacement costs and considering amounts previously accumulated in the replacement reserves. Accordingly, the Association contributed $45,000 and $43,250 to reserves for the years ended, respectively. The Association is funding for major repairs and replacements based on estimates of future needs. Actual expenditures, however, may vary from the estimated amounts and the variations may be material. Therefore, amounts designated for future repairs and replacements may not be adequate to meet future needs. If additional funds are needed, however, the Association has the right, subject to member approval, to increase regular assessments or levy special assessments, or it may delay major repairs and replacements until funds are available. Note D Income Taxes For income tax purposes, the Association may elect annually to file as an Association classified as a nonexempt membership organization or as a tax-exempt homeowners association. The Association is subject to specific rulings and regulations applicable to nonexempt membership organizations. In general, the Association is required to separate its taxable income and deductions into membership transactions, non-membership transactions and capital transactions. For federal and state tax purposes, the Association is taxed on all net income from nonmembership activities reduced only by losses from non-membership activities for which a profit motive exists. Non-membership income may not be offset by membership losses, and any net membership losses may only be carried forward to offset membership income of future tax periods. Any net membership income not applied to the subsequent tax year is subject to taxation. 8
11 Notes to Financial Statements Note D Income Taxes (Continued) The Association elected to be taxed as an association classified as a nonexempt membership organization for both federal and state income tax purposes for the years ended. This resulted in a provision for income taxes of $224 and $356, respectively. The Association has implemented Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) , which provides guidance on Accounting for Uncertainty in Income Taxes. The Association s policy is to recognize any tax penalties and interest as an expense when incurred. For the years ended December 31, 2014 and December 31, 2013, the Association incurred $0 and $0 in penalties and interest related to income taxes. The Association s federal and state tax returns for the past three years remain open to examination by the Internal Revenue Service and the State in which the Association files. Note E Cash Equivalents and Investments As of December 31, 2014, the Association maintained its cash equivalents and investments as follows: Institution CAB CAB Morgan Stanley Morgan Stanley Morgan Stanley Ally Bank Bank Hapoalim State Bank of India Amex Centurion Bank Type of Cash Account Category Equivalents Investments Checking Operating $ 33,946 $ - Checking Operating 45,140 - Money Market Operating 12,396 - Money Market Reserves 116,314 - Money Market Reserves 59,156 - Certificate of Deposit Reserves - 140,000 Certificate of Deposit Reserves - 50,000 Certificate of Deposit Reserves - 50,000 Certificate of Deposit Reserves - 50,000 Total Cash Equivalents and Investments $ 266,952 $ 290,000 9
12 Notes to Financial Statements Note E Cash Equivalents and Investments (Continued) As of December 31, 2013, the Association maintained its cash equivalents and investments as follows: Institution CAB CAB Morgan Stanley Morgan Stanley Morgan Stanley Firstbank Santurce PR Ally Bank Type of Cash Account Category Equivalents Investments Checking Operating $ 22,798 $ - Checking Operating 43,382 - Money Market Operating 28,470 - Money Market Reserves 58,139 - Money Market Reserves 118,017 - Certificate of Deposit Reserves - 140,000 Certificate of Deposit Reserves - 140,000 Total Cash Equivalents and Investments $ 270,806 $ 280,000 Note F Subsequent Events In preparing the financial statements, the Association has evaluated events and transactions for potential recognition or disclosure through "[Date of Finalization]", which is the date the financial statements were available to be issued. 10
13 Supplementary Information on Future Major Repairs and Replacements December 31, 2014 Unaudited A professional engineer, Mason & Mason, conducted a study in 2014 to estimate the remaining useful lives and the replacement costs of the components of common property. Replacement costs were based on the estimated costs to repair or replace the common property components at the date of the study. Estimated replacement costs have not been revised since that date and do not take into account the effects of inflation between the date of the study and the date the components will require repair or replacement. The Association has not designated the replacement reserve balance of $447,226 into specific categories as detailed below and utilizes the cash flow method of allocating replacement reserves. The following information is based on the study and presents significant information about the components of common property. Component Master Asphalt Components Master Site Features Townhome Asphalt Components Townhome Concrete Components Townhome Site Features 2014 Estimated Remaining Useful Life (Years) Estimated Replacement Cost $ 68, , , , ,900 Total $ 876,427 11
14 May 1, 2015 Communication With Those Charged With Governance To the Board of Directors of Fallsreach Homeowners Association, Inc. Potomac, Maryland We have audited the financial statements of Fallsreach Homeowners Association, Inc. for the year ended December 31, 2014, and have issued our report thereon. Professional standards require that we provide you with the following information related to our audit. Our Responsibility under U.S. Generally Accepted Auditing Standards As stated in our engagement letter, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your responsibilities. Planned Scope and Timing of the Audit We performed the audit according to the planned scope and timing previously communicated to you in our engagement letter and through discussions with management and/or the board of directors. Significant Audit Findings Qualitative Aspects of Accounting Practices Management and the board of directors are responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by the Association are described in Note B to the financial statements.
15 Communication With Those Charged With Governance December 31, 2014 Page 2 of 3 Qualitative Aspects of Accounting Practices (continued) No new accounting policies were adopted and the application of existing policies was not changed during We noted no transactions entered into by the Association during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and the board of directors and are based on the Association s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the financial statements were: Management s estimate of the allowance for bad debt included in Note B to the financial statements is based on management s knowledge of all large outstanding assessments receivable balances as of the audit year end. We evaluated the key factors and assumptions used to develop the allowance for bad debt in determining that it is reasonable in relation to the financial statements taken as a whole. The estimated remaining lives of the components of the common property and their estimated cost of replacement included in the supplementary information. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosure affecting the financial statements was: The disclosure of Future Major Repairs and Replacements in Note C to the financial statements outlining the Association s reserve funding policy, reserve study, and funding status. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management and the board of directors in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. The proposed adjusting journal entries have been provided to the Association. The journal entries are material, either individually or in the aggregate, to the financial statements taken as a whole. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor s report. We are pleased to report that no such disagreements arose during the course of the audit.
16 Communication With Those Charged With Governance December 31, 2014 Page 3 of 3 Management Representations We have requested certain representationss from management and the board are included in the management representation letter. of directors that Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a second opinion on certain situations. If a consultation involves application of an accounting principle to the Association s financial statements or a determination of the type of auditor s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discusss a variety of matters, ncluding the application of accounting principles and auditing standards, with management and/or the board of directors each year prior to retention as the Association s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. This information is intended solely for the information and use off management, the Board of Directors, and others within the organization, and is nott intended to be and should not be used by anyone other than these specified parties. Sincerely, MohnAllen, P.C.
17 May 1, 2015 Commun nication of Significant Deficiencies Weaknessess and/or Material To the Board of Directors And Management Agent, Community Association Services, Inc., of Fallsreach Homeowners Association, Inc. Potomac, Maryland In planning and performing our audit of the financial statements of Fallsreach Homeowners Association, Inc. as of and for the year ended December 31, 2014,, in accordance with auditing standards generally accepted in the United States of America,, we considered Fallsreach Homeowners Association, Inc. s internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Association s internal control. Accordingly, we do not express an opinion on the effectiveness of the Association s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weaknesss is a deficiency, or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the Association s financial statements will not be prevented, or detected and corrected on a timely basis. Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses and, therefore, there can be no assurance that all such deficiencies have been identified. We did not identify any deficiencies in internal control that we consider to be material weaknesses. This communication is intended solely for the information and use of management, the Board of Directors, and others within the Association, and is not t intended to be and should not be used by anyone other than these specified parties. Sincerely, MohnAllen, P.C.
18 May 1, 2015 To the Board of Directors of Fallsreach Homeowners Association, Inc. Potomac, Maryland Management Letter In planning and performing our audits of the financial statements of Fallsreach Homeowners Association, Inc. as of and for the years ended, in accordance with auditing standards generally accepted in the United States of America, we considered the Association s internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing an opinion on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the Association s internal control. Accordingly, we do not express an opinion on the effectiveness of the Association s internal control. However, during our audits we became aware of several matters that are opportunities for strengthening internal controls, operating efficiency, and other matters. The points below summarize our comments and suggestions regarding those matters. Reserve Study We commend the Association for conducting a replacement reserve study in The Association is currently funding its replacement reserves based on this study. We recommend an update be done every 3-5 years. The Board should consider planning to update its replacement reserve study in Unappropriated Members Equity At year-end, the Association had a balance of $92,596 in unappropriated members equity. This represents 40% of the Association s annual assessments of $230,514. We recommend that the Association maintain 10-20% of the annual assessments in unappropriated members equity to provide for future unexpected expenditures. We recommend the Association consider transferring some of these funds to replacement reserves.
19 Management Letter Page 2 of 2 Income Taxes For 2014, we recommend the Association file using the corporate method for taxes. We will review the status of these comments and suggestions during our next audit engagement. We will be pleased to discuss them in further detail at your convenience, to perform any additional study of these matters, orr to assist you in implementing the recommendations. This report is intended solely for the information and use of the Board of Directors, management, and others within the organization and iss not intended to be, and should not be, used by anyone other than those specified parties. Sincerely, MohnAllen, P.C.
20 December 31, 2014 TB View for Client Fallsreach HOA FALLSREACH Final Adjusted Trial Balance Page 1 Number Description Type Unadjusted Balance Adjusting Dr Adjusting Cr Adjusted Balance WP Reference CAB checking A 33, , B CAB (townhouse) Checking A 45, , B SSB (general) Operating A 28, , , B SSB (general) Reserve A 389, , , B Smith Barney TH Reserve A 59, , B Assessments Receivable A , , , E Income Taxes Receivable A T-1NF Allowance for Bad Debt A , (29,631.25) E Accrued interest A Y-2/B Prepaid Insurance A , , G Prepaid Expenses A , , G Accounts Payable L , (14,074.98) N Income Taxes Payable L Prepaid Owner Assessments L , , (14,329.45) E Reserve Fund L (389,909.21) 5, (384,021.70) R-1M Reserve Fund Townhouse L (59,251.20) , (63,309.98) R-1M Retained Earnings L (94,650.89) , (116,888.05) AJE General Assessment R (182,984.50) 38, , (184,164.00) Y TH Surcharge R (46,008.50) 6, , (46,350.00) Y Bank interest R (1,923.40) (2,117.20) Y Bank Interest TH R (51.48) (52.09) Y Late Fees R (1,154.15) 1, , (20,758.97) Y Attorney Fee Reimbursement R (2,159.90) 16, , Misc Income R (400.00) (515.00) Prepaids R (12,801.90) 12, Audit & Tax preparation E 1, , Bank Service Charge E CCOC E Income Taxes paid E Insurance Premium E 5, , X-1/G Legal Fees E 13, , , X Management Fee E 8, , X Organization & Admin E Postage/Printing/Copying E 2, , Reserve Study E 4, , X Water Quality Prot Charge E 3, , Grounds Non-Contract (Gen) E 61, , , X Grounds Non-Contract (TH) E 13, , , X Landscape Maint Contract E 49, , X Snow Removal (TH) E 17, , X Storm Water Maintenance E 1, , Electricity (TH) E 4, , X Bad Debt Expense E , , E Reserve Expenditure E 44, , X-1/R-1M Reserve Expenditure TH E 8, , X-1/R-1M Transfer Interest to Rsrv- E 1, , R-1M Transfer Interest to Rsrv- E R-1M Transfer to Reserve E 35, , R-1M Trnsfr to Reserve TH E 10, , R-1M Transfer from Reserve E (44,523.00) (44,523.00) R-1M Transfer from TH Reserve E (8,990.00) (8,990.00) R-1M Provision for Taxes E T-1NF DRAFT Total , , YTD Profit/(Loss) 12, (24,395.29)
21 Prepared by Reviewed by Fallsreach HOA FALLSREACH Adjusting Journal Entries Page 1 Date Account Reference Type Number Description Debit Credit A1 Adjusting 12/31/14 A10 Adjusting 12/31/14 A11 Adjusting 12/31/14 A12 Adjusting 12/31/14 A13 Adjusting 12/31/ SSB (general) Reserve Smith Barney TH Reserve Assessments Receivable 28, Allowance for Bad Debt 13, Accrued interest Prepaid Insurance 5, Prepaid Expenses 1, Accounts Payable Income Taxes Payable Prepaid Owner Assessments 1, Reserve Fund 5, Reserve Fund Townhouse 4, Retained Earnings 7, Retained Earnings 14, To Tie Members' Equity Provision for Taxes Income Taxes paid Income Taxes Receivable To Record CY Tax Activity SSB (general) Operating 15, SSB (general) Reserve 15, To Reclass Amounts to Match Bank Statements Smith Barney TH Reserve Bank Interest TH SSB (general) Operating SSB (general) Reserve Bank interest Reserve Fund Transfer Interest to Rsrv-Genera Reserve Fund Townhouse Transfer Interest to Rsrv-TH 0.61 To Reconcile Interest to Bank Statements DRAFT Accrued interest Bank interest To Adjust Accrued Interest to Bank
22 Prepared by Reviewed by Fallsreach HOA FALLSREACH Adjusting Journal Entries Page 2 Date Account Reference Type Number Description Debit Credit A14 Adjusting 12/31/14 Statements A15 Adjusting 12/31/14 A2 Adjusting 12/31/14 A3 Adjusting 12/31/14 A4 Adjusting 12/31/ Prepaids 12, General Assessment 12, To Reclass Prepaid Assessments General Assessment 20, Late Fees 20, To Reclass Assessments to Tie to Budget Assessments Receivable 28, General Assessment 8, TH Surcharge 1, Late Fees 1, Attorney Fee Reimbursement 16, Prepaid Owner Assessments 1, General Assessment 1, To Reverse PY AR & Prepaids Legal Fees Accounts Payable To Reverse PY Accounts Payable DRAFT A5 Adjusting 12/31/ Income Taxes Payable Income Taxes paid Income Taxes paid Misc Income To Reconcile PY Tax Activity Legal Fees 8, Electricity (TH) Grounds Non-Contract (Gen) Grounds Non-Contract (TH) 1, Grounds Non-Contract (Gen) 1, Grounds Non-Contract (Gen) 1, Accounts Payable 14,074.98
23 Prepared by Reviewed by Fallsreach HOA FALLSREACH Adjusting Journal Entries Page 3 Date Account Reference Type Number Description Debit Credit A6 Adjusting 12/31/14 To Record CY Accounts Payable A7 Adjusting 12/31/14 A8 Adjusting 12/31/14 A9 Adjusting 12/31/ Prepaid Insurance Insurance Premium To Adjust CY Prepaid Insurance Prepaid Owner Assessments 14, General Assessment 9, TH Surcharge 5, Assessments Receivable 32, General Assessment 25, TH Surcharge 6, To Record CY AR & Prepaids Allowance for Bad Debt 16, Bad Debt Expense 16, To Adjust Allowance for Doubtful Accounts Prepaid Expenses CCOC To Adjust CY Prepaid Expenses DRAFT TOTAL 200, ,213.31
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