SELF, MAPLES & COPELAND, P.C.

Transcription

1 SELF, MAPLES & COPELAND, P.C. CERTIFIED PUBLIC ACCOUNTANTS ONEONTA, ALABAMA THOMAS E SELF, CPA DON P MAPLES, CPA B MARTIN COPELAND, CPA/CITP CONNIE T HARVEY, CPA A MERICAN INSTITUTE O F CERTIF IED PUBLIC ACCOUNTANTS ALA BAMA SOCIETY O F CERTIF IED PUBLIC ACCOUNTANTS TIM ANDR EW S, CPA TERRI M FAULKNER, CPA ND AVENUE EAST ROGER D L OGGINS, C PA ONEONTA, A LABAM A J BARTON MCCU RLEY, CPA CH RISTOPHER T SELF, CPA TELEP HONE: (205) MATTHEW TAYLOR, CPA FAX: (205) JON ATH AN D THOMAS, CPA cpa@cpasmc.com To the Board of Directors and Members Regency Isle Owners Association, Inc ACCOUNTANTS COMPILATION REPORT We have compiled the accompanying balance sheet of Regency Isle Owners Association, Inc (a Corporation) as of May 31, 2013 and the related income statement for the current month and year to date periods ended May 31, We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Accounting principles generally accepted in the United States of America require that income taxes be accrued. Management has informed us that the Company has not accrued income taxes in the accompanying financial statements, and the effects of this departure from accounting principles generally accepted in the United States of America have not been determined. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and statement of cash flows were included in the financial statements, they might influence the user s conclusions about the Company s financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. We are not independent with respect to Regency Isle Homeowners Association. Self, Maples & Copeland, P.C. June 25, 2013

2 Balance Sheet As of 5/31/2013 ASSETS CASH Petty Cash 33 Vision Bank Operating 174, Vision Bank Petty Cash 2, Hometown Bank Depreciation 239, Hometown Bank Insurance 80, ACCOUNTS RECEIVABLE Total CASH: Assessments Receivable 74, A/R Employee Advance PREPAID EXPENSES Total ACCOUNTS RECEIVABLE: Prepaid Insurance 191, FIXED ASSETS Total PREPAID EXPENSES: Building Improvements 2, Equipment 13, Pool Area Improvements 2, Ground Area Improvements 7,39 Accumulated Depreciation -17, OTHER ASSETS Total FIXED ASSETS: Utility Deposit - RBC CD 2, Total OTHER ASSETS: Total ASSETS: 496, , , , , , Run Date: 6/25/2013 9:35:04AM Page: 1 G/L Date: 5/31/2013

3 Balance Sheet As of 5/31/2013 LIABILITIES Prepaid Assessments 73, Accounts Payable 82, A/P Other 80 Fica Payable 2, Federal Withholding Payable 1, State Withholding Payable Futa Payable Suta Payable Total LIABILITIES: 162, EQUITY Capital Contibution 41, Retained Earnings-Current Year 126, Retained Earnings - Prior 443, Total EQUITY: 611, Total LIABILITIES & EQUITY: 774, Run Date: 6/25/2013 9:35:04AM Page: 2 G/L Date: 5/31/2013

4 Income Statement For The 2 Periods Ended 5/31/2013 Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % REVENUE Maintenance Fees 73, , , , Interest Income Transfer Fee Income Registration Certified Income 3, , , , , , Miscellaneous Income Beach Service Income , Assessment Income 99, , Late Charge Income Unit Charges Total REVENUE: 77, , , , , , EXPENSES GROSS PROFIT: 77, , , , , , EXPENSES - ADMINISTRATIVE Bank Charges Automobile Expense Uniform Expense Meeting Expense Miscellaneous Expenses Office Supplies Postage Salaries-Property Manager 12, , , , , , Taxes & Licenses Taxes - Payroll 1, , , , Stationery-Printing Website Maintenance Taxes - Property Total EXPENSES - ADMINISTRATIVE: 14, , , , , , EXPENSES - PROFESSIONAL SERVICES Accounting Fees 1,45 1, , , Legal Services Total EXPENSES - PROFESSIONAL SERVICES: 1,45 1, , , INSURANCE EXPENSES Insurance Workers' Comp Insurance D & O Insurance Property 16, , , , Run Date: G/L Date: 6/25/2013 9:34:44AM Page: 1 5/31/2013

5 Income Statement For The 2 Periods Ended 5/31/2013 INSURANCE EXPENSES (Continued) Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % Insurance General Liability Insurance Umbrella Insurance Flood 1, , , , Insurance Crime/Fidelity Bond Total INSURANCE EXPENSES: 19, , , , EXPENSES - CONTRACTED SERVICES Fire Protection Elevator Service Exterminator Service Landscape Service 2,40 2,40 4,80 4,80 Security Service 6, , , , , , Waste Collection Service 1,82 1,82 3,64 3,64 Total EXPENSES - CONTRACTED SERVICES: 11, , , , ,25-3, EXPENSES - REPAIRS Salaries-Maintenance/Security 4, , , , , Repairs - Building , , , , Elevator Maintenance Contract 1, , , , Repairs - Equipment Repairs - Pool Major Repairs 4, , , , , , Total EXPENSES - REPAIRS: 9, , , , , , EXPENSES - SUPPLIES Supplies - Building , , , , , Supplies - Pool , , Supplies - Cleaning Total EXPENSES - SUPPLIES: 1, , , , , EXPENSES - UTILITIES Cable 1, , , , Telephone WIFI 1, , , , Water 2, ,75 1, , ,50 2, Sewer System 3, , , , Gas - Heated Pool 1, , , , Electricity 3, , , , Unit Charges Total EXPENSES - UTILITIES: 13, , , , , , Run Date: G/L Date: 6/25/2013 9:34:44AM Page: 2 5/31/2013

6 Income Statement For The 2 Periods Ended 5/31/2013 Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % Total EXPENSES: 70, , , , , , NET INCOME FROM OPERATIONS: 7, ,00 3, , ,00 118, , EARNINGS BEFORE INCOME TAX: 7, ,00 3, , ,00 118, , Net Income (Loss): 7, ,00 3, , ,00 118, , Run Date: G/L Date: 6/25/2013 9:34:44AM Page: 3 5/31/2013