Meadowlake Village Homeowners' Association. Financial Statements

Transcription

1 Meadowlake Village Homeowners' Association Financial Statements March 31, 2018

2 Jimmie Pierce CPA, P.C. 601 West Main La Porte, TX ACCOUNTANTS' COMPILATION REPORT To the Board of Directors Meadowlake Village Homeowners' Association Baytown, TX Management is responsible for the accompanying financial statements of Meadowlake Village Homeowners' Association (a corporation), which comprise the balance sheet as of March 31,2018, and the related statements of income, and changes in fund balances for the quarter then ended in accordance with accounting principles generally accepted in the United States of America. I have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. I did not audit or review the financial statements nor was I required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, I do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. 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 Association's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. The supplementary information contained in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information is the representation of management. The information was subject to my compilation engagement, however, I have not audited or reviewed the supplementary information and, accordingly, do not express and opinion, a conclusion, not provide any form of assurance on such supplementary information. Management has omitted supplementary information about future major repairs and replacements of common property that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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 the financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. I am not independent with respect to Meadowlake Village Homeowners' Association. Jimmie Pierce CPA, P.C. La Porte, TX. July 2, 2018

3 BALANCE SHEET MARCH 31, 2018 ASSETS Operating Capital Fund Projects Fund Total Current Assets Cash & Cash Equivalents $ 166, $ 180, $ 346, Maintenance Fees Receivable 254, , Prepaid Insurance 5, , Due from/(to) other funds 114, {114,244.34) Total Current Assets 539, , , Fixed Assets Playground Equipment 36, , Pool Furniture 7, , Office Equipment 1, , Pool House Equipment 33, , Less: Accum. Depreciation (52,189.75) (52,189.75) Total Fixed Assets 27, , Other Assets Software Less: Accum. Amortization (581.50) (581.50) Total Other Assets Total Assets $ 567, $ 66, $ 633, LIABILITIES & FUND BALANCES Current Liabilities Deferred Maintenance Fees 76, , Total Current Liabilities $ 76, $ $ 76, Fund Balances $ 490, $ 66, $ 556, Total Liabilities & Fund Balances $ 567, $ 66, $ 633,320.67

4 STATEMENT OF INCOME AND CHANGES IN FUND BALANCES FOR THE QUARTER ENDED MARCH 31, 2018 REVENUE Maintenance Fee Income Online Credit Card Processing Legal Fee Reimbursement Income Administrative Fee Income Transfer Fee Income Interest Income - Homeowners Pool Rental Income Penalty Charges Income Other Income Operating Fund $ 68, , , , (100.00) 4.44 Capital Projects Fund $ 8, Total $ 76, , , , (100.00) Total Revenue 75, , , EXPENSES Amortization Expene Accounting Fees Credit Card Processing Fee Mileage Reimbursement Insurance Expense Depreciation Expense Camera Maintenance & Repair Miscellaneous Office Supplies Taxes Postage Meter Rental Legal Fees Communication Entrance Expense Bath House - Repairs & Maintenance Playground - Repairs & Maintenance Pool - Staff/Chemicals Pool Electricity Pool Overhead (Tags, Etc.) Pool Repairs Pool Telephone Pool Water & Sewer Electricity - Street Lights , , , , , , , , , , , , , , , ,092.96

5 STATEMENT OF INCOME AND CHANGES IN FUND BALANCES FOR THE QUARTER ENDED MARCH 31, 2018 Operating Fund Capital Projects Fund Total Patrol Service Lawn Maintenance - Common Area Capital Expenditures 22, , , , Maintenance Expenditures TOTAL GENERAL EXPENSES 65, , Net Revenues (Loss) $ 9, $ 8, $ 18, FUND BALANCE DECEMBER 31, 2017 $ 480, $ 57, $ 538, Prior Period Adjustment Net Revenues (Loss) 9, , , FUND BALANCE MARCH 31, 2018 $ 490, $ 66, $ 556,655.07

6 Supplementary Information

7 SCHEDULE I: COMPARISON OF ACTUAL REVENUES AND EXPENSES TO BUDGETED REVENUES AND EXPENSES FOR THE QUARTER ENDED MARCH 31, 2018 Actual Budget Difference REVENUE Maintenance Fee Income $ 76, $ 76, $ Online Credit Card Processing Legal Fee Reimbursement Income 2, , Administrative Fee Income (230.00) Transfer Fee Income 1, , (1,225.00) Interest Income - Bank Accounts (10.56) Interest Income - Homeowners 2, , NSF Charges Income (12.50) Pool Rental Income (162.50) Penalty Charges Income (100.00) (100.00) Other Income (25.00) Total Revenue 83, , , EXPENSES Amortization Expense Accounting Fees 9, , (3,203.75) Audit Expense (500.00) Bank Service Charges (25.00) Camera Maintenance (0.30) Credit Card Processing Fee Insurance Expense 4, , Depreciation Expense Miscellaneous (187.29) Office Supplies Postage & Copying 1, (1,125.00) Postage Meter Rental (39.87) Taxes - Property & Income Legal Fees 5, , , Bad Debt Expense 1, (1,250.00) Communication (28.02) Neighborhood Watch (75.00) Recreation Committee (375.00) Entrance Expense 5, , , Bath House - Repairs & Maintenance 1, , (299.10) Playground - Repairs & Maintenance (350.00) Pool - Staff/Chemicals 3, , (8,457.83) Pool Electricity 1, , (1,147.45) Pool Overhead (Tags, Etc.) Pool Repairs , (1,133.50)

8 SCHEDULE I: COMPARISON OF ACTUAL REVENUES AND EXPENSES TO BUDGETED REVENUES AND EXPENSES FOR THE QUARTER ENDED MARCH 31, 2018 EXPENSES (cont) Pool Telephone Pool Water & Sewer Tennis Courts -Repairs & Maintenance Electricity - Street Lights Patrol Service Website Lawn Maintenance - Common Area Mileage Reimbursement Capital Expenditures Actual , , , Budget Difference (13. 75) (145.75) (250.00) 6, (2,282.04) 17, , (62.50) 3, (506.45) , (4,625.00) Total General Expenses 65, , (11,434.20) Net Revenues (Loss) from Operations $ 18, $ 3, $ 14, Reconciliation of Net Income to Cash: Adjustments to Net Income (lncrease)/decrease in Accounts Receivable (lncrease)/decrease in Prepaid Assets lncrease/(decrease) in Acc. Depreciation lncrease/(decrease) in Acc. Amortization lncrease/(decrease) in Deferred Fees Total Adjustments to Net Income $ (94,932.49) 4, , $ (13,143.88) Beginning Cash Balances - December 31, 2017 Net Income Total Adjustments to Net Income Ending Cash Balances - March 31, 2018 $ 341, , (13,143.88) $ 346,254.22