Avalon Beach Estate Owners Association, Inc. Financial Statements. March 31, 2019

Transcription

1 Avalon Beach Estate Owners Association, Inc. Financial Statements March 31, 2019

2 Avalon Beach Estates Owners Association, Inc P. O. Box 6296 Miramar Beach, FL INDEPENDENT ACCOUNTANTS COMPILATION REPORT We have compiled the accompanying balance sheet of Avalon Beach Estates Owners Association, Inc. (a corporation) as of March 31, 2019 and the related statement of revenues, expenses and changes in fund balance for the three months ended March 31, 2019, and the accompanying supplementary information contained in Schedule I and II, which is presented only for supplementary analysis. We have not audited or reviewed the accompanying financial statements and supplementary information 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 of financial statements in accordance with the 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 the 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 financial statements. The accompanying supplementary information contained in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. We have not audited or reviewed such information and we do no express an opinion, a conclusion, nor provide any assurance on it. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the income tax basis of accounting. If the omitted disclosures were included in these financial statements, they might influence the users' conclusions about the company's assets, liabilities, equity, revenues and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Destin, Florida April 10, 2019

3 BALANCE SHEET AS OF MARCH 31, 2019 Operating Fund Reserve Fund Total All Funds ASSETS Cash $ 100,694 $ 215,632 $ 316,326 Due from operating 4,517 4,517 TOTAL ASSETS $ 100,694 $ 220,149 $ 320,843 LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable $ 6,323 $ $ 6,323 Deferred revenue 87,075 87,075 Construction deposits 5,000 5,000 Wedding deposits Due to reserve fund 4,517 4,517 TOTAL LIABILITIES 103, ,015 FUND BALANCE (2,321) 220, ,828 TOTAL LIABILITIES AND FUND BALANCE $ 100,694 $ 220,149 $ 320,843

4 STATEMENT OF REVENUES AND EXPENSES FOR THE ONE MONTH ENDED MARCH 31, 2019 Operating Fund Reserve Fund Total All Funds REVENUES Member assessments $ 8,167 $ 1,508 $ 9,675 Interest income TOTAL REVENUES 8,200 1,517 9,717 EXPENSES Contractual Landscaping 2,177 2,177 Pool maintenance General maintenance 3,195 3,195 Professional fees Legal Insurance 4,724 4,724 Security Utilities Gas Power Water TOTAL EXPENSES 13,482 13,482 REVENUES OVER EXPENSES $ (5,282) $ 1,517 $ (3,765)

5 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE FOR THE THREE MONTHS ENDED MARCH 31, 2019 Operating Fund Reserve Fund Total All Funds REVENUES Member assessments $ 24,500 $ 4,525 $ 29,025 Late fees Wedding income Interest income TOTAL REVENUES 24,997 4,542 29,539 EXPENSES Computer and internet expense Contractual Landscaping 6,531 6,531 Pool maintenance 1,440 1,440 General maintenance 3,195 3,195 Professional fees Legal 1,605 1,605 Accounting 1,350 1,350 Insurance 4,724 4,724 Office Supplies Repairs and maintenance General Security Utilities Gas Power 2,464 2,464 Water TOTAL EXPENSES 24,374 24,374 REVENUES OVER EXPENSES 623 4,542 5,165 FUND BALANCE BEGINNING OF YEAR (2,944) 215, ,663 FUND BALANCE END OF PERIOD $ (2,321) $ 220,149 $ 217,828

6 SUPPLEMENTARY INFORMATION

7 SCHEDULE I RESERVE FUND FOR THE THREE MONTHS ENDED MARCH 31, 2019 DESCRIPTION BALANCE ADDITIONS EXPENSES BALANCE 1/1/2019 3/31/2019 Pool filters/pump/heater $ 4,800 $ $ $ 4,800 Pool replaster/tile 5, ,604 Pool deck/pavers/coping 16, ,674 Building 46,386 1,836 48,222 Roof 14, ,070 Tennis courts 14, ,678 Dune walkover 44,550 44,550 Stucco walls 10, ,403 Irrigation system/pumps 9,000 9,000 Landscaping 21, ,331 Lighting 5,200 5,200 Beach gate 4,000 4,000 Pool furniture 9,735 9,735 Pool fountain 6,865 6,865 Insurance deductible 2,000 2,000 Unallocated Total $ 215,607 $ 4,542 $ $ 220,149

8 SCHEDULE II BUDGET VS. ACTUAL FOR THE THREE MONTHS ENDED MARCH 31, 2019 REVENUES Actual Budget Variance $ Member assessments $ 24,500 $ 24,500 $ Reserve assessments 4,525 4,525 Late fees (148) Wedding income Interest income TOTAL REVENUES 29,539 29, EXPENSES Bank fee Computer and internet expenses (75) Contractual General maintenance 3,195 1,425 (1,770) Landscaping 6,531 6,531 Pool maintenance 1,440 2, Legal 1,605 4,000 2,395 Accounting 1,350 1, Insurance expense 4, (4,009) Office supplies 82 (82) Repairs and maintenance Landscape Signs Pool General Reserve expense Security Utilities Gas (58) Power 2,464 2, Water TOTAL EXPENSES 24,374 23,130 (1,244) EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENSES $ 5,165 $ 6,168 $ (1,003)