SELF, MAPLES & COPELAND, P.C.

Transcription

1 SELF, MAPLES & COPELAND, P.C. CERTIFIED PUBLIC ACCOUNTANTS ON EONTA, A LABAMA THOMAS E SELF, CPA AMERICAN INSTITU TE DON P MAPLES, CPA OF CERTIFIED PUBLIC A CCO UNTANTS B MARTIN COPELAND, CPA/CITP CONN IE T HARVEY, C PA ALABAMA SOCIETY OF CERTIFIED PUBLIC A CCO UNTANTS TIM ANDREWS, CPA TERRI M FAULKNER, CPA ND A VEN UE EA ST ROGER D LOGGINS, CPA ONEONTA, ALABAMA J BARTON MCCURLEY, CPA CH RISTOPH ER T SELF, C PA TELEPHO NE: (205) MATTHEW TAYLOR, CPA FAX: (205) JONATH AN D THOMAS, C PA cpa@cpasmc.com GWIN E DAVIS, PA 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 November 30, 2011 and the related income statement for the current month and year to date periods ended November 30, 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. December 5, 2011

2 Balance Sheet As of 11/30/2011 ASSETS CASH Vision Bank Operating 36, Vision Bank Petty Cash 2, Vision Bank Depreciation Vision Bank Insurance Hometown Bank Depreciation 296, Hometown Bank Insurance 189, Total CASH: ACCOUNTS RECEIVABLE Assessments Receivable 58, A/R Employee Advance 2, Total ACCOUNTS RECEIVABLE: PREPAID EXPENSES Prepaid Insurance 72, Total PREPAID EXPENSES: FIXED ASSETS Building Improvements 2, Equipment 13, Pool Area Improvements 2, Ground Area Improvements 7,39 Accumulated Depreciation -13, Total FIXED ASSETS: OTHER ASSETS Utility Deposit - RBC CD 2, Total OTHER ASSETS: Total ASSETS: 525, , , , , , Run Date: 12/5/2011 4:56:17PM Page: 1 G/L Date: 11/30/2011

3 Balance Sheet As of 11/30/2011 LIABILITIES Prepaid Assessments 73, Accounts Payable 48, A/P Other 1,40 Christmas Fund/Garnishment 61 Fica Payable 1, Federal Withholding Payable State Withholding Payable Total LIABILITIES: EQUITY Capital Contibution 41, Retained Earnings-Current Year -44, Retained Earnings - Prior 549, Total EQUITY: 127, , Total LIABILITIES & EQUITY: 674, Run Date: 12/5/2011 4:56:17PM Page: 2 G/L Date: 11/30/2011

4 Income Statement For The 8 Periods Ended 11/30/2011 Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % REVENUE Maintenance Fees Interest Income Transfer Fee Income Registration Certified Income Beach Service Income Vending Machine Income Late Charge Income Unit Charges 73, , , , , , , ,60 6, , , , , , , , , , Total REVENUE: 75, , , , , GROSS PROFIT: 75, , , , , EXPENSES EXPENSES - ADMINISTRATIVE Bank Charges Automobile Expense Uniform Expense Meeting Expense Miscellaneous Expenses Office Supplies Postage Salaries-Property Manager Taxes & Licenses Taxes - Payroll Stationery-Printing Taxes - Property , , , , ,00 4, , , , , Total EXPENSES - ADMINISTRATIVE: 6, , , , , EXPENSES - PROFESSIONAL SERVICES Accounting Fees 1,60 2, , , Legal Services , , , Total EXPENSES - PROFESSIONAL SERVICES: 1,60 2, , , , , INSURANCE EXPENSES Insurance Workers' Comp , , Insurance D & O Insurance Property 15, , , , Insurance General Liability , , Insurance Umbrella ,60 1, Run Date: G/L Date: 12/5/2011 4:56:07PM Page: 1 11/30/2011

5 Income Statement For The 8 Periods Ended 11/30/2011 Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % INSURANCE EXPENSES Insurance Flood Insurance Crime/Fidelity Bond (Continued) 1, , , , Total INSURANCE EXPENSES: 17, , , , EXPENSES - CONTRACTED SERVICES Fire Protection , , Elevator Service Exterminator Service , , Landscape Service 2,40 2,40 19, , Security Service 1,22 3,75 2, , ,00-8, Waste Collection Service 1,82 1, ,86 13,44-42 Total EXPENSES - CONTRACTED SERVICES: 6,48 8, , , , , EXPENSES - REPAIRS Salaries-Maintenance/Security 5, , , ,64-2, Repairs - Building , , , Elevator Maintenance Contract 1, , , , , Repairs - Equipment , , Repairs - Pool ,60 1,35 Major Repairs 40, , , , , , Total EXPENSES - REPAIRS: 46, , , , ,00-39, EXPENSES - SUPPLIES Supplies - Building 1, , , , , Supplies - Pool , ,40-3, Supplies - Cleaning , , Total EXPENSES - SUPPLIES: 2, , , , , EXPENSES - UTILITIES Cable/WIFI 3, , , , Telephone Water 2, , , , , Sewer System 3, , , , LP Gas - Heated Pool 1, , , , , Electricity 3, , , , , Unit Charges 1, , Total EXPENSES - UTILITIES: 13, ,51 1, , ,08-5, Total EXPENSES: 95, , , , , , NET INCOME FROM OPERATIONS: -19, ,00-23, , ,00-38, Run Date: G/L Date: 12/5/2011 4:56:07PM Page: 2 11/30/2011

6 Income Statement For The 8 Periods Ended 11/30/2011 Period to Date PTD Budget Variance Var % Year to Date YTD Budget Variance Var % OTHER INCOME AND EXPENSE Insurance Proceeds Damage Claims Bad Debts 8, , ,58-8, , ,58-37, ,58-59,58-37, Total OTHER INCOME AND EXPENSE: -37, , EARNINGS BEFORE INCOME TAX: -19, ,00-23, , ,00-76, Net Income (Loss): -19, ,00-23, , ,00-76, Run Date: G/L Date: 12/5/2011 4:56:07PM Page: 3 11/30/2011