HERITAGE PARK ESTATES CONDOMINIUM TRUST FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2015 WITH
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1 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2015 WITH INDEPENDENT ACCOUNT ANTS' REVIEW REPORT
2 Table of Content Page Number Independent Accountant' Review Report 1-2 Financial Statement: Balance Sheet 3 Statement of Revenue, Expene and Change in Fund Balance 4 Statement of Cah Flow 5-6 Note to Financial Statement 7-9 Supplementary Infonnation on Future Major Repair and Replacement 10
3 INDEPENDENT ACCOUNTANTS' REVIEW REPORT To the Board of Director and Member Heritage Park Etate Condominium Trut VVbdtinville,Maachuett We have reviewed the accompanying financial tatement of Heritage Park Etate Condominium Trut, which comprie the balance heet a of December 31,2015 and the related tatement of revenue, expene and change in fund balance and cah flow for the year then ended, and the related note to the financial tatement.. A review include primarily applying analytical procedure to management' financial data and making inquirie of company management A review i ubtantially le in cope than an audit, the objective of which i the expreion of an opinion regarding the financial tatement a a whole. Accordingly, we do not expre uch an opinion. Management' Repoolbillty for the Financlal Statement Management i reponible for the preparation and fair preentation of thee financial tatement in accordance with accounting principle generally accepted in the United State of America; thi include the deign, implementation, and maintenance of internal ~ontrol relevant to the preparation and fair preentation of financial tatement that are free from material mitatement whether due to fraud or error. Accountant' ReponlbWty Our reponibility i to conduct the review engagement in accordance with Statement on Standard for Accounting and Review Service promulgated by the Accounting and Review Service Committee of the AICP A. Thoe tandard require u to perform procedure to obtain limited aurance a a bai for reporting whether we are aware of any material modification that hould be made to the financial tatement for them to be in accordance with accounting principle generally accepted in the United State of America. We believe that the reult of our procedure provide a reaonable bai for our concluion. Accountant' Concluion Baed on om review, we are not aware of any material modification that hould be made to the accompanying financial tatement in order for them to be in accordance with accounting principle generally accepted in the United State of America Elm Street, Worceter, MA ~ Tel Fax v rnw.ebllp.com
4 Summarized Comparative Information We previouly reviewed Heritage Park Etate Condominium Trut' 2014 financial tatement and in our concluion dated February 18, 201 S, tated that baed on our review, we were not aware of any material modification that hould be made to the 2014 financial tatement in order for them to be in accordance with accounting principle generally accepted in the United State of America. We are not aware of any material modification that hould be made to the ummarized comparative information preented herein a of and for the year ended December 31, 2014, for it to be conitent with the reviewed financial tatement from which it ha been derived. Supplementary Information The upplementary information on future major repair and replacement on Page 10 i not a required part of the baic financial tatement but i upplementary information required by the American Intitute of Certified Public Accouptant. That information ba not been ubjected to the inquiry and analytical procedure applied in the review of the baic financial tatement but wa compiled from information that i the repreentation of management of Heritage Park Etate Condominium Trut without audit or review. Accordingly, we do not expre an opinion or any other form of amance on the upplementary information. ~- U-.6'3~~ LLP Worceter, Maachuett February4,
5 Balance Sheet Ol.'Cember 31,2015 (With Comparative Total for2014) Property Building Equipment Accumulated depreciation Aet Operntlng Property Replacement Fund Fund Fund Elimination 264,090 80,122 (138,610) 205,602 Total All Fund , ,090 80,122 80,122 (138,610) (119,028) 205, ,184 Other acis Cah Condominium fee receivable Prepaid taxe Due from operating fund Due from property fund 28,141 51,845 5, ,741 (61,741) 374,962 (374,962) 408, (436,703) 79,986 70,537 5,312 10, ! ,512 Total ucis 408, , ,586 (436,703) 290, ,696 Liabilitie and Fund Balance Due to operating fund Due to replacement fund Deferred revenue Taxe withheld Deferred condominium fcl.'s 374,962 $ (374,962) 61,741 (61,741) 19,169 3,704 65, ,131 (436,703) $ 19,169 22,552 3,704 3,209 2,671 22,873 28,432 Fund balance 342,998 (188,529) 113, , ,264 Total liabilitie and fund balance 408, , ,586 $ (436,703) 290, ,696 See independent accountant' review rcpon and note to financial tatement -3-
6 Statement of Revenue, Expene and Change in Fund Balance For the Y car Ended December 31, 2015 (With Comparative Total for 2014) Operating Property Replacement Fund Fund Fund Elimination Total All Fund lois 1014 Revenue Condominium fee income Interet income Special aement income Oth~:r fcc income , ,263 9, , ,599 $ 678,744 $ 675, ,263 19,577 9,366 6, , Exp:nc Maintenance Inurance Trah removal Utilitie Water and ewer Wage Payroll taxe Federal taxe Other taxe, pennit and fee Office upplie Bank fee Telephone Profeional fee D :prcciarion Auto expene 313, ,347 85,129 29,661 22,169 1,913 65,308 90,956 7, , ,463 4,500 19, , , , ,612 85,129 77,418 29,661 29,616 24,082 31,912 65,308 72,570 90,956 89,164 7,923 7,549 (1,015) ,466 3, ,463 1,402 4,500 4,950 19,582 16, , ,346 Exce (deficiency) of revenue over expene 7,765 (22,226) 4,251 {10,209) 19,221 Fund balance- beginning 335,233 (166,303) 109, , ,043 Fund balance- ending 342,998 (188,529) 113,586 $ 268, ,264 Sec indt:pcndcnt accountant' review n.'pon and note to tinnncial tatement
7 HERITAGE PARK ESTATES CONDO~UNIUM TRUST Statement of Cah Flow For the Year Ended December 31, (With Comparative Total for 2014) Operating Property Replacement Total AU Fund Fund Fund Fund Elimination Cah flow from operating nctivitie Exce (deficiency) of revenue over expene 7,765 $ (22,226) 4,252 (10,209) $ Adjutment to reconcile exce (deficiency) of revenue over expene to net Cllh provided by (ued for) operating activitie: Depreciation 19,582 19,582 16,334 (Increae) decreae in: Condominium fee receivable 5,663 5,663 {3,914) Prepaid taxe (28) {28) Due from other fund (6,027) (180) 6,307 Increae (decreae) in: Deferred revenue (3,383) (3,383) (3,382) Deferred condominium fee (2,671) (2,671) Due to other fund 280 6,027 (6,307) Taxe withheld Net cah provided by operating activitie 5,477 3,972 9,449 J.n Cah flow from inveting activitie J!urchae of property and equipment (73,184) Net increae (decreae) in cah 5,477 3,972 9,449 (34,612) Cah - beginning 22,664 47,873 70, ,149 Cah - ending 28,141 51,845 79,986 70,537 Continued- -5-
8 Statement of Cah Flow (Continued) For the Year Ended December 31, 201 S (With Comparative Total for 2014) Operating Property Replacement Fund Fund Fund Elimination Total All Fund Supplemental dicloure of cah flow information Cah paid during the year for: Interet $ $ $ $ $ $ Income ta:l(e $ $ See independent accountant' review report and note to financial tatement -6-
9 Note to Financial Statement For the Year Ended December 31, Nature of Organizadon Heritage Park Etate Condominium Trut (the Aociation) i a homeowner' aociation which wa organized on January 18, 1985 in the Commonwealth of Maachuett. The Aociation i reponible for the operation and maintenance of the common property within a development of218 reidential unit located in Whitinville, Maachuett. 2. Summary of Significant Accounting Policie Fund Accounting The Aociation' governing document provide guideline governing it financial activitie. To enure obervance of limitation and retriction on the ue of financial reource, the Aociation maintain it account uing fund accounting. Financial reource are claified for accounting nnd reporting purpoe in the following fund etablihed according to their nature: Opemting Fund - Thi fund i ued to account for financial reource available for the general operation of the Aociation. Property Fund - Thi fund i ued to account for the financial reource aociated with the management nnd ownerhip of real etate invetment. Replacement Fund - Thi fund i ued to accumulate financial reource deignated for future major repair nnd replacement. The Aociation prepare it financial tatement on the accrual bai of accounting, whereby revenue are genemlly recognized when earned and expene are generally recognized when incurred. The financial tatement include prior-year ummarized comparative information in total but not by fund category. Accordingly, uch information hould be read in conjunction with the Organization' financial tatement for the year ended December 31, 20 14; from which the ummarized information wa derived. Interet Income Interet income i allocated to the replacement fund. Property The Aociation capitalize, at cot, all property to which it ha title or other evidence of ownerhip with the exception of real property directly aociated with the unit. According to the Aociation' governing document, two third of all unit owner mut approve of dipoition of any common real property. Continued- -7-
10 Note to Financial Statement For the Year Ended December 31, 20 IS 2. Summary of Significant Accounting Policie {Continued) Depreciation Depreciation i computed uing the traight-line method at rate ufficient to write off the cot of the applicable aet over their etimated ueful live. Income Taxe Homeowner' aociation may be taxed a homeowner' aociation or a regular corporation. For the year ended December 31, 2015, the Aociation wa taxed federally a a regular corporation. The Aociation evaluate all ignificant tax poition a required by generally accepted accounting principle in the United State of America. A of December 31, 2015, the Aociation doe not believe that it ha taken any tax poition that would require the recording of any additional tax liability nor doe it believe that there are any unrealized tax benefit that would increae or decreae within the next twelve month. The Aociation' income tax return are ubject to examination by the appropriate taxing juridiction. A of December 31, 2015, the Aociation' federnl and Maachuett return generally remain open for the lat three year. Ue of Etimate The preparation of financial tatement in conformity with generally accepted accounting principle in the United State of America require management to make etimate and aumption that affect the reported amount of aet and liabilitie and dicloure of contingent aet and liabilitie at the date of the financial tatement and the reported amount of revenue and expene during the reporting period. Actual reult could differ from thoe etimate. Subequeltt Event The Aociation ha evaluated ubequent event through February 4, 2016, the date which the financial tatement were available to be iued. 3. Deferred Revenue ln March 2012, the Aociation received a one-time payment in the amount of$32,700 for a nonexcluive intallation and ervice agreement with a local vendor. Thi agreement i effective through Augut 31, The Aociation i recognizing the revenue over the life of the agreement and i included with Other fee income on the Statement of Revenue, Expene and Change in Fund Balance. During 2015, the Aociation recognized $3,383 of revenue related to thi agreement. -8-
11 Note to Financial Statement For the Year Ended December 31, Future Major Repair and Replacement The Aociation i funding future major repair and replacement over the etimated ueful live of the component baed on etimate of future replacement cot, conidering amount previouly accumulated in the replacement fund. Actual expenditure, however, may vary from the etimated amount and the variation may be material. Therefore, amount accumulated in the replacement fund may not be adequate to meet future need. If additional fund are needed, however, the Aociation ha the right, ubject to member approval, to increae regular aement, levy pecial aement, or to delay major repair and replacement until fund are available. See independent accountant' review report -9-
12 Supplementary Information on Future Major Repair and Replacement For they ear Ended December 31, 2015 On-Site Inight, a conulting company, conducted a tudy in December, 2014 to etimate the remaining ueful live and the replacement cot of the component of common property. The etimate were baed on future etimated replacement cot. Funding requirement conider an annual inflation rate of 3% and interet at 2% on amount funded for future major repair and replacement. The following table wa ued in the tudy and preent ignificant information about the component of common property: Etimated Etimated Future Remaining Ueful Replacement Component Live (Year} Cot Site urface and tructure 1-20 $ 1,593,270 Building mechanical and electrical ,294 Building architectural ,366,577 Total $ 3,092,141 Component of Fund Balance at 12/31/2015 $ 58,527 4,860 50,199 $ 113,586 The independent accountant' review report hould be read with thi upplementary chedule -10-
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