FINANCIAL STATEMENTS JUNE 30, 2017
STATEMENT OF FINANCIAL POSITION JUNE 30, 2017 ASSETS Operating Reserve Total Cash - Checking $ 103,867 $ 21,587 $ 125,454 Vectra Bank - Savings - 116,110 116,110 First Western CD - 250,187 250,187 Accounts receivable 2,474-2,474 TOTAL ASSETS $ 106,341 $ 387,884 $ 494,225 LIABILITIES AND NET POSITION LIABILITIES Accounts payable $ 13,785 $ 6,530 $ 20,315 Prepaid assessments 2,178-2,178 TOTAL LIABILITIES 15,963 6,530 22,493 NET POSITION Restricted - 381,354 381,354 Unrestricted 90,378-90,378 TOTAL NET POSITION 90,378 381,354 471,732 TOTAL LIABILITIES AND NET POSITION $ 106,341 $ 387,884 $ 494,225 No assurance is provided on these financial statements. Substantially all required disclosures and statement of cash flows have been omitted. 1
STATEMENT OF ACTIVITIES FOR THE SIX MONTHS ENDED JUNE 30, 2017 OPERATING Year to Date Actual REVENUES Assessments - Owner's $ 98,700 Other revenue 1,318 TOTAL REVENUE 100,018 EXPENDITURES Accounting 5,100 Administrative 1,117 Design / Architecural review 1,500 Insurance 108 Legal 5,664 Management 13,483 Miscellaneous 956 Newsletters 270 Postage 1,416 Security monitoring 100 Social activities 1,101 Special projects 1,042 TOTAL EXPENDITURES 31,857 CHANGE IN NET POSITION 68,161 OTHER FINANCING SOURCES (USES) Transfer to Reserves (113,000) EXCESS OF REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES (44,839) NET POSITION - BEGINNING 135,216 NET POSITION - ENDING $ 90,378 No assurance is provided on these financial statements. Substantially all required disclosures and statement of cash flows have been omitted. 2
STATEMENT OF ACTIVITIES FOR THE SIX MONTHS ENDED JUNE 30, 2017 RESERVE Year to Date Actual REVENUES Insurance reimbursement $ 13,060 Interest income 1,401 Working Capital 900 TOTAL REVENUE 15,361 EXPENDITURES Monument repair 6,530 TOTAL EXPENDITURES 6,530 CHANGE IN NET POSITION 8,831 OTHER FINANCING SOURCES (USES) Transfers from other funds 113,000 EXCESS OF REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES 121,831 NET POSITION - BEGINNING 259,523 NET POSITION - ENDING $ 381,354 No assurance is provided on these financial statements. Substantially all required disclosures and statement of cash flows have been omitted. 3
SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL FOR THE SIX MONTHS ENDED JUNE 30, 2017 OPERATING REVENUES Annual Budget Year to Date Actual Variance Assessments - Owner's $ 96,450 $ 98,700 $ 2,250 Other revenue 1,000 1,318 318 TOTAL REVENUES 97,450 100,018 2,568 EXPENDITURES Accounting 10,200 5,100 5,100 Administrative 4,000 1,117 2,883 Design / Architecural review 4,000 1,500 2,500 Homeowner directory 2,000-2,000 Income taxes 300-300 Insurance 5,639 108 5,531 Insurance - D&O 2,273-2,273 Insurance - Workers comp 370-370 Legal 7,000 5,664 1,336 Lien processing fee 1,000-1,000 Management 28,800 13,483 15,317 Miscellaneous 5,000 956 4,044 New resident welcome 1,500-1,500 Newsletters 540 270 270 Postage 3,700 1,416 2,284 Security monitoring 800 100 700 Social activities 15,000 1,101 13,899 Special projects 4,000 1,042 2,958 Tax preparation 300-300 TOTAL EXPENDITURES 96,422 31,857 64,565 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,028 68,161 67,133 OTHER FINANCING SOURCES (USES) Transfer to Reserves (1,028) (113,000) (111,972) EXCESS OF REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES - (44,839) (44,839) NET POSITION - BEGINNING 135,216 135,216 - NET POSITION - ENDING $ 135,216 $ 90,378 $ (44,838) No assurance is provided on these financial statements. Substantially all required disclosures and the statement of cash flows have been omitted. 5
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL FOR THE SIX MONTHS ENDED JUNE 30, 2017 RESERVE REVENUES Annual Budget Year to Date Actual Variance Insurance reimbursement $ - $ 13,060 $ 13,060 Interest income 2,900 1,401 (1,499) Working Capital 1,500 900 (600) TOTAL REVENUES 4,400 15,361 10,961 EXPENDITURES Monument repair - 6,530 (6,530) TOTAL EXPENDITURES - 6,530 (6,530) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 4,400 8,831 4,431 OTHER FINANCING SOURCES (USES) Transfers from other funds 1,028 113,000 111,972 EXCESS OF REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES 5,428 121,831 116,403 NET POSITION - BEGINNING 270,694 259,523 (11,171) NET POSITION - ENDING $ 276,122 $ 381,354 $ 105,232 No assurance is provided on these financial statements. Substantially all required disclosures and the statement of cash flows have been omitted. 6
Schedule of Cash Position June 30, 2017 Updated as of July 25, 2017 Operating Reserve Total First Bank - Checking Account Balance as of 6/30/17 103,867.11 21,587.00 125,454.11 Subsequent activities: 07/07/17 - Assessment deposits 150.00-150.00 07/14/17 - Golf cart registration 50.00-50.00 Anticipated July vouchers payable (6,400.38) - (6,400.38) Anticipated Balance 97,666.73 21,587.00 119,253.73 First Western CD Balance as of 6/30/17-250,186.92 250,186.92 Subsequent activities: Anticipated Balance - 250,186.92 250,186.92 Vectra Bank - Savings Balance as of 6/30/17-116,110.00 116,110.00 Subsequent activities: Anticipated Balance - 116,110.00 116,110.00 Anticipated Balances $ 97,666.73 $ 387,883.92 $ 485,550.65 Yield information: First Bank - N/A First Western Trust - 0.88% (matures 05/25/2018) Vectra Bank - 0.10% No assurance is provided on these financial statements. Substantially all required disclosures and the statement of cash flows have been omitted. 7
No assurance is provided on these financial statements. Substantially all required disclosures and the statement of cash flows have been omitted. 8