southpark homeowners' association number 2 ... - Southpark HOA II
southpark homeowners' association number 2 ... - Southpark HOA II southpark homeowners' association number 2 ... - Southpark HOA II
SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2STATEMENT OF REVENUES AND EXPENSESAND CHANGES IN FUND BALANCESFOR THE YEAR ENDED DECEMBER 31, 2008Operating ReplacementFund Fund TotalREVENUESMember assessments (Note 3) $ 532,656 $ 111,792 $ 644,448Other member assessments 11,313 11,313Reduction-allowance for doubtful accounts - net (Note 2) 10,263 10,263Interest and dividend income 20 24,985 25,005Clubhouse rental 2,240 2,240Other income 128 128TOTAL REVENUES 556,620 136,777 693,397EXPENSESGrounds maintenance 145,945 145,945Water and sewer 142,136 142,136Trash removal 45,046 45,046Amenity maintenance and repair 42,589 42,589Snow removal 32,222 32,222Management fee 30,071 30,071Gas and electric 24,514 24,514Bookkeeping expense 19,728 19,728Security services 12,536 12,536Insurance expense 12,317 12,317Postage, printing and other administrative 8,846 8,846Professional fees - net 5,336 5,336Income taxes (Note 5) 4,451 4,451Depreciation expense (Note 2) 1,556 1,556Replacement fund expenses:Grounds improvements, repairs, and mailboxes 73,914 73,914Concrete and asphalt 44,878 44,878Trees and shrubs 20,784 20,784Clubhouse and playground improvements 8,322 8,322TOTAL EXPENSES 527,293 147,898 675,191EXCESS OF REVENUES OVER EXPENSES(EXPENSES OVER REVENUES) 29,327 (11,121) 18,206BEGINNING FUND BALANCE (DEFICIT) (114,863) 710,273 595,410ENDING FUND BALANCE (DEFICIT) $ (85,536) $ 699,152 $ 613,616The accompanying notes are an integral part of the financial statements.3
SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2STATEMENT OF CASH FLOWSFOR THE YEAR ENDED DECEMBER 31, 2008Operating ReplacementFund Fund TotalCASH FLOWS FROM OPERATING ACTIVITIES:Member assessments collected $ 574,316 $ 111,792 $ 686,108Interest and dividends received 20 23,985 24,005Other income received 2,368 2,368Cash paid for:operating expenditures (565,790) (565,790)replacement expenditures (147,898) (147,898)Income taxes paid (5,452) (5,452)Temporary loan from Replacement Fund (Note 4) 35,000 (35,000) 0Replacement Fund expenses not reimbursed to Operating Fund (33,974) 33,974 0Net cash provided (used) by operating activities 6,488 (13,147) (6,659)CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of property (1,026) (1,026)Net investment in temporary investments 33,000 33,000NET INCREASE (DECREASE) IN CASHAND CASH EQUIVALENTS 5,462 19,853 25,315Cash and cash equivalents at beginning of year 38,543 118,737 157,280Cash and cash equivalents at end of year $ 44,005 $ 138,590 $ 182,595RECONCILIATION OF EXCESS OF REVENUES OVER EXPENSES (EXPENSES OVER REVENUES)TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES:Excess of revenues over expenses(expenses over revenues) $ 29,327 $ (11,121) $ 18,206Adjustments to reconcile excess of revenues over expenses (expensesover revenues) to net cash provided (used) by operating activities:Increase (decrease) in interfund balances 1,026 (1,026) 0Non-cash depreciation expense 1,556 1,556Increase in assessments receivable (4,858) (4,858)Increase in interest receivable (1,000) (1,000)Decrease in accounts payable (25,504) (25,504)Decrease in income taxes payable (1,001) (1,001)Increase in prepaid assessments 5,942 5,942Total adjustments (22,839) (2,026) (24,865)Net cash provided (used) by operating activities $ 6,488 $ (13,147) $ (6,659)The accompanying notes are an integral part of the financial statements.4
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SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2STATEMENT OF REVENUES AND EXPENSESAND CHANGES IN FUND BALANCESFOR THE YEAR ENDED DECEMBER 31, 2008Operating ReplacementFund Fund TotalREVENUESMember assessments (Note 3) $ 532,656 $ 111,792 $ 644,448Other member assessments 11,313 11,313Reduction-allowance for doubtful accounts - net (Note 2) 10,263 10,263Interest and dividend income 20 24,985 25,005Clubhouse rental 2,240 2,240Other income 128 128TOTAL REVENUES 556,620 136,777 693,397EXPENSESGrounds maintenance 145,945 145,945Water and sewer 142,136 142,136Trash removal 45,046 45,046Amenity maintenance and repair 42,589 42,589Snow removal 32,222 32,222Management fee 30,071 30,071Gas and electric 24,514 24,514Bookkeeping expense 19,728 19,728Security services 12,536 12,536Insurance expense 12,317 12,317Postage, printing and other administrative 8,846 8,846Professional fees - net 5,336 5,336Income taxes (Note 5) 4,451 4,451Depreciation expense (Note 2) 1,556 1,556Replacement fund expenses:Grounds improvements, repairs, and mailboxes 73,914 73,914Concrete and asphalt 44,878 44,878Trees and shrubs 20,784 20,784Clubhouse and playground improvements 8,322 8,322TOTAL EXPENSES 527,293 147,898 675,191EXCESS OF REVENUES OVER EXPENSES(EXPENSES OVER REVENUES) 29,327 (11,121) 18,206BEGINNING FUND BALANCE (DEFICIT) (114,863) 710,273 595,410ENDING FUND BALANCE (DEFICIT) $ (85,536) $ 699,152 $ 613,616The accompanying notes are an integral part of the financial statements.3
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