southpark homeowners' association number 2 ... - Southpark HOA II

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