We received our UNaudited financials from our accountant for the year ended December 31, 2012. Here are some highlights and comments. We expect audited financials later this spring and will share more details with you then.
As always if you want further details or have any questions please contact AA or Ed Fortunato our treasurer.
We have $384, 253.27 in cash and cash equivalents. As expected this is an all-time high. Cash in our checking account totals $34,212, we have over $30,000 in the checking account since we have the community’s insurance payment coming up. Paying it in full saved the community ~$1,000 last year, we look to do the same this year.
Accounts payable for community dues (late dues) are $19,524 not much different than December 2011, we have almost $12,000 reserved for non-payment so the community will not be significantly impacted if we never receive that money.
Our total assets are $401,007.83 or about $4,700 per unit. As previously mentioned we are contacting an engineer in 2013 to verify our reserves match our future repair responsibilities.
As far as liabilities we have $17,000 in prepaid maintenance fees so there are a number of neighbors prepaying their community dues. That is a good sign of the community’s financial health
An examination of funds has $250,000 in reserves for replacement.
We received almost $5,000 in interest in 2012 a remarkable number considering the stingy interest rated being offered by banks
We have $54,000 in deferred maintenance and a total of $342,000 in reserve funds.
We haven’t completed our 2012 funding due to money transfer timing but we didn’t meet out stretch goal of $80,000. We will be close to previous years goals of $60,000. Although the funding goal wasn’t met in 2012, the community was painted and washed, the pool area revamped and we spent close to $10,000 to repair pond pumps. Our repair goals are less ambitious this year and we should reach our stretch goal with some extra to deposit (there are a lot of variables between now and December 2013 to be sure about hitting our stretch goal).
Thanks for your interest and participation in the community and we are looking forward to another great year at Island Gate in 2013.
