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04/28/2088 13:25 7275361761 DENNIS COOK CPA PAGE 84 KEY ROYAL CONDOMINIUM ASSOCIATION, INC. STATEMENTS OF ASSESSMENTS, REVENUES AND EXPENDITURES -AND CHANGES IN FUND BALANCES JANUARY 1, 2007 TO DECEMBER 31, 2007 REQUIRED i GENERAL RESERVE | FUND FUND. | _TOTAL ASSESSMENTS AND REVENUES: | ‘Maintenance Fees Assessed 8 677,862 S 146,500 | $ 824,362 ‘Interest Income 659 yt | 1,780 Other Income-Uiilties and Owner Fees 83581 . | 5,581 Mise. Income-Late Fees, Vending, Charge 14.243 | lala TOTALS 716.348 141621 923,965 ‘Bad Debts & Uncollected “Assessment 7 -0- | iu cable TV 49,542 -o 49,542 Depreciation 17283 o | 1,283, Pool Maintenance, Gas & Repair 9,755 0 i 9,755 Tosurance 147919 oo | saris Legal & Accounting 13,986 0 13,986 Management Fees 26,968 0 | 26,968 Office, Printing, Postage & Mise, 18,354 O- | 18354 Pest Control 4220 0. ! 4280 Repairs, Grounds & Supplies 135,154 0 135,154 Salaries-Admin/Maint/Grounds 91,150 0 ; 9b 180 Property Taxes, Licenses de Permits 7812 o 7812 Telephone Bat o- 841 Uilties & Trash 197,115 o. 197.115 Fire Equipment Meintanance 8,321 a 8321 Security Service and Gate 34786 0 34,786 Interest Expense Insurance 2.890 —e 2,890 TOTALS 151.26 0- IRE Excess of Expenditures fi ‘Over Revenues 18,619 166.240 FUND BALANCES, OPENING-11.07 _51.890 1 51.890 FUND BALANCES, ENDING-12-31-07 $_70.509 -$ _147.621 ‘9 218,130 ‘THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS 84/28/2808 13:25 7275361762 DENNIS COOK CPA: PAGE 93 KRY ROYAL CONDOMINIUM ASSOCIATION, INC. | BALANCE SHEET DECEMBER 31, 2007 | | ASSETS | | REQUIRED ' GENERAL RESERVE —EUND_ —FUND_ ‘TOTAL ASSETS Cash in Bank-Operating S 35,863 Ss 1a7eat | $193,484 Cash in Savings Ergress 31,037 : 31,037 Accounts Receivable-Ownes's (Less Allowance for Uncollectables) 35,212 - 35212 Prepaid Insurance and Receivable 61612 7 61,612 Equipment & Improvements (Net of Accumulated Depreciation $1,698) 9.062 = 2.062, TOTAL ASSETS S172.186 $142.62 | § _ 320.407 ! { ! LIABILITIES AND FUND BALANCES ‘LIABILITIES ' ‘Accounts Payable-Trade S 31,858 Soo+ |S anass ‘Accrued Wages 1,280 - 1,280 Prepaid Assessments 69,139 eee 63,139 TOTAL LIABILITIES 102,277 - 102,277 CONTINGENCIES AND COMMITMENTS (Note 2) EUND. 7.62 218.13 BALANCE 10,509 — 218.130 TOTAL LIABILITIES ‘ AND FUND BALANCES $ M1286 $147.62) | § 320.497 ‘THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS 24/28/2888 13:25 7275361761 DENNIS COOK CPA KEY ROYAL CONDOMINIUM ASSOCIATION, INC, SCHEDULE OF OPERATING FUND REVENUES AND ASSESSMENTS, EXPENSES AND CAPITAL TRANSACTIONS - ACTUAL AND BUDGET FOR THE YEAR ENDED DECEMBER 31, 2007 ACTUAL “AUDITED” REVENUES AND ASSESSMENTS Maintenance Fee Assessment $824,362. Interest 1,780 ‘Other