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KEY ROYAL CONDOMINIUM ASSOCIATION, INC. FINANCIAL STATEMENTS MARCH 31, 2005 TURNOVER AUDIT DENNIS H. COOK. ‘Certified Public Accountant 1000 BELCHER ROAD SOUTH, SUITE 2 LARGO, FLORIDA 33771 (727) 530-0402 FAX (727) 536-1761 INDEPENDENT AUDITORS REPORT June 28, 2005 ‘To The Board of Directors Key Royal Condominium Association, Inc. Indian Shores, Florida Thave audited the accompanying balance sheet of Key Royal Condominium Association, Inc., as of March 31, 2005 and the related statements of assessments, revenues and expenditures, changes in fund balances and statement of cash flows from inception to March 31, 2005. These financial statements are the representation of the company’s management. My responsibility is to express an opinion on these financial statements based on my audit. I performed my audit in accordance with generally accepted auditing standards in the United States of America. Those standards require performance of auditing procedures to obtain reasonable assurance as to whether the financial statements are free of material misstatement. Auditing procedures consist primarily of examining, on a test basis, evidence supporting the amounts and disclosures included in the financial statements. Those procedures also include an assessment of the accounting principles used and significant estimates made by management and an evaluation of the overall financial statement presentation. I believe that the results of my procedures provide a reasonable basis for my opinion presented below. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial Position of Key Royal Condominium Association, Inc., at March 31, 2005, and the results of its operations and changes in cash flows for the period then ended, in conformity with generally accepted accounting ‘Principles in the United States of America. The supporting data included in the report have been subjected to the same auditing procedures applied in the examination of the basic financial statements, and in my opinion, are presented fairly in all material respects in relation to the basic financial statements taken as a whole. KEY ROYAL CONDOMINIUM ASSOCIATION, INC. BALANCE SHEET MARCH 31, 2005 ASSETS REQUIRED GENERAL. RESERVE —FUND_ -EUND_. TOTAL ASSETS Cash in Bank S$ 73,733 so 3 73,733 Accounts Receivable-Owner’s 19,574 0- 19,574 Prepaid Insurance and Fees “0- 0- Oe Equipment & Improvements (Net of Accumulated Depreciation) 0 -0- Utility Deposits 0. 0. TOTAL ASSETS $__0- $ __93,307 LIABILITIES AND FUND BALANCES TIES “Accounts Payable-Trade S 34,159 so $34,159 ‘Accrued Wages 7,832 0 7,932 Prepaid Assessments 2314 2314 TOTAL LIABILITIES 44,005 0- 44,005 CONTINGENCIES AND COMMITMENTS (Note 3) EUND BALANCE (DEFICIT) 49.302 49.302 TOTAL LIABILITIES AND FUND BALANCES $93,307 Ss 893.307 ‘THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.