PVCA - March Financial Statement

Financial Statements
of
Presidents Village Condominium Assoc.
For the Period Ended March 31, 2012

Balance Sheet
March 31, 2012
ASSETS
Current Assets
Cash in Bank - General Account
Cash in Bank - Savings Account
Investments - CD
Undeposited Funds
23,978.63
204,188.17
39,354.76
10,000.00
Total Current Assets

Fixed Assets
Equipment
Transportation Equipment
Office Equipment
Accumulated Depreciation
$
13,148.14
47,125.81
662.46
(30,857.80)
Total Fixed Assets

Other Assets
Members Reg. Asses. Receivable
Late Fees & Fines Receivable
Attorney Fees Receivable
Rental Fees Receivable
Building Repairs Receivable
Pool Fines Receivable
Prepaid Insurance
Prepaid Expenses
30,078.61
1,408.86
20,396.50
2,768.00
1,460.00
6,940.00
400.00
(1,217.31)
909.00
Total Other Assets

Total Assets
277,521.56
33,065.05
$
340,665.22

Balance Sheet
March 31, 2012
LIABILITIES AND EQUITY
Current Liabilities
Members Assess. Pd. in Advance
37,356.20
Total Current Liabilities

Long Term Liabilities
Note Payable - GMAC
$
20,042.14
Total Long Term Liabilities

Equity
Members' Equity
Reserves for Future Expenses
Current Income (Loss)
20,042.14
189,782.96
20,860.14
72,623.78
Total Equity
Total Liabilities & Equity
37,356.20
283,266.88
$
340,665.22

Income Statement
1 Month Ended
Mar. 31, 2012
Revenue
Members Regular Assessments
51,193.00
12 Months Ended
Mar. 31, 2012
$
614,241.00
Total Revenue
51,193.00
614,241.00
Operating Expenses
Vehicle Operation/Maintenance
Bad Debt - Uncollectible Fees
Bank Charges
Entertainment
Equipment Rental
Gifts
Insurance - Truck
Insurance - Commercial Package
Insurance - Workman's Comp
Accounting
Legal
Licenses & Fees
Building Maintenance
Maint. - Pool
Pool Operation
Maint. - Landscape
Maint. - Snow Removal
Maint. - Car Ports.
Office Expense
Annual Co-Owners Meeting
Postage
Salaries & Wages
Supplies
Taxes - Payroll
Taxes - MESC
Taxes - FUTA
Taxes - Other
Telephone
Internet
Utilities - Water
Utilities - Gas
Utilities - Electricity
545.97
9,206.00
21.95
0.00
0.00
0.00
484.50
2,649.25
661.75
707.60
560.00
0.00
7,941.61
338.80
0.00
357.00
0.00
15,000.00
424.63
0.00
2.95
7,592.00
701.19
580.78
198.18
2.69
0.00
162.31
127.02
5,916.15
12,527.45
2,088.80
3,991.10
31,304.12
268.84
123.67
760.59
178.98
5,329.50
29,141.75
7,279.25
10,335.50
13,147.30
235.77
79,369.52
4,199.98
1,517.82
16,105.74
1,343.34
60,000.00
4,923.47
2,544.88
760.32
108,594.25
735.30
8,307.48
1,259.95
505.19
8,125.22
2,086.20
942.12
70,448.10
78,958.14
26,602.26
Total Operating Expenses
68,798.58
579,425.65
Operating Income
(17,605.58)
34,815.35
7.83
0.00
12,631.94
860.00
0.00
182.83
150.00
29,812.28
2,698.00
723.00
Interest Income
Rental Income
Other Income
Income-Attorney Fees Collected
Income - Building Repairs
1 Month Ended
Mar. 31, 2012
Income - DTE Charges to Owners
Provision for Federal Income Tax
Mar. 31, 2012
0.00
0.00
Total Other Income

Net Income (Loss)
12 Months Ended
1,988.12
2,254.20
13,499.77
$
(4,105.81)
37,808.43
$
72,623.78

Schedule of Operating Expenses
1 Month Ended
Mar. 31, 2012
Building Maintence
Upgrade/ Replacement
Building Exterior
Building Interior
Building Cleaning
Total Building Maintenance
12 Months Ended
Mar. 31, 2012
777.41
4,152.20
125.00
627.00
2,260.00
7,941.61
6,862.16
4,152.20
28,464.70
8,236.77
31,653.69
79,369.52

1 Month Ended
Mar. 31, 2012
Office Expense
Office Utility
Office Supply
Total Office Expense
$
$
12 Months Ended
Mar. 31, 2012
0.00
424.63
424.63
814.69
4,108.78
4,923.47

1 Month Ended
Mar. 31, 2012
Salaries & Wages
Office Payroll
Maintenance Payroll
Pool Payroll
Total Salaries & Wages
12 Months Ended
Mar. 31, 2012
2,325.00
5,267.00
0.00
7,592.00
30,074.25
73,147.00
5,373.00
108,594.25

Income Statement
1 Month Ended
Mar. 31, 2012
Revenue
Members Regular Asses
Total Revenue
Operating Expenses
Vehicle Operation/Mai
Bad Debt - Uncollectib
Bank Charges
Entertainment
Equipment Rental
Gifts
Insurance - Truck
Insurance - Commercial
Insurance - Equipment
51,193 .00
Budget
$
51,000.00
Variance
$
193.00
0
0
51,193.00
51,000.00
193.00
545.97
9,206.00
21.95
0.00
0.00
0.00
484.50
2,649.25
0.00
200.00
1,000.00
30.00
0.00
0.00
0.00
136.00
2,273.00
120.00
345.97
8,206.00
(8.05)
0.00
0.00
0.00
348.50
376.25
(120.00)
0.00
400.00
(400.00)
12 Months Ended
Mar. 31, 2012
Pct
$
173
821
(27 )
0
0
0
256
17
614,241.00
Budget
$
612,000.00
Variance
$
Pct
2,241.00
0
0
614,241.00
612,000.00
2,241.00
3,991.10
31,304.12
268.84
123.67
760.59
178.98
5,329.50
29,141.75
0.00
2,400.00
12,000.00
360.00
0.00
0.00
0.00
1,632.00
27,276.00
1,440.00
1,591.10
19,304.12
(91.16)
123.67
760.59
178.98
3,697.50
1,865.75
(1,440.00)
66
161
(25 )
0
0
0
227
7
(100)
0.00
4,800.00
(4,800.00)
(100)
7,279.25
10,335.50
13,147.30
235.77
79,369.52
4,199.98
1,517.82
16,105.74
1,343.34
4,200.00
9,600.00
21,600.00
300.00
162,000.00
4,000.00
1,000.00
6,000.00
7,500.00
3,079.25
735.50
(8,452.70)
(64.23)
(82,630.48)
199.98
517.82
10,105.74
(6,156.66)
73
8
(39 )
(21 )
(51 )
5
52
168
(82 )
(100)
Insurance-Directors &
(100)
89
(12 )
(69 )
0
(41 )
0
0
0
Insurance - Workman's
Accounting
Legal
Licenses & Fees
Maint. - Pool
Pool Operation
Maint. - Landscape
Maint. - Snow Removal
661.75
707.60
560.00
0.00
7,941.61
338.80
0.00
357.00
0.00
350.00
800.00
1,800.00
0.00
13,500.00
0.00
0.00
0.00
1,500.00
311.75
(92.40)
(1,240.00)
0.00
(5,558.39)
338.80
0.00
357.00
(1,500.00)
Maint. - Car Ports.

Office Expense
Annual Co-Owners Me
Postage
Rent
Salaries & Wages
Supplies
Taxes - Payroll
Taxes - MESC
Taxes - FUTA
Taxes - Other
Telephone
Internet
Utilities - Water
Utilities - Gas
Utilities - Electricity
15,000.00
424.63
0.00
2.95
0.00
7,592.00
701.19
580.78
198.18
2.69
0.00
162.31
127.02
5,916.15
12,527.45
2,088.80
0.00
400.00
0.00
60.00
0.00
7,136.00
0.00
0.00
0.00
0.00
0.00
200.00
80.00
4,800.00
15,000.00
2,500.00
15,000.00
24.63
0.00
(57.05)
0.00
456.00
701.19
580.78
198.18
2.69
0.00
(37.69)
47.02
1,116.15
(2,472.55)
(411.20)
(100)
0
6
0
(95 )
0
6
0
0
0
0
0
(19 )
59
23
(16 )
(16 )
60,000.00
4,923.47
2,544.88
760.32
0.00
108,594.25
735.30
8,307.48
1,259.95
505.19
8,125.22
2,086.20
942.12
70,448.10
78,958.14
26,602.26
0.00
4,800.00
2,000.00
720.00
120.00
101,632.00
0.00
0.00
0.00
0.00
0.00
2,400.00
960.00
69,800.00
120,200.00
31,800.00
60,000.00
123.47
544.88
40.32
(120.00)
6,962.25
735.30
8,307.48
1,259.95
505.19
8,125.22
(313.80)
(17.88)
648.10
(41,241.86)
(5,197.74)
0
3
27
6
(100)
7
0
0
0
0
0
(13 )
(2 )
1
(34 )
(16 )
Total Operating
68,798.58
52,285.00
16,513.58
32
579,425.65
600,540.00
(21,114.35)
(4
(17,605.58)
(1,285.00)
(16,320.58)
999
34,815.35
11,460.00
23,355.35
Operating Inc
Interest Income
7.83
(5.00)
12.83
204
182.83
(60.00)
242.83
(405)
150.00
(1,200.00)
1,350.00
(113)
29,812.28
(600.00)
30,412.28
(999)
2,698.00
723.00
1,988.12
2,254.20
0.00
0.00
0.00
(1,860.00)
2,698.00
723.00
1,988.12
4,114.20
0
0
0
(221)
37,808.43
(3,720.00)
41,528.43
(999)
64,883.78
838
(257)
Rental Income
0.00
(100.00)
100.00
(100)
Other Income
12,631.94
Income-Attorney Fees
Income - Building Repa
Income - DTE Charges t
Provision for Federal In
(50.00)
860.00
0.00
0.00
0.00
12,681.94
0.00
0.00
0.00
(155.00)
860.00
0.00
0.00
155.00
(999)
0
0
0
(100 )
Total Other Inco
13,499.77
(310.00)
13,809.77
(999 )
Net Income (L
(4,105.81)
(1,595.00)
(2,510.81)
157
72,623.78
7,740.00

1 Month Ended
Mar. 31, 2012
Building Maintence
Upgrade/ Replacement
777.41
4,152.20
Budget
$
0.00
9,500.00
Variance
$
12 Months Ended
Mar. 31, 2012
Pct
777.41
(5,347.80)
0
(56
6,862.16
4,152.20
(83
28,464.70
(10
Budget
$
0.00
114,000.00
Variance
$
Pct
6,862.16
(109,847.80)
0
(96 )
9,000.00
19,464.70
216
8,236.77
31,653.69
3,000.00
30,000.00
5,236.77
1,653.69
175
6
0.00
6,000.00
(6,000.00)
(100)
(82,630.48)
(51 )
)
Building Exterior
125.00
750.00
(625.00)
)
Building Interior
Building Cleaning
627.00
2,260.00
250.00
2,500.00
377.00
(240.00)
0.00
500.00
(500.00)
151
)
Operations Contingenc
(100 )
Total Building
7,941.61
13,500.00
(5,558 .39)
(41 $
)
79,369.52
162,000.00

1 Month Ended
Mar. 31, 2012
Office Expense
Office Utility
Office Supply
Total Office Exp
0.00
Budget
$
424.63
$
424.63
100.00
Variance
$
300.00
$
400.00
(100.00)
124.63
24.63
12 Months Ended
Mar. 31, 2012
Pct
$
(100)
42
6
814.69
Budget
$
4,108.78
$
4,923.47
1,200.00
Variance
$
3,600.00
$
4,800.00
Pct
(385.31)
(32 )
508.78
14
123.47

1 Month Ended
Mar. 31, 2012
Salaries & Wages
Office Payroll
Maintenance Payroll
Pool Payroll
Total Salaries &
Budget
Variance
12 Months Ended
Mar. 31, 2012
Pct
Budget
Variance
Pct
2,325.00
5,267.00
0.00
2,016.00
5,120.00
0.00
309.00
147.00
0.00
15
3
0
30,074.25
73,147.00
5,373.00
24,192.00
72,640.00
4,800.00
5,882.25
507.00
573.00
24
1
12
7,592.00
7,136.00
456.00
108,594.25
101,632.00
6,962.25

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Financial Statements

Presidents Village Condominium Assoc.

Total Current Assets

Total Fixed Assets

Total Other Assets

Presidents Village Condominium Assoc.

Total Current Liabilities

Total Long Term Liabilities

Presidents Village Condominium Assoc.

Total Operating Expenses

Mar. 31, 2012

Total Other Income

Presidents Village Condominium Assoc.

Presidents Village Condominium Assoc.

Presidents Village Condominium Assoc.

Presidents Village Condominium Assoc.

Maint. - Car Ports.

Total Other Inco

Presidents Village Condominium Assoc.

Presidents Village Condominium Assoc.

Presidents Village Condominium Assoc.

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