Ventana Lakes

 Property Owners' Association

Financial Report

FOR THE TWELVE MONTHS ENDING DECEMBER 31, 2005

CURRENT ASSETS

OPERATING CASH:
102-FNBAZ OPERATING	 	352,881.54
103-FNBAZ ACTIVITY CHKG		  30,873.47
105 -PRIOR BANK ACCOUNT		       162.00
110-PETTY CASH	 	 	       500.00
111-PETTY CASH-ACTIVITY		       210.00
106-PRIOR GARDENS OPER ACCT	       132.66
115-DUE TO/FROM THE GARDENS	          0.00
116-DUE TO/FROM RESERVE		          0.00
					---------------
TOTAL OPERATING CASH		$384,759.67

OTHER ASSETS:
161-ASSESSMENT RECEIVABLE	   $9,473.17
165-PREPAID INCOME TAX		     1,002.00
	 				---------------
TOTAL OTHER ASSETS		  $10,475.17

FIXED ASSETS:

I50-BUILDING & STRUCTURES	$150,000.00
151-VEHICLE ASSET			     7,075.00
152-0FF FURN & COMPUTER HDW	   29,376.66
153-EXERCISE EQUIP			   16,027.00
159-ACCUM DEPRECIATION	 	  (47,566.00)
					---------------
TOTAL FIXED ASSETS			$154,912.66

RESERVE FUND:

120-MONEY MARKET FNBAZ		$369,582.72
121-AMTRUST CD 11/23/07		  100,000.00
122-BANKONE CD5681 M61812 5	  112,308.88
123-BANKONE 2YR CD 4/5/06 4	    54,600.65
124-WF BROKERAGE ACCT		    35,128.29
125-USAA CD 3.54% 6-20-06		   64,635.68
128-RSV-FNBA CD 7/1/06 3.82		 102,135.26
129-FNB AZ CD 3.92% 7-2706		   98,973.04
130-MATRIX 5YRCD 4928M10608	   15,282.41
131-DUE TO/FROM OPERATING	           0.00
					---------------
TOTAL RESERVE FUND		$952,646.93
 
GARDENS RESERVE:

171-GARDENS RESERVE MNY MKT	  $27,052.63
172-WORLD CD 2/11/06		    20,623.03
179-DUE TO/FROM MASTER		            0.00
					---------------
TOTAL GARDEN RESERVE		  $47,675.66

TOTAL ASSETS	                        $1,550,470.09

LIABILITIES AND FUND BALANCES:

CURRENT LIABILITIES
203-  ACCRUED P/R TAXES		    $2,465.86
205- PREPAID ASSESSMENTS		  171,293.69
208- BUILDING FUND			      8,036.88
210- REFUNDABLE POOL KEYS	    28,635.00
					---------------
TOTAL LIABILITIES			$210,431.43

EQUITY:

RETAINED EARNINGS			  $170,896.87
GARDENS RESERVE			     47,675.66
RESERVE FUND			    952,646.93
GARDENS OPERATING		     23,763.66
CURRENT YEAR SURPLUS/DEFICIT	   145,055.54
					---------------
TOTAL FUND BALANCE		$1,340,038.66

TOTAL LIABILITIES
	AND FUND BALANCES:	$1,550,470.09   

STATEMENT OF OPERATIONS

				DECEMBER	ACTUAL YR	BUDGETED YR
TOTAL OPERATING INCOME	   $22,683.36	$1,321,106.19	  $1,239,011.84

Maintenance			    $44,363.09	   $456,278.94	     $457,430.00
Utilities			  	      33,215.45	     271,920.33	       355,848.00 
Activities			       1,742.08	       49,734.88		    0.00
Supplies				 0.00	         5,018.72	           1,600.00
Administration			     21,573.90	      261,937.78	        292,978.00

TOTAL EXPENDITURES	  $100,894.52	  $1,044,890.65	   $1,107,856.00

OPERATING SURPLUS			     $276,215.54	      $131,155.84

ALLOCATION TO
   RESERVE FUND		    $10,930.00	     $131,160.00

***************************
GARDENS

				DECEMBER	ACTUAL YR	BUDGETED YR
REVENUE		  	$102,554.00	  $101,075.04

EXPENDITURES	     	   $6,222.27	    $94,268.07	   $101,077.00

RESERVE FUND	     	   $1,940.49	    $23,044.51	     $22,968.00