Property Owners' Association
May 13, 2006
|Ventana Lakes Property Owners Association|
|As Of 3-31-2006|
|102||FNBAZ Operating||$ 225,184.04|
|103||FNBAZ Activity CHkg||$ 32,566.68|
|105||Prior Bank Account||$ 162.00|
|110||Petty Cash||$ 500.00|
|111||Petty Cash - Activity||$ 210.00|
|106||Prior Gardens Oper Acct||$ 132.66|
|116||Due To/From Reserve||$ 2,236.06|
|TOTAL OPERATING CASH||$ 260,991.44|
|161||Assessment Receivable||$ 9,148.79|
|165||Prepaid Income Tax||$ 1,002.00|
|TOTAL OTHER ASSETS||$ 10,150.79|
|150||Building & Structures||$ 150,000.00|
|151||Vehicle Asset||$ 7,075.00|
|152||Office Furn & Computer Hwd||$ 29,376.66|
|153||Exercixe Equipment||$ 16,027.00|
|159||Accum Depreciation||$ (47,566.00)|
|TOTAL FIXED ASSETS||$ 154,912.66|
|120||Money Market FNBAZ||$ 244,941.77|
|121||Amtrust CD 11-23-07||$ 100,000.00|
|122||Bankone CD5681 M61815 5||$ 112,308.88|
|123||Bankone 2Yr CD 4-5-06 4||$ 54,600.65|
|124||WF Brplerage Acct||$ 35,346.52|
|125||USAA CD 3.54% 6-20-06||$ 65,024.93|
|126||FNB CD 4.65% 1-30-08||$ 75,000.00|
|127||FNB CD 4.65% 1-30-09||$ 75,000.00|
|128||RSV FNBA CD 7-1-06 3.82||$ 102,135.26|
|129||FND AZ CD 3.92% 7-27-06||$ 99,955.74|
|130||Matrix 5YrCD 4928M10608||$15,282.41|
|132||FNB CD 4.75% 1-30-10||$ 75,000.00|
|131||Due To/From Operating||$ (2,236.06)|
|TOTAL RESERVE FUND||$ 1,052,360.10|
|171||Gardens Reserve Mny Mkt||$ 32,157.27|
|172||World CD 2-13-07||$ 20,623.03|
|TOTAL GARDENS RESERVE||$ 52,780.30|
|TOTAL CURRENT ASSETS||$ 1,531,195.29|
|LIABILITIES & FUND BALANCES|
|203||Accrued P/R Taxes||$ 3,112.08|
|205||Prepaid Assessments||$ 120,417.44|
|208||Building Fund||$ 8,289.88|
|210||Refund Pool Keys||$ 28,635.00|
|TOTAL LIABILITIES||$ 160,454.40|
|RETAINED EARNINGS||$ 315,952.41|
|GARDEN RESERVES||$ 52,780.30|
|RESERVE FUND||$ 1,052,360.10|
|GARDENS OPERATING||$ 31,747.25|
|CURRENT YEAR SURPLUS / DEFICIT||$ (82,099.17)|
|TOTAL FUND BALANCE||$ 1,370,740.89|
|TOTAL LIABILITIES AND|
|FUND BALANCES||$ 1,531,195.29|
Attached and Included As Part Of This Report
The first 2 pages of Colby Management’s Balance Sheet for the three months ending March 31, 2006.
Since the only financial information readily available for my report comes from Colby Management I have decided to use the first 2 pages of Colby Management’s Balance Sheet as part of my official Treasurers Report. I will use this comment section to inform the Board and the Association of any questions and or concerns and the outcomes, if any, of such questions or concerns. At my meeting with Tammy Matthews from Colby Management I informed her of this decision. Ms. Matthews stated that is basically what most of the other Associations her company handles do. Present also at that meeting , May 3, 2006, was Lois Owen, President VLPOA.
Line Item 103 - Activity Checking : as per Board decision $15,000 has been transferred to Line Item 120 - Reserve Money Market as a surplus from end of year 2005. I have requested that a special line item be used to indicate this transfer and the reason for the transfer.
Line Items 105 and 106 are a result of discrepancies that occurred when City Properties turned VLPOA funds over to Colby Management in 2005. Since City Property does not respond to repeated requests to correct these issues both line items will be written off and removed from future reports.
Line Item 153 - Exercise Equipment : We will have to notify the auditors, before they do their audit for 2006 , what equipment was disposed of and what equipment was purchased and their values so this line can be adjusted accordingly.
Line Item 120 - Reserve Money Market : $ 15,000 was added from Line Item 103 - Activity Checking. Transfers of $15,000 and $100,000 were made from this account to line item 124 - Wells Fargo Brokerage Account.
Line Item 124 - Wells Fargo Brokerage Account : $ 115,000 was added to this account from Line Item 120 - Reserve Money Market. On Monday May 15, 2006 , as per a recent Board decision, Bank CDs Totaling $150,000 will be purchased with funds in this account. The CDs will remain as part of this account. On Thursday May 11, 2006, the Money Market part of this account was changed from an account that could only purchase U. S. Treasuries to an account that can purchase any U. S. Government Paper. The change resulted in a current increase in this accounts yield from 4.16% to 4.41%.
Line Item 123 - BankOne CD : This CD matured and Lois Owen forwarded the funds to Line Item 124 - Wells Fargo Brokerage Account and from that account purchased a one year CD, $ 58,000, from the First Bank of Puerto Rico maturing April 20, 2007 with a yield of 5.05%, interest paid at maturity.
I have requested that a special line item be set up to create a better paper trail for the funds transferred from the operating account to reserves in January 2006 utilizing surplus funds from 2005.
Submitted and signed by Bob DellaPia this 13th day of May, 2006.