Financial Report 2006-07-19

Ventana Lakes Property Owners Association
BALANCE SHEET
As Of 6-30-2006

	CURRENT ASSETS

OPERATING CASH
102	FNBAZ Operating	$ 317,239.47
103	FNBAZ Activity CHkg	$ 8,047.08
110	Petty Cash	$ 500.00
111	Petty Cash - Activity	$ 210.00
116	Due To/From Reserve	$ 2,996.14
	TOTAL OPERATING CASH		$ 328,992.69

OTHER ASSETS
161	Assessment Receivable	$ 10,044.35
165	Prepaid Income Tax	$ 1,002.00
	TOTAL OTHER ASSETS		$ 11,046.35

FIXED ASSETS
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

RESERVE FUND
120	Money Market FNBAZ	$ 169,658.65
121	Amtrust CD 11-23-07	$ 100,000.00
122	Bankone CD5681 M61815 5	$ 112,308.88
124	WF Brokerage Mny Mkt	$ 2,078.30
125	USAA CD 3.54% 6-20-06	$ 65,587.82
126	FNB CD 4.65% 1-30-08	$ 75,827.21
127	FNB CD 4.65% 1-30-09	$ 75,834.52
128	RSV FNBA CD 7-1-06 3.82	$ 103,264.60
129	FND AZ CD 3.92% 7-27-06	$ 100,926.52
130	Matrix 5YrCD 4928M10608	$ 15,282.41
132	FNB CD 4.75% 1-30-10	$ 75,843.66
133	WF Brokerage Invest	$ 208,000.00
131	Due To/From Operating	$ (2,996.14)
	TOTAL RESERVE FUND		$ 1,101,616.43

GARDENS RESERVE
171	Gardens Reserve Mny Mkt	$ 37,321.79
172	World CD 2-13-07	$ 20,623.03
	TOTAL GARDENS RESERVE		$ 57,944.82

	TOTAL CURRENT ASSETS		$ 1,654,512.95


	LIABILITIES & FUND BALANCES

CURRENT LIABILITIES
203	Accrued P/R Taxes	$ 2,749.63
205	Prepaid Assessments	$ 179,559.56
208	Building Fund	$ 8,289.88
210	Refund Pool Keys	$ 28,245.00
311	Pool Const Deposite	$ 1,500.00
	TOTAL LIABILITIES		$ 220,344.07

EQUITY
RETAINED EARNINGS		$ 310,709.05
GARDEN RESERVES		$ 57,944.82
RESERVE FUND		$ 1,101,616.43
GARDENS OPERATING		$ 25,212.96
CURRENT YEAR SURPLUS / DEFICIT		$ (61,314.38)
	TOTAL FUND BALANCE		$ 1,434,168.88

	TOTAL LIABILITIES AND
	FUND BALANCES		$ 1,654,512.95

Attached and Included As Part Of This Report
The first 2 pages of Colby Management’s Balance Sheet for the six months ending June 30, 2006.

Comments
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 since my last report and the outcomes, if any, of such questions and/or concerns.

Starting with this report I am including an additional page listing all VLPOA CD’s in the order of their maturities.

Line Item 124 - Wells Fargo Brokerage Account: This line item now only holds VLPOA money market account. The total of all purchased CD’s held by Wells Fargo now is shown in Line Item 133.

The entire balance from the CD that matured on June 20, 2006 from USAA was deposited into this account after June 30 so it does not reflect in the June 30 balance. The entire balance from the CD that matured on July 1 from FNB is in the process of being deposited into this account.

Line Item 133 – Wells Fargo Brokerage Investments:
   1)   $50,000 Citizen’s State Bank                 yield 4.95%      Matures   Nov. 24, 2006     interest at maturity
   2)   $58,000 First Bank of Puerto Rico         yield 5.05%      Matures   April 20, 2007    interest at maturity
   3)   $50,000 Sky Bank                                  yield 5.25%      Matures   May 27, 2008      interest semi-annual
   4)   $50,000 GMAC Bank                            yield 5.30%      Matures   May 19, 2009      interest semi-annual

Line Item 682 was created to show the transfer of $15,000 from the Activities Account surplus balance ending December 31,2005 to the Reserve account. This transfer is now also shown in Line Item 912 as Reserve Revenue.

Items to Note
Line Item 125 – USAA CD matured June 20, 2006.
Line Item 128 – FNB CD matured July 1, 2006.
Line Item 129 - FNB CD maturing July 27, 2006 will be used to purchase a CD that fit’s the CD ladder previously agreed to by the Board.