Ventana Lakes
Property Owners' Association

www.ventanalakespoa.com

Financial Report
November 15, 2006

Balance Sheet
Statement of Operations
Reserve Funds Report
Treasurer's Report

Ventana Lakes Property Owners Association
BALANCE SHEET
As Of 10-31-2006
     
  CURRENT ASSETS    
     
OPERATING CASH    
102 Compass Operating  $      251,262.78  
103 Compass Activities  $          9,722.81  
110 Petty Cash  $            500.00  
111 Petty Cash - Activity  $            210.00  
106 Corus Bank Mny Mkt  $        95,000.00  
115 Due To/From The Gardens  $         (1,616.78)  
116 Due To/From Reserve  $          6,353.18  
TOTAL OPERATING CASH    $           361,431.99
     
OTHER ASSETS    
161 Assessment Receivable  $        23,242.09  
165 Prepaid Income Tax  $          1,002.00  
TOTAL OTHER ASSETS    $             24,244.09
     
FIXED ASSETS    
150 Building & Structures  $      150,000.00  
151 Vehicle Asset  $          7,075.00  
152 Office Furn & Computer Hwd  $        29,376.66  
153 Exercise Equipment  $        16,027.00  
159 Accum Depreciation  $       (47,566.00)  
TOTAL FIXED ASSETS    $           154,912.66
     
RESERVE FUND    
120 SFB Money Market  $        99,636.39  
121 Amtrust CD 11-23-07  $      100,000.00  
122 Chase CD5681 M61815 5  $      112,308.88  
123 CDARS CD 5.60%  $        75,000.00  
124 WF Brokerage Mny Mkt  $          3,242.72  
125 Stonebridge CD  $        17,000.00  
126 FNB CD 4.65% 1-30-08  $        77,576.78  
127 FNB CD 4.65% 1-30-09  $        77,599.82  
128 1st Internet CD 8-16-11  $        45,000.00  
129 1st Internet CD 8-16-10  $        35,000.00  
130 1st COMM BANK CD  $        15,282.41  
132 FNB CD 4.75% 1-30-10  $        77,628.63  
133 WF Brokerage Invest  $      383,000.00  
131 Due To/From Operating  $         (6,353.18)  
TOTAL RESERVE FUND    $         1,111,922.45
     
GARDENS RESERVE    
171 Gardens Reserve Mny Mkt  $        42,688.09  
172 World CD 2-13-07  $        20,623.03  
179 Due To/From Master  $          1,616.78  
TOTAL GARDENS RESERVE    $             64,927.90
     
  TOTAL CURRENT ASSETS    $   1,717,439.09
     
     
  LIABILITIES & FUND BALANCES    
     
CURRENT LIABILITIES    
201 Accounts Payable  $                   -    
203 Accrued P/R Taxes  $          1,934.67  
205 Prepaid Assessments  $          2,841.95  
208 Building Fund  $          8,289.88  
210 Refund Pool Keys  $        28,844.00  
311 Pool Const Deposits  $          1,000.00  
TOTAL LIABILITIES    $             42,910.50
     
EQUITY    
RETAINED EARNINGS  $      310,709.05  
GARDEN RESERVES  $        64,927.90  
RESERVE FUND  $   1,111,922.45  
GARDENS OPERATING  $        50,577.65  
CURRENT YEAR SURPLUS / DEFICIT  $      136,391.54  
TOTAL FUND BALANCE    $         1,674,528.59
     
  TOTAL LIABILITIES AND    
    FUND BALANCES    $   1,717,439.09

 

Statement Of Operations
For The Ten Months Ending 10-31-2006
               
  CURRENT CURRENT          
INCOME MONTH MONTH FAVORABLE / YEAR TO DATE YEAR TO DATE FAVORABLE / ANNUAL
  ACTUAL BUDGET (UNFAVORABLE) ACTUAL BUDGET (UNFAVORABLE) BUDGET
Operating Revenue              
401 Homeowner Assessments  $    301,077.00  $    301,076.96  $              0.04  $  1,204,308.00  $  1,204,308.00  $                 -    $  1,204,308.00
402 Administrative Income  $            56.00  $           200.00  $          (144.00)  $        3,010.23  $        2,000.00  $        1,010.23  $        2,400.00
403 Cell Tower Income  $                 -    $           750.00  $          (750.00)  $        1,500.00  $        7,500.00  $       (6,000.00)  $        9,000.00
410 Late Fees  $           525.00  $                 -    $           525.00  $        1,485.00  $                 -    $        1,485.00  $                 -  
430 Pool Keys  $          (449.86)  $                 -    $          (449.86)  $           540.18  $                 -    $           540.18  $                 -  
460 Interest Bank Accounts  $        1,190.13  $                 -    $        1,190.13  $        5,461.52  $                 -    $        5,461.52  $                 -  
480 Yacht Club Rent  $           275.00  $                 -    $           275.00  $        2,702.17  $                 -    $        2,702.17  $                 -  
490 Activities Income  $        2,463.00  $                 -    $        2,463.00  $      23,592.21  $                 -    $      23,592.21  $                 -  
Total Operating Income  $    305,136.27  $    302,026.96  $        3,109.31  $  1,242,599.31  $  1,213,808.00  $      28,791.31  $  1,215,708.00
               
  CURRENT CURRENT          
EXPENDITURES MONTH MONTH FAVORABLE / YEAR TO DATE YEAR TO DATE FAVORABLE / ANNUAL
  ACTUAL BUDGET (UNFAVORABLE) ACTUAL BUDGET (UNFAVORABLE) BUDGET
               
Maintenance  $      33,334.90  $      38,210.00  $        4,875.10  $    385,430.83  $    382,100.00  $       (3,330.83)  $    458,520.00
Utilities  $      28,104.81  $      32,097.00  $        3,992.19  $    311,919.01  $    320,970.00  $        9,050.99  $    385,164.00
Activities  $        1,668.98  $                 -    $       (1,668.98)  $      39,580.71  $                 -    $     (39,580.71)  $                 -  
Supplies  $                 -    $           100.00  $           100.00  $           202.36  $        1,000.00  $           797.64  $        1,200.00
Administration  $      15,106.49  $      18,885.34  $        3,778.85  $    196,878.90  $    223,857.36  $      26,978.46  $    261,628.04
Total Expenditures  $      78,215.18  $      89,292.34  $      11,077.16  $    934,011.81  $    927,927.36  $       (6,084.45)  $  1,106,512.04
               
Operating Surplus  $    226,921.09  $    212,734.62  $      14,186.47  $    308,587.50  $    285,880.64  $      22,706.86  $    109,195.96
               
Allocation To Reserve  $      24,300.00  $      24,300.00  $                 -    $      97,195.96  $      97,195.96  $                 -    $      97,195.96
2005 Surplus To Reserve  $                 -    $                 -    $                 -    $      75,000.00  $                 -    $     (75,000.00)  $                 -  
               
NET SURPLUS  $    202,621.09  $    188,434.62  $      14,186.47  $    136,391.54  $    188,684.68  $     (52,293.14)  $      12,000.00

 

Ventana Lakes Property Owners Association
2006 Reserve Funds Report
    Maturity As Of As Of As Of As Of As Of As Of As Of As Of As Of
Account MASTER RESERVE Yield Date 1/31/2006 3/31/2006 4/30/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 9/30/2006 10/31/2006
120 SFB Money Market   Mny. Mkt. Acct.  $      246,749.72  $      244,941.77  $      167,345.48  $      165,395.57  $      169,658.65  $      191,293.33  $        99,193.00  $        99,193.00  $        99,636.39
121 Amtrust CD 4.70% Nov. 23, 2007  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00  $      100,000.00
122 Bankone / Chase CD 5.68% June 18, 2012  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88  $      112,308.88
123 Bankone / Chase CD   NA  $        54,600.65  $        54,600.65  $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $                   -  
123 CDARS CD 5.60% Aug. 30, 2011  $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $        75,000.00  $        75,000.00  $        75,000.00
124 WF Brokerage Money Mkt   Mny. Mkt. Acct.  $        35,239.42  $        35,346.52  $      151,683.50  $          2,070.53  $          2,078.30  $      274,504.95  $          2,984.57  $          3,118.29  $          3,242.72
125 USAA CD   Matured  $        64,830.01  $        65,024.93  $        65,024.93  $        65,024.93  $        65,587.82  $                   -    $                   -    $                   -    $                   -  
125 Stonebridge CD 5.50% Aug. 18, 2011  $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $        17,000.00  $        17,000.00  $        17,000.00
126 FNB CD 4.65% Jan. 30, 2010  $        75,000.00  $        75,000.00  $        75,827.21  $        75,827.21  $        75,827.21  $        76,692.23  $        76,692.23  $        76,692.23  $        77,576.78
127 FNB CD 4.65% Jan. 30, 2009  $        75,000.00  $        75,000.00  $        75,834.52  $        75,834.52  $        75,834.52  $        76,707.27  $        76,707.27  $        76,707.27  $        77,599.82
128 RSV FNBA CD   Matured  $      102,135.26  $      102,135.26  $      103,264.60  $      103,264.60  $      103,264.60  $                   -    $                   -    $                   -    $                   -  
128 1st Internet CD 5.64% Aug. 16, 2011  $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $        45,000.00  $        45,000.00  $        45,000.00
129 FND AZ CD   Matured  $        99,955.74  $        99,955.74  $      100,926.52  $      100,926.52  $      100,926.52  $                   -    $                   -    $                   -    $                   -  
128 1st Internet CD 5.59% Aug. 16, 2010  $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $        35,000.00  $        35,000.00  $        35,000.00
130 1st Community Bank CD 4.93% Oct. 6, 2008  $        15,282.41 $15,282.41  $        15,282.41  $        15,282.41  $        15,282.41  $        15,282.41  $        15,282.41  $        15,282.41  $        15,282.41
132 FNB CD 4.75% Jan. 30, 2010  $        75,000.00  $        75,000.00  $        75,843.66  $        75,843.66  $        75,843.66  $        76,726.08  $        76,726.08  $        76,726.08  $        77,628.63
133 Wells Fargo Investments   Multiple CDs  $                   -    $                   -    $        58,000.00  $      208,000.00  $      208,000.00  $      208,000.00  $      383,000.00  $      383,000.00  $      383,000.00
131 Due To/From Operating NA NA  $         (6,445.51)  $         (2,236.06)  $            770.00  $          3,970.00  $         (2,996.14)  $       (17,419.66)  $       (22,821.71)  $       (25,885.20)  $         (6,353.18)
SUB-TOTAL      $   1,049,656.58  $   1,052,360.10  $   1,102,111.71  $   1,103,748.83  $   1,101,616.43  $   1,114,095.49  $   1,092,072.73  $   1,089,142.96  $   1,111,922.45
                       
GARDENS RESERVE                      
171 Domestic Bank Mny. Mkt.   NA  $        32,083.44  $        32,157.27  $        37,205.17  $        37,263.04  $        37,321.79  $        42,388.04  $        42,457.58  $        42,503.64  $        42,688.06
172 World CD   No Info  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03  $        20,623.03
179 Due To/From Master      $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $                   -    $          1,616.78
SUB-TOTAL      $        52,706.47  $        52,780.30  $        57,828.20  $        57,886.07  $        57,944.82  $        63,011.07  $        63,080.61  $        63,126.67  $        64,927.87
                       
TOTAL RESERVE FUNDS      $   1,102,363.05  $   1,105,140.40  $   1,159,939.91  $   1,161,634.90  $   1,159,561.25  $   1,177,106.56  $   1,155,153.34  $   1,152,269.63  $   1,176,850.32

Ventana Lakes Property Owners Association
Treasurers Report
November 15, 2006

Attached and Included  As Part Of This Report

   The first 2 pages of Colby Management’s Balance Sheet for the ten months ending October 31, 2006.

Comments

   The budgets for the Master and Gardens were submitted last month and the following were approved.  The current Master $177/quarter, $708/year, will increase to $183/quarter, $732/year, which is an increase of  3.39%.

The current Gardens $ 258/quarter, $1,032/year, will increase to $270/quarter, $1,080/year, which is an increase of 4.65%.  For both budgets, the only income used to develop the budgets will be from assessments. Any and all income from  property Re-sales and Verizon Cell Tower will be allocated to the Master Reserves.

Reserves

   Attached is an additional page listing all Ventana Lakes CDs  held in our Reserve Account.

Recommendations

   All of my recommendations from September have been approved and completed.  Line item 106  Corus Bank Money Market $ 95,000, fully FDIC insured,  was created from Line item 102.

   I  am recommending one additional Money Market Account be opened with funds from Line item 102.  We are currently carrying $251,000+ in the Compass Money Market Account ( only $100,000 is FDIC insured ), yet to date the most we have used in one month was March $145,533 and the average for all ten months thus far is               $ 93,400/month.  We can move $ 95,000 to a new fully  FDIC insured liquid Money Market Account.  If needed,  the funds will be readily available along with the funds at Corus Bank.

   Citizens State Bank CD ( $ 50,000 ) will mature November 24, 2006.  I recommend we use these funds to purchase another CD to continue the CD ladder we have created.  Approximate amount maturing each year,

2007            $283,000
2008            $167,000
2009            $152,000
2010            $112,000
2011            $137,000
2012            $113,000

Submitted and signed by Bob DellaPia this 15th day of  November, 2006.

Ventana Lakes Property Owners Association
Certificate of Deposits as of October 31, 2006

                                                                                                                                          HELD AT
             BANK                                              Yield     BALANCE   MATURES      WELLS FARGO

  1) Citizens State Bank                         4.95%    $ 50,000       Nov. 24, 2006            YES

 2)  First Bank of Puerto Rico               5.05%    $ 58,000       April 20, 2007            YES

 3)  Morgan Stanley Bank                      5.25%    $ 75,000       May  16, 2007            YES

 4)  Washington  Mutual                         5.25%    $ 25,000       Aug. 23, 2007            YES

 5)  Westernbank of Puerto Rico          5.30%    $ 25,000       Aug. 23, 2007            YES

 6)  AmTrust                                               4.70%    $100,000      Nov. 23, 2007

 7)  FNB                                                       4.65%     $ 77,576      Jan. 30, 2008

 8)  First Federal Savings Bank, IN       5.40%      $ 25,000       April 9, 2008              YES

 9)  Sky Bank                                             5.25%      $ 50,000       May 27, 2008            YES

10)  First Community Bank                    4.93%      $ 15,282        Oct. 6, 2008 

11)  FNB                                                     4.65%      $ 77,600        Jan. 30, 2009 

12)  GMAC Bank                                       5.30%      $ 50,000        May 19, 2009            YES

13)  New West Bank Greenley, CO     5.40%      $ 25,000        Aug. 4, 2009             YES

14)  FNB                                                     4.75%      $ 77,628       Jan. 30, 2010

15)  First Internet Bank of IN                 5.59%      $ 35,000        Aug. 16, 2010

16)  First Internet Bank of IN                 5.64%      $ 45,000        Aug. 16, 2011

17)  Stonebridge Bank                           5.50%      $ 17,000       Aug. 18, 2011

18)  United Bank Parkersburg, WY     5.60%      $ 75,000       Aug. 30, 2011 guaranteed CDARS FNB

19)  Bank One                                           5.68%      $112,308      June 18, 2012