BANNISTER LAKES
HOMEOWNERS ASSOCIATION
ANNUAL FINANCIAL REPORT
YEAR OF 2002
1. General Fund
Beginning balance January 1st, 2002 351.01
Income
Members dues 24177.00
Fees for late dues payment 100.00
Lien fee 175.00
Returned check fee 10.00
Total Income 24462.00
______
Total income to be accounted for 24813.01
Expenses
Bank
Returned check 7.50
Activities
Christmas lighting contest 100.00
Subdivision garage sale 45.03
Christmas lights purchased 28.48
Computer
Computer Forms 227.60
Computer supplies 21.17
Insurance 1543.00
Legal fees
Certified mail 7.88
Lien fees 30.00
Maintenance
Lawn care 1190.00
Snow removal 2730.00
Office supplies
Postage 317.89
Printing 161.96
Office supplies 92.52
Poles and parts for street signs 669.00
Postal box rental 48.00
Street sign project 13611.50
Utilities
Electricity 163.96
Water 150.00
Total expenses for the year of 2002 21145.49
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Ending balance December 31, 2002 3667.52
Cash balance reconciliation
The Association uses the accrual method of accounting. To adjust the ending balance of the Income statement to the cash balance, deduct the current accounts receivable and add the current accounts payable. To adjust the bank balance, deduct the outstanding checks. The cash balance must agree with the bank balance and are considered balanced when the two amounts agree.
Ending balance December 31, 2002 3667.52
Deduct current accounts receivable -520.00
Add current accounts payable 669.00
Cash balance 3816.52
Bank balance December 31, 2002 5244.07
Deduct outstanding checks -1427.55
Adjusted bank balance 3816.52
Total Accounts Receivable
Current year 520.00 Past due 125.00
Total Accounts receivable 645.00
2. Bannister Lake Maintenance Account
Beginning balance January 1, 2002 2284.32
Income
Members dues 2300.00
Total income 2300.00
______
Total income to be accounted for 4584.32
Expenses
Lake permit 150.00
Aqua shade bluing 911.75
Algae treatment 893.05
Liferings 374.28
Postage 14.80
Water testing 30.00
Total expenses 2373.88
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Ending balance December 31, 2002 2210.44
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Bank balance December 31, 2002 2210.44
Accounts Receivable None
The accounts of the Association are compared with the records of the Bannister Lake Maintenance Committee, which are maintained independent of the Association. The cash balance is compared to the balance indicated on the bank statements. Since these amounts agree, the accounts are considered in balance.
3. Hawkins lake Maintenance Account
Beginning balance 2234.88
Income
Members dues 9545.00
Total income 11779.88
______
Total income to be accounted for 11779.88
Expenses
Lake permit 150.00
Printing 105.61
Algae granular 220.00
Algae treatment 435.00
Weed treatment 535.34
Water testing 45.00
Blue dye treatment 832.90
Electricity 2046.18
Lifering enclosures 342.16
Lifering rope 470.28
Travel expenses 20.00
Total expenses 5202.47
______
Ending balance 6577.41
Cash balance reconciliation
To adjust the ending balance to the cash balance, deduct the current accounts receivable:
Ending balance for year of 2002 6577.41
Deduct current accounts receivable 790.00
Cash balance 5787.41
Bank balance December 31, 2002 5787.41
Accounts Receivable
Current year 790.00 Past due 370.00
Total Accounts receivable 1160.00
The accounts of the Association are compared with the records of the Hawkins Lake
Maintenance Committee. Their records are maintained separate from the Associations
accounts. The ending cash balance is matched to the cash on deposit as indicated by
the bank statements. As these amounts agree, the accounts are considered balanced.
4. Hawkins Lake Special Assessment Account
Beginning balance 3322.32
Income
Members dues 17825.00
Total income 17825.00
______
Total cash to be accounted for 21147.32
Expenses
Fountain purchase and installation 4966.86
Pump equipment 11456.52
______
Total expenses 16423.38
______
Ending Balance 4723.94
Cash Balance
To adjust the ending balance to the cash balance, deduct the total accounts receivable. This sum in turn must agree with the bank balance. The account is considered in balance if the two amounts agree.
Ending balance 4723.94
Deduct accounts receivable:
Current 2600.00
Previous years 0
Cash balance 2123.94
______
Bank balance December 31, 2002 2123.94
5. Treasurer’s statement
The above information reflects a true and accurate rendering of the accounts of the Bannister Lakes Homeowners Association for the fiscal year of 2002. The balances of the bank accounts, issued by Citizens State Bank, agree with the records of the Association. The records of the two lake maintenance committees, as mentioned also verify the accounts. When all agree, the accounts are considered balanced. The fiscal year of the association coincides with the calendar year and ended on December 31st, 2002.
The outstanding amount owed to the Association totals $4405.00; a portion of this is secured for the benefit of the Association. Efforts to collect all amounts owed to the Association are ongoing and the balance is expected to be reduced substantially during 2003. The two special projects undertaken in the Association in 2002 contributed to this increase of unpaid dues. The only outstanding debt of the Association is one bill for $669.00 for sign poles that will be paid when the material is received. All ending balances of the year 2002 are included in the budgets for the fiscal year 2003, as the beginning balance and are applied towards the anticipated expenditures. Since the Association has no long-term cash reserves, using the beginning balance and current revenues pays for all of our activities. The records of the Association are open for inspection by any member and can be viewed by calling the treasurer, Ron Black at 726-9343, or by e-mail at
Ronald Black
Treasurer
Bannister Lakes Homeowners Association
Association records
Your help is needed to complete the records of the Association. We continue efforts to
compile the telephone numbers and e-mail addresses of each member to assist in the
distribution of information. In the past, it has been a serious problem to communicate
with the members and the availability of e-mail has eased this difficulty. Further, e-mail
can be a cost savings to all of us, in postal savings. Please include your telephone number and e-mail address with your dues payment. Please remember that people do change e-mail service and need to update their information with us. Thank you for your assistance and please be assured we treat all of the member’s information confidently.
Bannister Lakes Homeowners Association
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