Application of the 10/25/2021 King County Public Health Order to Common Interest Communities

Application of the 10/25/2021 King County Public Health Order to Common Interest Communities

[ Blog/News ]

Application of the 10/25/2021 King County Public Health Order to Common Interest Communities

The King County Public Health Officer issued an order on September 16, 2021, effective October 25, 2021. The Local Health Order requires people ages 12 and older to show proof of COVID-19 vaccination or a recent negative test result to enter certain establishments and events, including but not limited to restaurants and bars, gyms, indoor recreational events or establishments, and outdoor events with 500 or more people.

What Does This Mean For Common Interest Communities?

A question has arisen as to whether the order applies to gyms, restaurants, and meeting rooms within common interest communities. The text of the order is not clear on the scope of its application. It does not make any exception for members-only establishments. It does refer ambiguously in one place to “public” facilities.

Rafel Law Group sought guidance from the King County Public Health Office and was advised that the order is intended to apply only to facilities that are open to the general public. A formal opinion has not been published by King County Public Health but the advice provided to Rafel Law group appears to be authoritative.

Application For Facilities Within Common Interest Communities

Accordingly, gyms, restaurants, and meeting facilities within common interest communities that are open only to members and their guests are not subject to the King County Order. However, to the extent any such facilities within common interest communities are open to the general public, the order applies and must be followed.

This means that the common interest community must require and verify proof of full vaccination or recent (72 hours) approved negative test result in facilities which are not limited to members and their guests.

Facilities that are limited to members and their guests and are therefore not open to the public do not fall within the scope of the order, and common interest communities are not required to verify proof of vaccination or a negative test result for entry to such areas.

[Note:] Medical and religious vaccine exemptions are not accepted in lieu of documentation of a negative Covid test.

By Rafel Law Group, PLLC

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Fund Accounting For Associations

Fund Accounting For Associations

[ Blog/News ]

Fund Accounting For Associations

Whether preparing an annual budget or a reserve study, it is important to know how much money is available to spend and where the money is saved and recorded. Maintaining separate bank accounts for operating expenses or for reserves activities is both required by some statutes, and highly recommended.

Having a bank account for each type of fund is a great place to start separating each fund’s financial activity. Fund accounting manages and allocates an association’s revenues and expenses, assets, liabilities, and equity.

In a way, it’s like accounting for two entities within one set of financial statements, while keeping the activity and financial position of each separate.

How Does Money Get Into Each Fund?

An association levies and collects assessments from its members. Typically, billing and collections are accounted for in the operating fund. Per budget, associations contribute a portion of billed assessments to the reserves fund each month. Therefore, the operating fund retains monies collected from owners, net of amounts paid to the reserves fund.

The operating fund will present accounts receivable from owners on its balance sheet, together with assessment revenue on its income statement. The contribution of assessments from the operating fund to the reserves fund will be presented as a reduction of assessment income or as a separate line-item expense, and as revenue on the reserves fund’s income statement.

What About Spending?

Each fund pays for its respective expenses by writing checks from either the operating or the reserves bank account. Expenses are recorded in the expense accounts designated for each fund. The operating fund pays and accounts for month-to-month expenses; while the reserves fund typically pays for expenditures for components documented in an association’s reserve study.

Thoughts

Ensure all activity is accounted for in the correct fund. Try not to use one fund to pay for something on behalf of another fund. Account for revenues in the appropriate fund.

By Newman CPA

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6 Reasons Why Dormant Pruning Is Good For Your Trees

6 Reasons Why Dormant Pruning Is Good For Your Trees

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6 Reasons Why Dormant Pruning Is Good For Your Trees

It’s a common misconception that tree maintenance cannot be done during the winter months, or that tree care companies don’t operate during this time of the year.

The reality is that winter is a good time for pruning and tree removal services. In fact, some major pruning work should only be done during the winter, such as pruning fruit trees to maximize fruit production.

During winter, trees and shrubs enter a state called dormancy. Leaves fall off deciduous plants and trees take a “rest” until warmer spring temperatures prod them into putting on a new flush of growth.

Pruning during dormancy (called “dormant pruning”) has several benefits, both for your trees and for you.

6 Reasons Why Dormant Pruning Is Good For Your Trees:

[1] It’s Easier To Evaluate Tree Structure In Winter

After the leaves have dropped in the fall, it’s easier to see the structure of your trees. For a trained arborist, it’s also easier to identify dead or dangerous branches. This lets us determine whether or not pruning is needed to keep your trees safe and looking their best.

If you’re unsure whether or not your tree would benefit from pruning, winter is a great time to call us out to take a look.

[2] Your Tree Will Look Better In Spring

Late winter is a great time to prune, contain, or rejuvenate overgrown shrubs and trees. Any branches cut back during the winter will be able to recover quickly in spring with new growth. This will also minimize the amount of time you’ll spend looking at a plant that looks like a bunch of sticks after rejuvenation pruning.

[3] Dormant Pruning Avoids Spreading Disease

Winter pruning can also avoid spreading some serious diseases that are active and spread easily during the spring and summer growing seasons. For example, Dutch elm diseaseoak wilt, cedar hawthorn rust, and fire blight all spread quickly during the growing season.

During winter, the bacteria, fungi, parasites, and insects that cause and/or spread disease are either dead or dormant. As a result, diseases are less likely to be transmitted by winter pruning.

This is why we prune vulnerable trees, such as oak and elm trees, only during the winter (with exceptions for safety pruning when needed).

[4] It’s More Efficient To Prune Trees In Winter

In some cases frozen ground lets us bring in heavy equipment without damaging your landscape, resulting in lower costs, faster work, and better outcomes. This is especially true for large pruning jobs and tree removals.

[5] Pruning In Winter Causes Less Stress For Trees

Because the tree is dormant, winter pruning doesn’t stimulate new growth. In contrast, any pruning done just before dormancy (such as during late fall) can be killed by cold weather, damaging and disfiguring the tree.

Research shows that pruning before buds open in spring leads to “optimum wound closure.” Trees are able to heal from pruning cuts before warmer weather brings out destructive insects and pathogens.

[6] Dormant Pruning Prevents Winter Damage

Damaged, dead or dying trees can be dangerous in winter, particularly when we get significant amounts of ice or snow. Dormant pruning makes them safer and can also rejuvenate weaker trees by removing dead and diseased wood

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Reading Financial Statements Series© – BASIS OF ACCOUNTING – KNOW YOUR REPORTS

Reading Financial Statements Series© – BASIS OF ACCOUNTING – KNOW YOUR REPORTS

[ Blog/News ]

Reading Financial Statements Series© – BASIS OF ACCOUNTING – KNOW YOUR REPORTS

We introduced you to association balance sheet fund accounting for assessments & expenses as part of a balance sheet in our last blog, which was the sixth in our Reading Financial Statements Series©. In this blog we will explore the basis of accounting and how your financials can be presented in more detail. 

Question:

If three different accountants/bookkeepers sat down with the same data & transactions to process, would they prepare financial statements that look exactly the same?

Answer:

Possibly but probably not.

Reason:

Assuming each accountant is accurate and consistent, each may not account for transactions or activity in the same way. They may also set up their reports differently.

Assessment Billing & Receipts Example:

Assume assessments of $100 per homeowner are billed to 50 homeowners on the first of November. Forty owners pay in full on the first of the month, ten owners don’t pay until after the end of the month. How does basis of accounting represent the results of the transactions?

Cash Basis:

Records only cash received. Assessment revenue recorded and presented in the income statement totals $4,000 (40 owners X $100). A receivable is not presented on a cash basis balance sheet.

Accrual Basis:

Records activity regardless of cash collection status. Assessment revenue recorded and presented in the income statement totals $5,000 (50 owners X $100).  A receivable of $1,000 (10 owners X $100) is recorded on the balance sheet.

Expense Example:

Assume landscape invoices for November totaling $2,000 are received from the vendor and paid in early December. What is the difference between cash and accrual accounting for November’s landscape expense?

Cash Basis

Using the cash basis, the accountant will record the $2,000 landscape expense in the month the check is cut and sent to the vendor.  The expense will be recorded in December instead of November.

Accrual Basis

Under the accrual basis, the bookkeeper will account for the $2,000 November landscape invoice in November by accruing the expense in accounts payable.

November Income Statement Comparison Using Both Examples:

Cash BasisAccrual Basis
Assessment Revenue:$4,000$5,000
Landscape Expense:$ $(2,000)
Excess Income:$4,000$3,000

You can clearly see the different results presented under the cash and accrual bases of accounting.
Know how your financials are presented so you can continue to make great decisions.

Full Accounting & Knowledge

We believe the full accrual basis of accounting provides associations and readers of financial statements with a more complete and accurate representation.

By Newman CPA

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Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

[ Blog/News ]

Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

We introduced you to prepaid expenses as part of a balance sheet in our last blog, which was the fifth in our Reading Financial Statements Series©. In this blog we will explore typical association balance sheet fund accounting for assesments & expenses in more detail. 

Community associations use a system of accounting called fund accounting. As with non-profits and charities, the entity is collecting money for specific purposes, and should account for specific financial activity in pre-determined funds.

Fund Types

Most community associations levy assessments on members for two purposes:

  1. To pay for month-to-month expenses (Operating Fund).
  2. To save money to repair and replace common area components documented in its reserve study (Reserve Fund).

Thus, the typical association maintains two funds: Operating and Reserves.

Associations should maintain fund-specific bank accounts for each fund’s deposits and disbursements. The bank accounts should be labeled as operating and reserves on the association’s balance sheet.There should be no co-mingling of cash. Cash belonging to the operating fund should be maintained in operating fund bank accounts, and likewise for reserves cash.

Assessment Billing & Receipts

Having written above that associations should not comingle operating and reserve fund cash, the following may sound a little contradictory. The typical method of accounting for billing and collections, together with allocation of assessment revenue is to use the operating fund to account for assessment billing and receipts.

Most associations bill members monthly. Under the accrual basis of accounting, assessment revenues are recognized in the month members are assessed. A corresponding assessment receivable account is recorded to reflect the amount billed and collectible from members. Upon receipt of a member’s payment, the member’s receivable balance is decreased, while cash is increased.

Each month, in accordance with the association’s budget, the association contributes assessments from the operating fund to the reserves fund. After recording the contribution, the operating fund reports operating assessments only, and the assessments allocated to the reserves fund are reported as reserves assessments income.

Expenses

Associations should use operating cash to pay for operating fund expenses. Such expenses should be recorded in an operating fund expense category. Likewise, associations should only use reserve cash to pay for reserve fund expenses, and such reserve expenses should be recorded in a reserve fund expense category.

We will delve into more applications of fund accounting in future blogs.

By Newman CPA

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What’s Olympics Got to Do With It (Construction That Is)?

What’s Olympics Got to Do With It (Construction That Is)?

[ Blog/News ]

What’s Olympics Got to Do With It (Construction That Is)?

If you’re as Olympic-addicted as we are here at Charter Construction, then you were glued to the tv and news stations waiting for the next world record breaker or the neck and neck race for gold or the headline-grabbing Simone Biles’ and her decision not to compete.

Ms. Biles gets much of the glory and news as the recognized “best gymnast” in the sport’s history, and rightfully so. This year, though, she made further headlines by standing up for herself, making the difficult decision not to compete, and stay safe. Ms. Biles’s self-reflectiveness indeed opened space for other talents to be recognized. And then, in walked Suni Lee, grabbing headlines and her country’s attention.

The entire nation cheered for Ms. Lee as she took the gold in the 2020 gymnastics all-around. It was nothing short of spectacular with a classic American story about hard work and a community that supported her dreams.

Ms. Lee’s performance got us thinking about the parallels of gymnastics, or really that of an Olympian, to construction work. The time and talent it took to become such an athlete is incredible. But there’s much more behind it than meets the eye.

Going down a possible checklist of those things an Olympian must do to get to excellence, many of the same attributes that an Olympian, such as Suni Lee, possess are very similar to the business of construction: desire, passion, focus, training, pain, injury, early mornings, courage, fear, joy, team, honesty, and the list can go on and on and on.

Charter Construction - Two workers rappelling of the side of a building during the construction process
Icon - Check Mark In Box  Hard Work & Passion

Construction is hard work. It’s physical and can take a toll on the body. But those who do it love it and have a passion for the work. Seeing the fruits of their labor is satisfying whether on the job site or managing the project.

Icon - Check Mark In Box  Training

Lots of training goes into construction. Many of our employees are second and even third-generation construction workers; they may have gone to construction management or even architecture school and/or multiple years as an apprentice through a trade school. But it doesn’t stop there – all employees perform continuing education throughout the life of their career.

Icon - Check Mark In Box  Mornings

Early mornings! That’s all we need to say about that.

Charter Construction - A worker resting mid rappel on the side of a building during the construction process
Icon - Check Mark In Box  Safety

Safety is a thing, and it takes the focus of the entire team. A person can dedicate their life to the safety of others on the construction site, and training and education are continuous.

Icon - Check Mark In Box  Fear & Courage

If you work on enormous multi-story buildings, courage and fear are real – and not for the faint of heart.

Icon - Check Mark In Box Honesty

Honesty is the best policy. Charter talks a lot about ‘Doing it Right, the First Time’ and ‘Whatever it takes’. All well-respected construction firms like to build things that last and want to be your “go-to” for all your construction needs. That means skill, honesty, and excellent communication.

As stated previously, the list goes on, but we think you get the point.

We’d love to hear from you and know what attributes you see that run parallel to that of an Olympian in your line of work. Not all of us can be Olympians, but we can admire those who are and live our lives and do our work to the same levels.  

Here’s to you and a huge congratulations to all US Olympians at the 2020 Olympic Games.

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By Charter Construction

2021 Diamond Chapter Sponsor
& Chapter Happenings Sponsor
For October 2021

Written By Keith Imper

980 S Harney St, Seattle, WA 98108
(206) 382-1900 | chartercon.com

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Investing & Protecting Your HOA Reserve Funds: The Right Way To Do It

Investing & Protecting Your HOA Reserve Funds: The Right Way To Do It

[ Blog/News ]

Investing & Protecting Your HOA Reserve Funds: The Right Way To Do It

How you handle your HOA reserve funds really makes a difference in the successful running of your association. Managing HOA reserve funds is  important for the longevity and future investments of your association.

As a member of the board, it is your responsibility to stay on top of your reserve fund making sure it is regulated well and in the community’s best interests.

Understand When to Use Your Reserves

Is it a reoccurring expense?  Is it a capital improvement? A reserve fund is savings set aside for common area maintenance, repairs, replacements and unexpected repairs not covered by insurance.

HOA Reserve Fund Laws

Can an HOA invest money?  It depends on what your state laws are and your governing documents.  Some states have restrictions on which investments HOAs are permitted to take advantage of.  Always exercise prudent fiscal management when investing.

Your Investment Policy in the Bylaws

Check your governing documents, as they may include a policy on investments regarding your reserves. Every homeowners association should have an investment policy laid out in the governing documents.

It is very important to consider the following in order of its priority:

  • Safety above all else
  • Liquidity is a must
  • Consider yield last
Investing HOA Reserve Funds

HOA reserve funds don’t have to sit idly by.

Columbia Bank offers the Demand Deposit Marketplace (DDM), a sweep account that will provide FDIC Insurance up to $25 million in deposits. Funds over a target balance are swept out daily to the DDM account where funds will be invested amongst various FDIC insured financial institutions in $250,000 increments.

You will receive a monthly statement listing the names of the financial institutions and the dollar amount that is invested with each institution. This program will satisfy the HOA investment guidelines and provide you the safety, convenience and availability to your funds as you need them.

By Columbia Bank

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Reading Financial Statements Series© – Balance Sheet Part 5: PREPAID EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 5: PREPAID EXPENSES

[ Blog/News ]

Reading Financial Statements Series© – Balance Sheet Part 5: PREPAID EXPENSES

We introduced you to accounts payable & accrued expenses as part of a balance sheet in our last blog, which was the fourth in our Reading Financial Statements Series©. In this blog we will explore typical association balance sheet prepaid expenses in more detail. 

Another part of a financial statement deals with prepaid expenses. A prepaid expense is an expense an association has paid in advance. It is an asset of the association. The most common prepaid expense is an association’s annual insurance premium.

What Causes A Prepaid Expense To Occur?

Generally, prepaid expenses are recorded when an association has paid for something but has not yet received the benefit of the expenditure.

EXAMPLE: Prepaid Insurance

Let’s assume your association has a calendar year end (December 31). Your association’s insurance policy period runs from August 1 of the current year (CY) to July 31 of the next year (NY).  If your association pays the annual insurance premium of $12,000 in full on July 1, CY, how much will be recorded as an expense and a prepaid expense?

Since the annual premium is $12,000 and there are twelve months in the policy year, the expense for each month is $1,000 ($12,000 divided by 12 months). The expense for the current year will be for the period August 1 to December 31: five months. Five months at $1,000 per month equals $5,000 to be expensed in the current year.

What about the other $7,000 of our $12,000 premium?  We paid it all in the current year so why can’t we expense it all in the current year? The premiums paid this year that benefit the next year, through the end of the policy period on July 31, will be expensed next year. For this year, we need to account for the $7,000 that benefits next year as prepaid insurance expense and present the account as an asset on the balance sheet.

We ask the next question a lot because it is so important:

What Is Your Accounting Basis?
  • Cash Basis: Revenues recorded when cash is received, expenses recorded when paid.
  • Accrual Basis: Revenue recorded when earned/billed, expenses recorded when incurred.

Under the cash basis of accounting, the full $12,000 insurance premium would be recorded as an expense when the premium is paid. Using the accrual basis of accounting, the insurance premium is expensed in the current year ($5,000) and in the next year ($7,000) per the analysis above.

Full Accounting and Knowledge

We believe the full accrual basis of accounting provides associations and readers of financial statements with a more complete and accurate representation.

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Reading Financial Statements Series© – Balance Sheet Part 4: ACCOUNTS PAYABLE & ACCRUED EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 4: ACCOUNTS PAYABLE & ACCRUED EXPENSES

[ Blog/News ]

Reading Financial Statements Series© – Balance Sheet Part 4: ACCOUNTS PAYABLE & ACCRUED EXPENSES

We introduced you to receivables as part of a balance sheet in our last blog, which was the third in our Reading Financial Statements Series©. In this and following blogs we will explore more typical association balance sheet accounts payable and accrued expenses in more detail. 

Now we come to the part of a financial statement that deals with accounts payable and accrued expenses. A payable is something the association owes to another entity or person. It is a liability of the association.

What Causes A Payable To Occur?

Generally, accounts payables are recorded when an association has received goods or services, and the related vendor invoice, but has not yet paid the invoice.

What Is Your Accounting Basis?

In other articles and blogs, we have referred to the basis of accounting. This is very important for readers of financials to understand.

To recap:

  • Cash Basis: Revenues recorded when cash is received, expenses recorded when paid.
  • Accrual Basis: Revenue recorded when earned/billed, expenses recorded when incurred.

By definition, when using the cash basis of accounting, an association will not record a vendor expense until an invoice is paid.  What happens if a contract landscape invoice is submitted to the association for payment, but the invoice is not paid until the next month?

The association will not record landscape expenses in the current month under the cash basis of accounting. If an association uses the accrual basis of accounting, the landscape vendor invoice will be recorded as a payable, with a corresponding charge to landscape expense in the current month.  The expense is recorded together with the liability to pay for the expense.

Are Accrued Expenses Different From Accounts Payable?

Yes, technically accrued expenses are different, however the financial statement presentation is similar.  Typical accruals are recorded for expenses like utilities. Perhaps the utility company bills the association every two months.  At the end of month one, even though an invoice had not been received, the association should accrue one month of utility expense so that the financial statements present a reasonable estimate of the expense for the current month. If the association waited until it received the invoice for two months, it would be recording two months of expense in one month and zero expense in one month under the cash basis.

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We believe the full accrual basis of accounting provides associations and readers of financial statements with a more complete and accurate representation.

By Newman CPA

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Standards, Best Practices, and Public Policy Following Surfside Condo Collapse

Standards, Best Practices, and Public Policy Following Surfside Condo Collapse

[ Blog/News ]

Standards, Best Practices, and Public Policy Following Surfside Condo Collapse

The past two weeks have been devastating after witnessing the partial collapse of the Champlain Tower South condominium in Surfside, Fla., learning of the lives that perished, and seeing the tragedy’s impact on survivors and those in the immediate community. An investigation into the cause of the condo collapse is ongoing; standards of practice and legal requirements related to ensuring maintenance and structural integrity of condominiums understandably are coming under scrutiny.

While community associations have been in existence for more than a century, the rise in condominium developments began in the 1970s and has remained steady ever since. Condominiums are home to millions of people in the U.S., and government officials at the local, state, and federal levels have started pondering what changes need to occur to prevent a similar building collapse from happening again.

CAI’s Government and Public Affairs Committee recently convened a special meeting with guests who offer a broad range of expertise to discuss current best practices, standards, and public policies related to condominium structural requirements. This working group will help CAI establish guidance and model language for CAI’s state legislative action committees as well as considerations for state legislators. Below are the overarching themes of the discussion:

Building Inspections & Maintenance:

Several counties in Florida have inspection obligations that require a structural and electrical engineer or architect to conduct a building inspection and certify the safety of the building. New York City and other localities have similar requirements. CAI is studying these requirements to help develop standards for condominiums and other high-rise residential buildings.

Reserve Study Planning:

Reserve studies for condominium associations are currently required in nine states: California, Colorado, Delaware, Hawaii, Nevada, Oregon, Utah, Virginia, and Washington state. Washington statutorily encourages associations to have a reserve study performed every three years unless doing so would impose an unreasonable hardship. Florida statute does not require a reserve study but requires a reserve schedule for repair and replacement of major components.

The Foundation for Community Association Research has a Best Practices Report on reserve studies and reserves management that was updated in 2020. CAI is reviewing reserve funding best practices and requirements to determine if changes are needed.

Funding For Maintenance, Repair, & Replacement of Major Components:

Condominium associations are required to have reserve funding for maintenance, repair, and replacement of major components in 11 states: Connecticut, Delaware, Florida, Hawaii, Illinois, Massachusetts, Michigan, Minnesota, Nevada, Ohio, and Oregon. CAI will be exploring tax benefits to incentivize association reserve funding as well as for special assessments and loans used to fund component maintenance, repair, and replacement.

Insurance:

CAI is reviewing best practices and standards for adequate insurance coverage for condominiums and individual units.

CAI is uniquely positioned to lead the conversation on these standards, best practices, and policy changes to benefit our more than 42,000 members, the 73.5 million Americans living in community associations, and the millions more living in community associations around the world.

We will continue to engage in conversations with members, experts, and stakeholders in the community association housing model to strengthen existing standards and public policy in these areas.

If you have comments, opinions, or expertise in any of these areas & would like to contribute to the conversation, please email government@caionline.org.

Condo Safety - Structural Integrity, Maintenance, And Reserves - Community Associations Institute - Click to Go to CAI's Web Page

Right now CAI is providing information & resources to help concerned residents and board members understand structural integrity, maintenance, and reserves.

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Reading Financial Statements Series© – Balance Sheet Part 3: RECEIVABLES

Reading Financial Statements Series© – Balance Sheet Part 3: RECEIVABLES

[ Blog/News ]

Reading Financial Statements Series© – Balance Sheet Part 3: RECEIVABLES

We introduced you to cash as part of a balance sheet in our last blog, which was the second in our Reading Financial Statements Series©. In this and following blogs we will explore more typical association balance sheet accounts and receivables in more detail. 

Receivables are an asset which is generally presented just below cash on the balance sheet. It represents amounts the association has the right to receive. Receivables are amounts due from other people or entities. 

For associations, the largest and most common receivable is for unpaid assessments. Most associations bill owners for assessments each month.  If an owner has not paid their monthly assessment by the due date, the assessment is considered a receivable from the owner.

Recording assessments revenues on the accrual basis without considering the effect of delinquent accounts receivable can mislead readers of an association’s statement of revenues and expenses.

Assessments are recorded when billed under the accrual method. Should there be an accumulation of delinquent accounts, the statement of revenues and expenses will continue to present results assuming 100% collection of outstanding assessments. Readers should always refer to an aging report to assess the status of assessments receivable.

What if an association’s board of directors thinks that not all the amounts due to the association are collectible?

It is important not to overstate assets in an association’s financial statements.

Consideration should be given to providing for an allowance for uncollectible receivables. An allowance for the total receivables that a board determines might be uncollectible should be presented below receivables on the balance sheet.

The net of the two amounts should indicate to readers of the financial statements the amount the board expects to collect.

Bad debt expense

When an allowance for uncollectible accounts is recorded on the balance sheet, a second account, bad debt expense, is recorded on the statement of revenues and expenses.

Recording bad debt expense helps boards and managers to understand the effect of not collecting all amounts that are billed, thus providing a more realistic bottom line.

By Newman CPA

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CPR: Consideration of Others, Personal Responsibility & Respect

CPR: Consideration of Others, Personal Responsibility & Respect

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CPR: Consideration of Others, Personal Responsibility & Respect

If you’re my age or beyond, you will recognize “Imagine, if you will…” from The Twilight Zone. If not, feel free to roll your eyes but bear with me. My modified version is “Consider, if you will…” what we have all endured over the past year and a half. Restated for emphasis, what we have ALL endured. A pandemic. Schools closed. Businesses closed. Unemployment. Divisive election. Cultural shifts. Riots. Uncertainty. Unprecedented weather. Isolation. Relationship stresses. Financial pressure. Rising housing costs. No vacations. Inability to attend weddings, funerals, religious services, and social gatherings. Loneliness.

The intent is not to bring you down, but rather to take this opportunity to set the stage of where we are today. Early last year, I recall offering to our homeowners, Board members, vendors, and colleagues “we’re in this together; and together we will be okay.”

Along the way, humanity seems to have lost the “together” part. The isolation and separation seem to have caused us to become less aware of the fact we are each part of the fabric of our community. If we are to exit the misery of this past year and a half, we must revive “together” with some CPR – Consideration of others, Personal responsibility, and Respect.

The recent past has affected all of humanity in a profound way. No one has been untouched. Yes, we are each and all feeling stressed and anxious beyond anything we have ever experienced before. So is the person on the other end of that email you’re writing. Or that text you’re about to send. Or that voice mail message you’re about to leave. It’s NOT okay to stomp on others when we are feeling stressed out beyond anything we have experienced before. The anonymity of email and voice mail seems to be encouraging us to lash out viscerally, completely and utterly disproportionate to the issue at hand, in ways we would never imagine doing in person.

It’s natural for us to want to blame someone or something for what life has been like during this time. At the end of the day, we all need to accept and embrace personal responsibility. No one made us buy our homes. No one made us accept the deed to real estate, subject to the governing documents as a condition. No one made us not mow our lawns or park in the visitor parking. No one made us enjoy lower assessments in the past so now we must pay a special assessment for the new roof. We made those choices freely and must accept personal responsibility for those choices.

We need to be respectful of our neighbors, our volunteer Board members, our Community Association Managers, and the vendors who take care of our neighborhoods. We need to respect ourselves and take pride in our homes. We must be respectful in the tone and word choices in our communication and interactions, especially so when not face to face. We must try to keep in mind we are a part of the fabric of our communities, not the center of it. We need to find another way and another place, other than each other, to vent our stress and anxiety.

By Morris Management, Inc., AAMC

By Morris Management, Inc., AAMC

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