Pre-Budget:Using Your Financial Statements

Pre-Budget:Using Your Financial Statements

[ Blog/News ]

Pre-Budget:Using Your Financial Statements

Pre-Budget Thoughts For Boards And Managers

Everyone seems to dread the annual association budget process. It can be time consuming. Decisions related to assessment increases are sensitive. Costs are increasing. How do boards squeeze more or even the same services from static or only slightly increased assessments?

Pre-Budgeting What Can Managers & Boards Do To Prepare For Budget Season?

The budget planning process requires data. Where do you get it from? What will you do with the information? We always say that the budget process should not feel like it starts 4-5 months before the new year commences. The collection of information should be continuous. Maintain a physical or digital file with every monthly financial statement, the general ledger for the year, rolling income and expense trend reports, vendor contracts, access to paid vendor invoices. Review utility company websites for indications of rate changes together with understanding monthly usage rates. Maintain board meeting minutes that you can refer to. Is there a community to-do list? Are there notes from community walks. Keep the documentation updated continuously. Do not wait until you start the budget process to collect the information you will need. You really need to enter the budget building period with most information at your fingertips.

Revenues:

  • Assessments: The budget process will focus on determining operating fund expenses and contributions to reserves. The outcome of the expenses and contributions calculation is the assessment value.
  • Other Revenues: Be careful not to over-budget for contingent revenues that occur based on something happening. Examples include delinquent owner account interest, late fees. If you have well-documented other income sources such as clubhouse rentals, laundry facilities, cell tower lease income, take care to err on the side of being conservative with your estimates. Review historical trends. Review any agreements for time period and amounts to be received.

Operating Expenses

Know the expense trends. Know the condition of the common community components. What are vendors telling you about the repair or replacement needs for the association – keep and save notes with price estimates. Talk with vendors continuously about cost control. Know who to ask, and where to look for information – both historical and prospective.

Contributions To Reserves

If associations do not contribute assessments to the reserves fund, the association will be underfunded, and potentially be unable to pay for reserves components major repairs and/or replacements. In other words, maintenance will be deferred, and future costs will probably be higher. End Of Article

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Reserves & Inflation

Reserves & Inflation

[ Blog/News ]

Reserves & Inflation

Inflation Effects On Reserve Components are a Really Big Deal

The Consumer Price Index is at a 40-year high of ~ 7% as of this writing. As we all know, that’s a big deal. Our data and research show inflation of the goods and services relating to the typical association reserve components (roof, paint, siding, windows, decks..) to have been compounding ~25% annually since 2020 – that’s a Really Big Deal.

How Does This Inflation Correlate To The Increase In Reserve Contributions Necessary To Keep Up?

Our testing of twenty recently completed jobs indicates movement of 1% increase or reduction in inflation results in an average 22% change needed in the reserve contribution rate. See below:

Effects Of Inflation On Reserve Funding Plan:

Job NumberInflationContribution Rate

Contribution Rate
(-1 Inflation)

Contribution Rate
(+1 Inflation)

Total Difference

+/- Spread
(Percentage)

Original
110165 - 9c3.00%$10,000$8,170$12,350$4,18020.90%
210190 - 5a3.00%$2,480$2,040$3,025$98510.86%
310368 - 12a3.00%$9,250$7,330$11,600$4,27023.08%
410493 - 11a3.00%$7,910$6,200$10,080$3,88024.53%
511025 - 10a3.00%$6,220$4,930$7,855$2,92523.51%
611300 - 13c3.00%$11,200$8,900$13, 700$4,80021.43%
711690 - 9a3.00%$11,300$9,030$14,140$5,11022.61%
811806 - 10a3.00%$7,600$6,250$9,255$3,00519.77%
912338 - 14a3.00%$5,370$4,260$6,745$2,48523.14%
1012917 - 8a3.00%$6,590$5,300$8,400$3,10023.52%
1112963 - 11a3.00%$11,100$9,060$13,630$4,57020.59%
1213515 - 3a3.00%$9,150$7,380$11,320$3,94021.53%
1314004 - 0b3.00%$18,500$14,920$23,000$8,08021.84%
1414287 -10a3.00%$6,830$5,480$8,520$3,04022.25%
1514289 - 9a3.00%17,100$13,600$21,370$7,77022.72%
1614306 - 3d3.00%$6,100$4,960$7,510$2,55020.90%
1714441 - 10b3.00%$7,640$6,170$9,450$3,28022.47%
1814700 - 1a3.00%$13,720$11,060$17,100$6,04022.01%
1914896 - 10b3.00%$12,910$10,070$16,540$6,47025.06%
2015363 - 13a3.00%$8,580$6,990$10,560$3,57020.80%
Total22.08%

What Are Your Options?
  1. Ignoring the effects of interest and inflation is NOT an option.
  2. Using the software included with your reserve study, test inflating your largest expenses projected the next few years in 25% increments. Note the effect on percent funded and necessary increase in contributions. Communicate your “what-if” results to the membership and craft a plan.
  3. If you don’t think you’ll have sufficient reserves or cash flow to complete some or all of those projects in a timely manner, it may be necessary to carefully prioritize and reschedule. Here is a webinar addressing the topic in detail: Tight Budgets, Tough Choices!  Your priorities should start with any potential life-safety issues, and protection of the building envelopes. End Of Article
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Annual Audits

Annual Audits

[ Blog/News ]

Annual Audits

WHAT is an audit? The objective of an audit is to provide an opinion about whether the financial statements present information fairly, in all material respects, and in conformity with applicable reporting standards, e.g., Generally Accepted Accounting Principles (“GAAP”), or other accounting frameworks such as the cash basis.

Auditors opine on whether financial statements are free of material misstatement, or materially correct. Auditors provide a high level of assurance but not an absolute level of assurance.

Generally Accepted Auditing Standards (“GAAS”) requires auditors to corroborate amounts and disclosures in the financial statements to sufficient audit evidence, which may include inquiry, physical inspection, observation, third-party confirmation, examination, analytical review.

Does The Law Require Associations To Obtain An Audit?

This depends on the body of Washington law (RCW) that governs the association, and the size of the association:

Rules On Audits In Washington State

[1] “New Act” Condominiums: (Formed after 7/1/90 RCW 64.34.372)

Condominiums with 50 or more units must be audited annually. Condominiums with less than 50 units have an annual audit requirement, however, there are annual waiver provisions.

[2] “Old Act” Condominiums: (Formed before 7/1/90)

Generally, the requirements default to the New Act Condominiums provisions, however, if the governing documents require an annual audit, then an audit is required, regardless of the number of units.

[3] Homeowners Associations: (RCW 64.38.045)

Associations with annual assessments of $50,000 or more must be audited annually, however, there are annual waiver provisions.

[4] WUCIOA: (Formed from July 1, 2018 RCW 64.90.530)

Audits required if annual assessments are at least $50,000 (no waiver). Audits are also required for associations with annual assessments less than $50,000, however the membership can vote for a waiver.

When Is An Audit Performed?

Boards should consider an audit annually. Audits are typically conducted using year-end financial statements between three and nine months after year end.

Other Reasons To Consider An Audit:
  • Change in management company;
  • Little or no internal control functions;
  • Boards not receiving regular financial reports;
  • Board lack of confidence in accounting functions;
  • Large dollar value transactions, including legal settlements, insurance claims, defect settlements;
  • Special assessments and loans;
  • Suspected fraud or embezzlement;
  • Declarant/developer turn over to homeowner-controlled board;
  • Financial difficulties. End Of Article
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Six Signs Your Pipes Are Stressed

Six Signs Your Pipes Are Stressed

[ Blog/News ]

Six Signs Your Pipes Are Stressed

Out of sight, out of mind? Since most of your community piping is hidden behind walls, it’s all too easy to disregard the warning signs of a problem that could lead to a costly catastrophe.

Here Are Six Indicators You Can’t Ignore:

[1] Poor Water Pressure:

Low water pressure is a tell-tale sign of severely corroded pipes. As corrosion builds up inside the pipe, water flow to faucets, showerheads, and more is drastically reduced.

[2] Drain Backups:

Corrosion of your drain, waste, and vent (DWV) pipes can cause major blockages and even complete structural failure. Slow-draining water, odors, and backups (particularly in ground-floor units) are all symptoms of a corroded and failing DWV piping system.

[3] Extremely Hot Water or Excessive Temperature Fluctuations:

Hot water supply lines are known to corrode faster than cold water supply lines. As these pipes begin to corrode, debris becomes trapped and lodged within the anti-scalding components built into sinks and tubs/shower valves, causing extreme fluctuations in hot water temperature.

[4] Discolored Water:

Brown or red tinted water is a telling sign that your pipes are corroding. As the interior of the pipes rust, metal flakes off the pipe, causing the water to become discolored.

[5] Chronic Leaks:

As pipes begin to fail, either from age or defective products, leaks can become continual headaches for maintenance staff. No matter how big or small, recurring leaks are the primary reason for moisture buildup behind walls—leading to drywall deterioration and mold infestation.

[6] Noisy Plumbing:

Your plumbing system and fixtures are designed to be quiet. Clanking, clicks, thuds, and moans caused by variances in pressure or temperature, are a common signal that something isn’t quite right.

If you frequently observe any of these signs of piping stress, obtain a professional inspection so that you can plan for how to extend the reliable performance of your community’s piping systems and when to replace them. End Of Article

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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. End Of Article

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

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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. End Of Article

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6 Reasons Why Dormant Pruning Is Good For Your Trees

6 Reasons Why Dormant Pruning Is Good For Your Trees

[ Blog/News ]

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. End Of Article

By Arborwell

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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. End Of Article

By Newman CPA

By Newman CPA

Chapter Happenings Sponsor, November 2021

By: Jeremy Newman CPA. Newman Certified Public Accountant PC.

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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. End Of Article

By Newman CPA

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. End Of Article

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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. End Of Article

By Columbia Bank

By Columbia Bank

Chapter Happenings Sponsor, September 2021

Columbia Bank works with management companies, associations and their Boards to develop appropriate lending and treasury management solutions.

Jill Jones, Lender jonesj@columbiabank.com
Becky Kost, Deposits rkost@columbiabank.com
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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. End Of Article

By Newman CPA

By Newman CPA

Chapter Happenings Sponsor, September 2021

By: Jeremy Newman CPA, Newman Certified Public Accountant PC

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