CASA DEL SOL CONDOMINIUM
                       
BALANCE SHEETS
                       
DECEMBER 31, 2003
(WITH COMPARATIVE TOTALS FOR 2002)
                     
                       
 
2003
    
2002
Operating Fund Replacement Fund  
Total
  
Total
     
ASSETS                      
Cash $ 41,072   $ 79,343   $ 120,415  
$
 91,399
Assessments receivable   3,075           3,075  
2,853
Prepaid expenses   9,118           9,118  
10,195
Prepaid income taxes   33           33  
33
Due from other association         16,190     16,190  
 
Due from other funds   16,615           16,615  
 
                 
 
TOTAL ASSETS $ 69,913   $ 95,533   $ 165,446  
$
 104,480
                   
 
LIABILITIES                  
 
Accounts payable $     $     $    
$
 2,948
Prepaid assessments   14,562           14,562  
22,915
Due to other funds         16,615     16,615  
 
                   
.
TOTAL LIABILITIES   14,562     16,615     31,177  
25,863
                   
 
FUND BALANCES   55,351     78,918     134,269  
78,617
                   
 
TOTAL LIABILITIES AND FUND BALANCES $ 69,913   $ 95,533   $ 165,446  
$
 104,480
                       

 

CASA DEL SOL CONDOMINIUM
                       
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES
                       
YEAR ENDED DECEMBER 31, 2003
(WITH COMPARATIVE TOTALS FOR 2002)
                     
                       
 
2003
     2002
  Operating   Replacement            
  Fund     Fund     Total     Total
REVENUES                      
Condominium assessments
$
 78,763  
$
 244,190  
$
 322,953  
$
 113,972
Interest and late fees
94  
463  
557  
822
Other revenues
3,717  
   
3,717  
25
 
   
   
   
 
 
   
   
   
 
EXPENSES
   
   
   
 
General and administrative
13,790  
   
13,790  
11,816
Insurance
40,666  
   
40,666  
30,612
Maintenance and repair
14,679  
195,153  
209,832  
69,529
Utilities
7,286  
   
7,286  
5,190
 
   
   
   
 
TOTAL EXPENSES
76,421  
195,153  
271,574  
117,147
 
   
   
   
 
Net revenues over expenses
6,153  
49,500  
55,653  
(2,328)
 
   
   
   
 
Fund balances, beginning of year
49,198  
29,418  
78,616  
80,944
 
   
   
   
 
Fund balances, end of year
$
 55,351  
$
 78,918  
$
 134,269  
$
 78,616

 

CASA DEL SOL CONDOMINIUM
 
STATEMENTS OF CASH FLOWS
 
YEAR ENDED DECEMBER 31, 2003
(WITH COMPARATIVE TOTALS FOR 2002)
                     
                       
 
2003
     2002
  Operating   Replacement            
  Fund     Fund     Total     Total
CASH FLOWS FROM OPERATING ACTIVITIES                      
Net revenues over expenses
$
 6,153   $ 49,500
$
 55,653  
$
 (2,328)
(Increase) decrease
       
       
Assessments receivable
(222)      
(222)     (1,918)
Due from other association
      (16,190)
(16,190)      
Prepaid expenses
1,076      
1,076     (3,214)
Prepaid income taxes
       
       
Increase (decrease)
       
       
Accounts payable
(2,948)      
(2,948)     2,685
Income tax payable
       
       
Prepaid assessments
(8,353)      
(8,353)     19,530
NET CASH PROVIDED (USED) BY
       
       
OPERATING ACTIVITIES
(4,294)     33,310
29,016     14,755
 
       
       
CASH FLOWS FROM FINANCING ACTIVITIES
       
       
Interfund borrowings
22,847     (22,847)
       
 
       
       
Net increase in cash
18,553     10,463
29,016     14,755
 
       
       
Cash at beginning of year
22,519     68,880
91,399     76,643
 
       
       
Cash at end of year
$
 41,072  
$
 79,343
$
 120,415  
$
 91,398
                       
                       
                       
CASA DEL SOL CONDOMINIUM
 
SCHEDULES OF OPERATING FUND REVENUES AND EXPENSES - BUDGET AND ACTUAL
 
YEAR ENDED DECEMBER 31, 2003
(WITH COMPARATIVE TOTALS FOR 2002)
                 
                   
      2003           2002
  Budget            
    (Unaudited)     Actual     Actual
REVENUES                  
Condominium assessments   $ 90,530   $ 78,763   $ 97,782
Interest and late fees           94     133
Other revenues           3,717     25
TOTAL REVENUES     90,530     82,574     97,940
                   
EXPENSES                  
General and Administrative                  
Management fees     7,220     7,220     7,107
Consulting fee     1,250     1,250     1,250
Audit and legal     500     200      
Administrative     1,600     5,120     3,459
Income taxes     150            
      10,720     13,790     11,816
Insurance                  
Package     36,000     37,220     27,203
Flood     3,600     3,446     3,409
      39,600     40,666     30,612
Maintenance and repair                  
Building maintenance     16,940     3,083     4,645
Major Repairs and Maintenance     6,750           3,325
Building supplies     600     189     333
Landscaping     150            
Fire equipment/inspections     1,200     2,245     821
Exterminating     1,800     1,742     1,742
Custodial     7,420     7,420     7,200
      34,860     14,679     18,066
Utilities                  
Electric     2,500     2,134     2,375
Water and sewer     2,850     5,152     2,815
      5,350     7,286     5,190
TOTAL EXPENSES     90,530     76,421     65,684
                   
Net revenues over expenses   $     $ 6,153   $ 32,256