Our Condo has three bank accounts. They are identified as the:Operating Account; Savings Account; and Pier Fund Account. And the sum of the Operating Account and the Savings Account isreferred to as the "General Fund." We are a small condo with an operating budget of about $90,000 peryear - without counting annual contributions to Reserves of about$10,000. As an example we have had $6,365 in our Checking Account and$41,857 in our Savings Account. For almost three years, I have tried to find out how much money wehave in 'Reserves' to fund replacement items identified in our ReserveStudy and to be able to relate it to assets and cash flows identifiedin our annual audits. Of particular concern to me is the fact that our audits identify underCurrent Assets that our "operating fund" owed our "replacement fund"more than $44,000 at the end of 2014, and at the end of 2015 it owedit almost $72,000. As yet, our 2016 audit hasn't been provided unitowners and is almost five months overdue.
A question I have "Is this type of reporting the financial status ofcondos meet requirements for 'separating on the books' operatingfunds and Reserves?" Opinions and experiences please."
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