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 is referred to as the "General Fund."
We are a small condo with an operating budget of about $90,000 per year - 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 we have in 'Reserves' to fund replacement items identified in our Reserve Study and to be able to relate it to assets and cash flows identified in our annual audits.
Of particular concern to me is the fact that our audits identify under Current 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 owed it almost $72,000. As yet, our 2016 audit hasn't been provided unit owners and is almost five months overdue.
A question I have "Is this type of reporting the financial status of condos meet requirements for 'separating on the books' operating funds and Reserves?" Opinions and experiences please."