Post on 27-Apr-2022
BERN CREEK IMPROVEMENT ASSOCIATION
FINANCIAL REPORT FOR JULY 2018
I have compiled the financial statements of Bern Creek Improvement Association for the month ending
July 31, 2018 and offer the following report to the Board of Directors. The Association uses the modified accrual method
of accounting; monthly financials are produced and provided to the Board Members. Financial statements are available
to each homeowner upon request.
BALANCE SHEET:
As of July 31, 2018, cash in the operating account(s) totaled: $28,804.59
As of July 31, 2018, cash in the reserve account(s) totaled: $97,773.66
As of July 31, 2018, delinquent assessments totaled: $1,815.00
(Delinquent assessments include dues regular assessments, special assessments & interest charges)
INCOME & EXPENSE STATEMENT:
For the month ending July 31, 2018, operating revenue amounted to $6,924.61
The Association incurred operating expenses of $3,568.84
Resulting in Net Operating INCOME of $3,355.77 for the month
FOR EACH BUDGETED ACCOUNT:
I have reviewed the comparison of budget to actual and noted the following items to be over budget:
Legal Expense (Baylis & Attorney sat in on meeting), Postage & Printing (5/25 Meeting Mailing)
Traci Batcher, Accounting Manager Date
ASSETS Current Assets
1100 BC Operating, Sabal# 0029 1210 Member Accts Receivable 1410 Prepaid Insurance
Reserve Accounts 1990 BC Rsv Acct, Sabal 0093
LIABILITIES Current Liabilities
2220 Deferred Revenue
EQUITY Equity
Reserve Funds 3030 Reserve for Roads 3040 RSV Fences 3050 RSV, Unallocated Interest 3055 RSV Current Year Interest
3990 Retained Earnings Current Year Earnings
Balance Sheet Tuesday, July 31, 2018
Bern Creek Improvement
Accrual Accounting Year Starts January I, 2018
Total Reserve Accounts
Total Current Assets
TOTAL ASSETS
Total Current Liabilities
TOTAL LIABILITIES
Total Reserve Funds
Total Equity
TOT AL EQUITY
$24,804.59 $1,815.00
$382.65
$97,773.66 $97,773.66
$34,437.50
$86,378.22 $10,999.96
$207.25 $188.23
$97,773.66
$5,750.60 ($13, 185.86)
TOT AL LIABILITIES AND EQUITY
Prepared by RedCarpet Management on August 14, 2018 at 12:29 PM
I
$124,775.90
$124,775.90
$34,437.50
$34,437.50
$90,338.40
$90,338.40
$124,775.90
Revenue and Expenses Sunday, July 1, 2018 to Tuesday, July 31, 2018
Bern Creek Improvement I Accrual Accounting Year Starts January 1, 2018
Current Percent Year To Date Percent
INCOME Income
4110 Association Dues $3,491.25 50.4 $24,438.75 49.7 4125 Interest, Reserve Acct $37.11 0.5 $188.23 0.4 4130 Late Fee Income $0.00 0.0 $720.00 1.5 4140 Miscellaneous Income $0.00 0.0 $10.00 0.0 4910 Reserve Income $3,396.25 49.0 $23,773.75 48.4
Total Income $6,924.61 100.0 $49,130.73 100.0
TOT AL INCOME $6,924.61 100.0 $49,130.73 100.0 EXPENSES
Administrative Expenses 60 JO Annual Report $0.00 0.0 $61.25 0.1 61 IO Management Fee $700.00 to.I $4,900.00 10.0 6115 Misc Admininstrative $0.00 0.0 $150.00 0.3 6120 Insurance Expense $54.67 0.8 $414.64 0.8 6135 Legal Expense $872.42 12.6 $2,794.49 5.7 6150 Postage & Printing $154.64 2.2 $498.68 1.0 6160 Accounting, Truces $0.00 0.0 $190.00 0.4 6170 Meeting Expense $0.00 0.0 $18.00 0.0
Total Administrative Expenses $1,781.73 25.7 $9,027.06 18.4
Maintenance Expenses 6310 Right of Way, Mowing $1,750.00 25.3 $12,250.00 24.9 6320 Fences, Signs & Grounds $0.00 o.o $96.30 0.2
Total Maintenance Expenses $1,750.00 25.3 $12,346.30 25.l
Other Expense 7999 Transfer to Reserves $37.11 0.5 $40,943.23 83.3
Total Other Expenses $37.11 0.5 $40,943.23 83.3
TOTAL EXPENSES $3,568.84 51.5 $62,316.59 126.8
NET INCOME (LOSS) $3,355.77 48.5 ($13, 185.86) 26.8
Prepared by RedCarpet Management on August 14, 2018 at 12:29 PM
Unexpended Budget Report Tuesday, July 31 , 2018
I Bern Creek Improvement 2018 Budget • Bern Creek Improvement Accrual Accounting Year Starts January I , 2018
I Month To Dale II Year To Date 11 Annual Budget I Actual Budget Variance Actual Budget Variance Budget Unexpended
INCOME Income
41 I 0 Association Dues 3,491.25 3,491.25 0.00 24,438.75 24,438.75 0.00 41 ,895 .00 17,456.25 4125 Interest. Reserve Acct 37.11 0.00 37.11 188.23 0.00 188.23 0.00 (1 88.23) 4130 Late Fee Income 0.00 0.00 0.00 720.00 0.00 720.00 0.00 (720.00) 4140 Miscellaneous Income 0.00 0.00 0.00 10.00 0.00 10.00 0.00 (10.00) 49 IO Reserve Income 3,396.25 3,396.25 0.00 23,773.75 23,773.75 0.00 40,755.00 16,981 .25
Total Income 6,924.61 6,887.50 37. I I 49,130.73 48,212.50 918.23 82,650.00 33 ,519.27
- -TOT AL INCOME 6,924.61 6,887.50 37. 11 49,130.73 48,212.50 918.23 82,650.00 33 ,519.27 EXPENSES
Administrative Expenses 60 IO Annual Report 0.00 0.00 0.00 61.25 0.00 61.25 0.00 (61.25) 6110 Management Fee 700.00 700.00 0.00 4,900.00 4,900.00 0.00 8,400.00 3,500.00 6115 Misc Admininstrative 0.00 3.75 (3.75) 150.00 26.25 123.75 45.00 (105 .00) 6120 Insurance Expense 54 .67 64.17 (9.50) 414.64 449.17 (34.53) 770.00 355.36 6130 Legal Exp, Collections 0.00 83.33 (83.33) 0.00 583.33 (583.33) 1,000.00 1,000.00 6135 Legal Expense 872.42 416.67 455.75 2,794.49 2,916.67 (122.18) 5,000.00 2,205.51 6150 Postage & Printing 154.64 83.33 71.31 498.68 583.33 (84.65) 1,000.00 501 .32 6160 Accounting, Taxes 0.00 0.00 0.00 190.00 180.00 10.00 180.00 (1 0.00) 6170 Meeting Expense 0.00 20.83 (20.83) 18.00 145.83 (127.83) 250.00 232.00 6 I 70 Website 0.00 62.50 (62.50) 0.00 437.50 (437.50) 750.00 750.00
Total Administrative Expenses 1,781.73 1,434.58 347.15 9,027.06 10,222.08 (1,195 .02) 17,395.00 8,367.94
Maintenance Expenses 63 JO Right of Way, Mowing 1,750.00 1,916.67 (166.67) 12,250.00 13,416.67 (1,166.67) 23,000.00 I0,750.00 6320 Fences, Signs & Grounds 0.00 41.67 (41.67) 96.30 291.67 {195.37) 500.00 403.70 6323 Tree Trimming/Removal 0.00 83.33 (83.33) 0.00 583.33 {583.33) 1,000.00 1,000.00
Total Maintenance Expenses 1,750.00 2,041.67 (291.67) 12,346.30 14,291.67 {1 ,945.37) 24,500.00 12,153.70
Other Expense 7999 Transfer to Reserves 37.11 0.00 37.11 40,943.23 40,755.00 188.23 40,755.00 (188.23)
Total Other Expenses 37.11 0.00 37. 11 40,943.23 40,755.00 188.23 40,755 .00 (188.23)
TOT AL EXPENSES
Unexpended Budget Report Tuesday, July 31, 2018
Bern Creek Improvement 2018 Budget (Continued)
Bern Creek Improvement Accrual Accounting Year Starts January 1, 20 18
I Month To Date l[-u Year To Date J I Annual Budget I Actual Budget Variance Actual Budget Variance Budget Unexpended
3,568.84 3,476.25 92.59 62,316.59 65,268.75 (2,952.16) 82,650.00 20,333.41
NET INCOME (LOSS) 3,355.77 3,411.25 (55.48) (13,185.86) ( 17,056.25) 3,870.39
UNEXPENDED (OVER EXPENDED) 13,185.86
Bank Reconciliation BC Operating, Sabal# on Tuesday, July 31, 2018
Bank Summary .. Opening Balance
Less Cleared Checks Less Other Cleared Subtractions Plus Cleared Deposits
Plus Other Cleared Additions Cleared Balance
Cleared Balance
Statement Balance on 7131/2018 Difference
j:!!teared <3heclcs
$30,521.65 $3,861.06
$0.00 $0.00 $0.00
$26,660.59
$26,660.59 $26,660.59
$0.00
1172 6/26/2018 1173 6/26/2018 1174 6126/2018 1175 7/1/2018 1179 7/24/2018
Claybrooke Engineering Menchinger & Tyack CPAs Wilhlem Brothers Landscap Red Carpet Management Becker &Poliakoff
t:Jncleared Checks and Other Subtractiol!S _
1176 7/2312018 1177 7/23/2018
~edger Balance Summary
Cleared Balance on 7 /31 /20 18
Hill Law Frim Wilhlem Brothers Landscap
Less Uncleared Checks and Other Subtractions
Plus Uncleared Deposits end Other Additions
Available Balance on 713 1 /20 18
In Balance
$26,660.59
$1 ,856.00
$0.00
$24,804.59
Prepared by RedCarpet Management on August 14, 2018 at 12:27 PM
$300.00 $190.00
$1,750.00 $854.64 $766.42 3 checks skipped
5 Items $3,861.06
$106.00 $1,750.00
2 Items $1,856.00
Bank Reconciliation BC Rsv Acct, Sabal on Tuesday. July 31, 2018
p&nk ~ummary
Opening Balance Less Cleared Checks Less Other Cleared Subtractions Plus Cleared Deposits Plus Other Cleared Additions
Cleared Balance
Cleared Balance Statement Balance on 7 /3 I /2018 Difference
Olher Pleated Adwtions
7/31/2018 Interest
f.cdger Balance Summary
Cleared Balance on 7 /31/2018 Less Uncleared Checks and Other Subtractions
Plus Uncleared Deposits and Other Additions
Available Balance on 713 1/2018
$97,736.55 $0.00 $0.00 $0.00
$37.11 $97,773.66
$97,773.66 $97,773.66
$0.00 In Balance
$97,773.66
$0.00
$0.00
$97,773.66
Prepared by RedCarpet Management on August 14, 2018 at 11 :48 AM
$37.11
I Item $37.11
Sabal Palm$ BANK
5101 Fruit,;Uc Road.Su11c 100 San•ol~. FL 34232
BERN CREEK IMPROVEMENT ASSOCIATION OPERATING ACCOUNT 3056 UNIVERSITY PKWY SARASOTA, FL 34243
PBRIODIC STATBMENT INC Date: Jul 31, 2018
Period: Jul 01, 2018 (31 days)
to Jul 31, 2018
Do you accept Credit or Debit Cards for Products or Services? If your answer is "Yes", we may be able to save you money!
Give us a call at 941-361- 1122 to tal k with one of our Retail Bankers.
Your Account(s) at a Glance
Deposit Account(s) Account # Interest Earned YTD Balance as of 07/31 Association Business CK 0.00 26,660.~9
ACCOUNT #: CK - Association Business Checking
Bern Creek Improvement Association Inc Operating Account
Beginning Balance as of 07/01/18
Deposits & Other Credits Charges & Fees Checks & Other Debits Average Balance
Ending Balance as of 07/31/18
Enclosures: 5
30,521.65 0.00 0.00
3,861.06 27,714.84
26,660.59
Sabal Palm. B AN I(
5101 Fruilville Rmd. Sui1e 100 Sar.isob, FL .l42ll
Account #: CK PERIODIC STATEMENT BERN CREEK IMPROVEMENT ASSOCIATION INC
Jul 31, 2018
Charges and Fees Related to overdrafts and Returned Items
I Total For This Period I Total Year-to-Date I I Total Overdraft Fees: o.oo I o.oo I I Total Returned Items Fees: I o.oo I o.oo I
Check :Information -Date Check# Amount Date Check# Amount 07/03 1172 300.00 07/03 1175 854 . 64 07/03 1173 190.00 07/31 1179 * 766 . 42 07/05 1174 1,750.00
* Indicates a break in the Check number order.
Daily Balance Info:cnation
Date Balance Date Balance Date Balance 07/03 29,177.01 07/05 27,427.01 07/31 26,660.59
Bern Creek Improvement Association Inc Account #2700029 - CK Page 3 of 3
-~;,,_.__a---. . ._ ...
--__ ... _ ... -·-
~11'1
001172
.._ ...... r--~,.... __
---'-"'"'-'-'--.......;;...~"'"'--~~··;.;.;;.; ..... =c. ________________ ~
Clri......._,..__. A A-..ht ............... ~tt.Nll•
.. ,..,....._.~ ...... .. 130U?lt1 t:D,IU,UI•:
7/3/2018 1172 $300.00
·--- -------· -~-
gz:; ........... ~ .....
001174
--.....::""';;;.;;.,._..:;;;;:;;;:;;..: .... :c.:;;~• ..... :;;::;;.~ ... ""'"~'"'~'"'=.:•~ ..... c="'-------------!ll.6o
... _ .... "00'U .... 1:o•tU&il.ZliC
7/5/2018 1174 $1,750.00
·--- --- 0011711 --·---·-- ,.,,.,,.,.,, !Jb;t.•;.................. ~
_ _ .....;:;.._~ ........ ;;::::=.:"'"==-~=="'== ....... ::=; ..... ===---------------!ii.A. ............. , ... '° ...... ......a,ft.1'111 ... _
•DD~•?'I .. •:0,11. ~·llltt
7/31/2018 1179 $766.42
- 00117:1 ---------·--~•m
9'&~ ft ............ ,_ ______ _ ------~~
~------~~--~~!ii.&. Olllll ................... ~
..........,. -,,..o"' .aa ............... -"""' lt&IJllM'11M,..,
PDDIUI" 0:0,lllUUO:
7/3/2018 1173 $190.00
-I?z:t~c-.- .........
llliM.....,...._,_._...,"'llilllmrl
... ~--_ ........ .... .,.., ........... ._..-...,,.,.....
PQDUT5 .. 1:0,1u•iur:
___ .... _ ... __ _ :::=,:--~ ....
7/3/2018 1175 $854.64
001175
Hrlftl!
Sabal Palm. BANK
5101 Fruit,11lc Rc..d.Suitr 100 Sar.uota, FL 34232
BERN CREEK IMPROVEMENT ASSOCIATION RESERVE ACCOUNT
PERIODIC STATEMENT INC Date: Jul 31, 2018
Period: Jul 01, 2018 (31 days}
to Jul 31, 2018 3056 UNIVERSITY PKWY SARASOTA, FL 34243
Do you accept Credit or Debit Cards for Products or Services? If your answer is "Yes'', we may be able to save you money!
Give us a call at 941-361-1122 to tal k with one of our Retail Bankers.
Your Account{s} at a Glance
Deposit Account(s) Account # Interest Earned YTD Balance as of 07/31 Association Money Ma CK 188.23 97,773.66
ACCOUNT #: CK - Association Money Market
Bern Creek Improvement Association Inc Reserve Account
Beginning Balance as of 07/01/18
Deposits & Other credits Charges & Fees Checks & Other Debits Average Balance
Ending Balance as of 07 /31/18
Enclosures: O
97,736.55 37 .11 0.00 0.00
97,736.55
97,773.66
Sabal Palm. BANK
SIOI Fruitvillc Road. Suilc 100 Sar.isol~. FL 34232
Account #: CK PERIODIC STATBMENT BERN CREEK IMPROVEMENT ASSOCIATION INC
Jul 31, 2018
Charges and Fees Related to Overdrafts and Returned Items
I Total For This Period I Total Year-to-Date I I Total Overdraft Fees: 0 . 00 I 0.00 I --------- ---------------------------------------------------------------------! Total Returned Items Fees: I 0.00 I 0.00 I
Transaction Information
Date
07/27 07 /31
Daily
Date 07/31
Che ck# Description
CR Base Rate Change: Interest
Balance Information
Balance 97,773 . 66
Credit
Date
0.399 \ To 0.697
Balance
Credit Amount
37 .11
Date
Debit Amount
Balance
Check Register Sunday, July I, 2018 to Tuesday, July 31, 2018
BC Operating, Sabal#
~~Posted Pavee and Details Amount Memo
1175 7/ 1/2018 Red Carpet Management $854.64
718 $700.00 Management Fee for Bern Creek Improvement
718 $18.00 Postage & Printing for Bern Creek Improvement
718 $136.64 Postage & Printing for Bern Creek Improvement
1176 7/23/2018 Hill Law Frim $106.00
July Management, Record Storage, & Posta
July Management, Record Storage, & Posta
July Management, Record Storage, & Posta
115444 $106.00 Legal Expense for Bern Creek Improvement Attended Board Meeting 6/26
1177 7/2312018 Wilhlem Brothers Landscap $1,750.00
6189 $1,750.00 Lawn Mowing for Bern Creek Improvement July Lawn 1179 7/24/2018 Becker &Poliakoff $766.42
4024214 $766.42 Legal Expense for Bern Creek Improvement Baylis
Total for BC Operating, Sabal# $3,477.06
Prepared by RedCarpet Management on August 14, 2018 at 12:28 PM
I
Member
Bern Creek Improvement Total
Member Balances Tuesday, July 31, 2018
Bern Creek Improvement
Unpaid Charges $1,780.00
$35.00
$1,815.00
Prepared by RedCarpet Management on August 14, 2018 at 12:27 PM
Advance Open Credits
$0.00 $0.00
I Balance
$1,780.00
$35.00
$1,815.00