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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


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


$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



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


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


Advance Open Credits

$0.00 $0.00

I Balance

$1,780.00

$35.00

$1,815.00

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