Year End Financial Reports

Hillcrest Building 11 — Five Year Comparison Report

  2010 2011 2012 2013 2014 2015
Operating   1,504.   5,484. 4,209.  4,476.  2,199.  4,660.00
Savings   154,301.  85,296. 82,462.  26,879. 27,722. 63,023.00
Contingency   6,627.  6,596. 6,598. 2,011. 2,863. 719.00
Delinquent   47,964.  45,559. 29,229. 15,985. 34,304.  0 –  

Here you will find the year-end financial reports as required to be reported to residents annually.  Please click on the link to review the Profit & Loss report and Balance Sheet for any particular year.

  • 2014 Year End End Report -> Hillcrest 11 Year End 2014 Financial Report
    • Analysis:  Approximately $13,000 of the 2014 special assessment was used for the following:
      • Emergency replacement of AC pump/valve and refurbishment of old pump:  $4,563.64
      • Flood insurance requirement by FEMA (non-budgeted item) $3,156.00
      • Entrance foyer flooring:  $2,950
      • Concrete restoration and stairway railing epoxy work:  $1,500
      • Parking lot and entrance pole lighting installed:  $1500 (approx)
  • 2015 Year End Report – >  Hillcrest 11 Year End 2015 Financial Report
    • Analysis:
      • Budgeted income due to rental of 312 was short by $6,250 due to bank foreclosure of unit.  Bank foreclosure of unit also resulted in bad debt write off of $19,645.70 of which only $4,000 in bad debt was budgeted.  Association had to write off debt beyond the statutory requirement of what a bank must pay upon foreclosure of a unit.
      • Building repair and maintenance was under-budget by $1,375.14 (savings)
      • Landscaping:  Due to being forced to replace landscaping company and initial clean-up of property, landscaping exceeded budget by $2,972.44
Advertisements