1349 RACE CONDOMINIUM ASSOCIATION, INC.
1349 RACE STREET #13
DENVER CO 80206
This Report was Received and
Approved
at the Board meeting on 4/25/06
April 25, 2006
To Board Members:
Attached are copies of our financial Statements in 2006. Our
monies are kept in two separate Accounts to separate our Escrow Funds from our daily operating Funds. Both accounts are at
Mountain States Bank here on Capitol Hill.
Quickbooks is set up to handle "companies" and therefore the
language in our accounting will reflect that type of Business.
The "Profit and Loss" statement shows our Income and Expenses
leaving a net "profit" for each period. (We are showing a "Loss" in early 2006 because we were unable to collect assessments
due on #2 in 2005 when that owner filed bankruptcy. We took this loss in 2006, since 2005 income is already reported.)
The Balance sheets show our cash position at the date stated
on top.
The attached Spreadsheet is a beginning work to show what we
are saving monies in escrow for. This beginning lists the projects that need to be done and the amounts needed each year to
finance them. There will be more work and revisions to this sheet and I will keep you up to date as it progresses.
Ken Coombs
Bookkeeper
1349 RACE CONDO ASSOC., INC.
Profit & Loss
April 1 - 25, 2006
Apr 1-25, 06
Income
Exempt Funct. Income -(Mtce)
Monthly Assessment (Ex.) 1,595.00
Total Exmpt Funct.
Income -) 1,595.00
Gross Income (Taxable
Gross Rents - Parking 15.00
Laundry Machine Income 18.32
Total Gross Income (Taxable) 33.32
Total Income
1,628.32
Expense
Expenditures
Accounting 125.00
Building. Common Areas
Monthly Grounds Maint. 80.00
Total Building - Common Areas 80.00
Utilities
Gas & Electric Services 659.02
Water & Sewer Service
Sanitary Sewer Charges 115.34
Wastewater Mgt Dept. 192.40
Water Charges 107.65
Total Water & Sewer 415.39
Total
Utilities
1,074.41
Total Expenditures 1,279.41
Expenses for Taxable
Income
Elect. & Gas -Ldry Room 73.23
Water/laundry Room 24.78
Total Exp. for Taxable Income 98.01
Total Expense
1,377.42
Net Income 250.90
1349 RACE CONDO ASSOC., INC.
Profit & Loss
January 1 through April 25, 2006
Jan 1 -Apr 25, 06
Income
Exempt Funct. Income -{Mtce)
Late Fee Charges {Ex.) 12.00
Monthly Assessment {Ex.)
6,380.00
Special Assessments {Ex.) 459.02
Tfr/Lease Assessment {Ex.) 100.00
Tfr/Sale Assessment Chg {Ex) 100.00
Total
Exempt Funct. Income -{Mtce) 7,
159.02
Gross Income {Taxable)
Gross Rents -Parking 105.00
Laundry
Machine Income 112.54
Total Gross Income {Taxable) 217.54
Total Income 7,376.56
Expense
Bad Debt Expense 1,952.50
Expenditures
Accounting 500.00
Bank Service Charges 10.40
Building -Common Areas
Monthly Grounds Maintenance 320.00
Other Building Mtce Expenses 464.88
Repairs to Heating Plant 242.99
Total Building -Common Areas 1 ,027.87
Utilities
Gas & Electric Services 3,911.85
Water & Sewer Service
Sanitary Sewer Charges 230.86
Wastewater Mngt Dept. 192.40
Water Charges 219.73
Total Water & Sewer Service 642.99
Total
Utilities 4,554.84
Total Expenditures 6,093.11
Expenses
for Taxable Income
Elect. & Gas -Ldry Room
434.66
Water/laundry Room 50.07
Total Expenses for Taxable Income
484.73
Total Expense
8,530.34
Net Income - 1,153.78
1349 RACE CONDO ASSOC., INC.
Balance Sheet
As of April 25, 2006
April
25, 2006
ASSETS
Current
Assets - Checking/Savings Cash in Banks
Mtn. States - Operating Acct. 99684 1,594.41
Total Cash in Banks
1,594.41
Total Checking/Savings
1,594.41
Accounts Receivable
Accounts Receivable 276.60
Total Accounts Receivable 276.60
Total Current Assets 1,871.01
TOTAL ASSETS
1,871.01
LIABILITIES & EQUITY Equity
Association
Equity 19,413.44
Transfers to Reserve Funds
20,658.56
Net Income 3,116.13
Total
Equity 1,871.01
TOTAL LIABILITIES & EQUITY
1,871.01
1349 Race Reserve Account
Balance Sheet
As of April 25, 2006
Apr 25, 06
ASSETS
Current Assets .- Checking/Savings
F B R Reserve Account 22.37
Mntn States Bsns (Reserve) 6233
20,738.90
Total
Checking/Savings 20,761.27
Total Current Assets 20,761.27
TOTAL ASSETS 20,761.27
LIABILITIES & EQUITY Equity
Reserve Funds
20,658.56
Net Income
102.71
Total Equity 20,761.27
TOTAL LIABILITIES & EQUITY 20,761.27
