The following Income Statement was prepared by James Mommsen, CPA. Please note that at the inception of the CLTA the Board of Directors determined that reserve funds would be set up to provide for future expenses for asphalt, roof, trees and concrete. In addition funds are also reserved for miscellaneous repairs, painting, landscape repairs, sealcoating, and professional services. The amount reserved each year is $34,714.20. In the Income Statement you will note that these reserves are deducted from ordinary operating income to produce a true picture of the Associations financial results for the year. Thus, while ordinary operations result in net income, the Income Statement shows a net loss once the reserves are deducted. Food for thought at the next residents meeting on May 8, 2017.
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Financial Statements are prepared by Peg Berezewski, CPA, CFE, CGMA – Treasurer CLTA
Financial Statements for the quarter ending 3-31-2017
Income Statement 1-1 to 3-31-2017
Balance sheet 1-1 to 3-31-2017
Checking and Savings Account Balances as of 3-31-2017
Designated Capital Account 3-31-17
Posted 4-07-2017
Crystal Lake Townhome Association - Frankfort, IL 