bc balance sheet may 2024
The document is a formal balance sheet for Beach Club at St. Simons Island Condominium Association, Inc., prepared on an accrual basis as of May 31, 2024. It details the organization’s financial position, listing total assets of $1,206,312.46, which are comprised of cash and cash equivalents (checking and money market accounts totaling $711,334.56), accounts receivable of $494,777.90, and a small utility deposit of $200. Current liabilities are limited to accounts payable of $14,032.85. Equity is broken down into reserve funds (periodic reserve $2,626.14, major project reserves $611,447.06), a BC insurance assessment of $523,681.12, retained earnings of $27,551.00, and net income for the period of $26,974.29, resulting in total equity of $1,192,279.61. The balance sheet balances, with total liabilities and equity equaling total assets.
Topics
Asset Composition: Cash, Receivables, and Minor Current Assets
Breakdown of current assets including checking/savings, money market, accounts receivable, and utility deposits.
Liabilities Overview: Minimal Current Obligations
Presentation of current liabilities, primarily accounts payable totaling $14,032.85.
Equity Structure: Reserve Funds, Assessments, and Earnings
Detailed equity categories including periodic and major project reserve funds, insurance assessment, retained earnings, and net income.