A balance sheet reflects the financial status of the an association at a specific point in time. It lists the association's assets, liabilities, and the difference between the two, i.e., the association's equity.
Cash. Petty cash, checking accounts, savings accounts, etc.LIABILITIES
Assessments Receivable. Dues and special assessments owed to the association as of the date of the report.
Fixed Assets. Property acquired by the association with a useful life greater than one year and of significant cost.
Prepaid Expenses. Payments of expenses for future periods, such as insurance premiums.
Accounts Payable. Expenses incurred but not yet paid.
Prepaid Assessments. Dues or assessments that have been paid in advance by an owner.
Income Taxes Payable. Unpaid taxes.
FUND BALANCES (also known as members' equity or retained earnings)
Replacement Fund. Amounts set aside for future repairs and replacements.
Operating Fund. Accumulated earnings or losses from the current and prior years.
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