LAS TERRAZAS HOMEOWNERS ASSOCIATION, INC. STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE As of December 31, 2013
ASSETS 2013 2012
Current Assets Cash and Cash Equivalents ₱ 9,053,553 ₱ 12,276,575 Accounts Receivable 8,801,163 6,494,801 Prepaid Expenses 44,028 44,028 17,898,745 18,815,404
Non Current Assets Property and Equipment-net 266,986 272,795
TOTAL ASSETS 18,165,731 19,088,199
LIABILITIES & FUND BALANCE Liabilities Unearned Dues and Fees 2,789,691 3,754,960 Deposits and Other Payables 5,725,551 4,888,723 8,515,241 8,643,683
Fund Balance Accumulated Fund Balance 9,650,490 10,444,516
Total Liabilities & Fund Balance ₱ 18,165,731 ₱ 19,088,199
REVENUES Member Dues and Other Fees ₱ 11,171,726 ₱ 11,213,523 Interest Income from Bank 109,001 369,036 11,280,727 11,582,559 EXPENSES Salaries and Other Benefits 3,359,849 3,032,320 Communication, Light and Water 3,596,018 2,555,598 Taxes and Licenses 1,106,518 1,096,501 Security Services 461,350 533,115 Repair and Maintenance 1,653,317 829,561 Supplies 230,270 346,470 Transpo, Fuel and Gasoline 198,960 254,271 Depreciation 154,038 246,798 Insurance 58,529 57,491 General Assembly, Meeting & Events 104,829 56,229 Professional Fees 114,850 41,700 Miscellaneous 13,213 23,901 Bank Charges 1,050 11,051,742 9,075,005
EXCESS OF REVENUES OVER EXPENSES ₱ 228,984 ₱ 2,507,554
See accompanying notes to financial statements LAS TERRAZAS HOMEOWNERS ASSOCIATION, INC. STATEMENT OF FUND BALANCE As of December 31, 2013
2013 2012
Balance at Beginning of Year ₱ 10,444,516 ₱ 6,354,717
Adjustment to Fund Balance (1,023,011) 1,582,245
Net Income for the Year 228,984 2,507,554
Balance at End of Year ₱ 9,650,490 ₱ 10,444,516
See accompanying notes to financial statements LAS TERRAZAS HOMEOWNERS ASSOCIATION, INC. STATEMENT OF CASH FLOW As of December 31, 2013
2013 2012
Cash flows from Operating Activities:
Excess of Revenues over Expenses ₱ 228,984 ₱ 2,507,554 Adjustment for: Depreciation 154,038 246,798 Operating income before working capital changes 383,022 2,754,351.99 (Increase) Decrease In: Accounts Receivable (2,306,362) (3,144,828) Inventory Prepaid Expenses (595) Increase(Decrease) In: Unearned Revenues (965,270) (194,035) Accrued and Other Payables 836,828 1,467,766 (2,051,782) 882,659.99
Cash flows from Financing Activities:
Purchase of Equipments (148,229) (29,230)
Cash flows from Financing Activities:
Adjustments to Fund Balance (1,023,011) 1,582,245
Net Increase (Decrease) in Cash (3,223,022) 2,435,675
Cash at beginning of Year 12,276,574 9,840,899
Cash at end of the Year ₱ 9,053,553 ₱ 12,276,574
The accompanying finacial statements were authorized by the board of trustees for issue on March 25, 2014
4. Cash and Cash Equivalent
This account consist of as follows:
2013 2012
Petty Cash Fund 10,000 10,000 Cash in bank-Current 7,368,665 3,483,396 Cash in Bank-Time deposit 1,674,888 8,783,179
₱9,053,553 ₱ 12,276,575
5. Accounts receivable
Dues and Fees Receivable ₱ 8,559,265 ₱ 6,240,515 Employees advances 166,898 104,286 Receivable from Suppliers 75,000 150,000 ₱ 8,801,163 ₱ 6,494,801
6. Property and equipment
Transportation Office Equip Secur/Maint Total December 31, 2013 Cost:
January 1 507,360 417,814 470,693 1,395,867 Additions(Deductions) 100,000 48,229 48,229 December 31 607,360 466,043 470,963 1, 544,096
7. Unearned Dues and Fees 2013 2012 Maintenance Dues 1,570,363 2,675,632 Road Maintenance 1,140,828 1,050,878 Admin HBS 78,500 78,500 2,789,691 3,754,960
8. Deposits and Other Payables
This account consist of as follows: 2013 2012 Guaranteed Deposits and Cash Bonds ₱ 5,725,551 ₱ 4,884,550 Others 4,173 ₱ 5,725,551 ₱ 4,888,723
9. Taxes information
Taxes lodge under Tax and Licenses Account: ₱ 500 Renewal of BIR Registration 1,095,774 Real Property Tax 10,244.6 Local licenses and others ₱ 1,106,518
The amount of withholding taxes categorized as follows: Creditable withholding taxes ₱ 69,989 Expanded withholding taxes 4,632 ₱ 74,621
2012 FINANCIAL STATEMENT
The following is the long-awaited 2012 Financial Statement. On the far right of the document, you can use the scroll to move down the to see the total document.
The income increased dramatically in over PHP 2 Million in 2012 over 2011, primarily from membership dues collected. Maintenance increased substantially to PHP 829,561 fom PHP 560,545 in 2011. Salaries were up over 10% in 2012 from 2011 to PHP 3,032,820. The 2012 profit was PHP 2,507,554.
With all that extra profits, maybe the Board Of Directors could come up with a financial plan for the year to increase our maintenance spending to make our subdivision look like a first-class one.