Financial Information for Golden Vista RV Resort

Financial Information

On December 7, 2010, the Board of Directors approved the posting financial statements to this website, both year-end and year-to-date reports.

To review the budgets, go to the Budgets Web page.

Financial Statements

Consolidated Year-End Statements Revenue and Expenses & Balance Sheet	Year-to-Date Reports Profit & Loss Budget vs. Actual Three Columns: #1=Actual Income or Expenses for period, #2=Budget for that portion of the year. Projected Income and Expenses vary by month (see 2011 Budget by month) Column #3= #1-#2= $ over Budget [-$ if under)
Year ending June 30, 2010	July-December 2010
	July 2010 - March 2011
Year ending June 30, 2011	Complete FY2011 July 2010 - June 2011
	July 2011 - September 2011

Audit Reports

Fiscal Year 2011 (July 1, 2010 to June 30, 2011)

Important Motions regarding Financial Items

November 16, 2004 Board Meeting

November 18, 2008 Board Meeting

February 7, 2006 Board Meeting
The following definitions for budgeting purposes were approved:

a. Main Component. A Main Component is a tangible fixed asset that will be any physical item (building, property component or system that deteriorates over time) owned by Golden Vista RV Resort and has a useful life in excess of one (1) year.

b. Sub-Components. Separate segments of a component that can be identified and will require its own repair or replacement independent of its main component.

c. Repair and Replacement Costs. Expenditures that cover any major repairs or the replacement of a like kind of a component

d. Operating Budget. Includes all funds to be collected and expenditures to be made within the fiscal year for which funds are budgeted, including a reasonable allowance for contingencies and working funds. For a component or sub-component that costs less than three thousand (3,000) dollars or is normally repaired, maintained, or replaced annually, then the following is included in the Operating Budget: All repair and maintenance costs as well as component replacements of a like kind, and all new and upgraded component purchases. The Operating Budget includes contributions to the reserve funds, which are hereafter to referred to as the "Repair/Replacement Reserve" (CC&R 9.6C) and the "Capital Improvements Reserve" (CC&R 9.6B). The Board will determine the reserve funding amounts.

e. Repair/Replacement Budget. All repair and maintenance costs as well as component replacements of a like kind that cost in excess of three thousand (3,000) dollars and normally occur less often than yearly will become part of the Repair/Replacement Budget. The funds for this budget come from the Repair/Replacement Reserve. For this budget, It is the goal of Golden Vista RV Resort to have an up-to-date Reserve Study (see policy 2-37) in which all the components and sub-components at Golden Vista: are identified, repair or replacement costs for each component are estimated, and the useful life of each component is estimated so that the Repair/Replacement Budget can be projected for at least five years in the future.

f. Capital Improvement Budget. All new and upgraded component purchases that cost in excess of three thousand (3,000) dollars and are not of a like kind for any replacements will be part of the Capital Improvements Budget. The funds for this budget come from the Capital Improvements Reserve. All major projects should be identified in the Resort's Long-Range Plan. After approval, spending may occur over several years.

g. Activities Budget. Includes all funds to be collected and expenditures to be made within the fiscal year for which funds are budgeted for the Activities Office except for salaries, which are part of the Association’s Operating Budget. Does not include clubs. The income generated by the Activities Office supports activities and will not be part of the general fund.

January

16, 2007 Board Meeting

It is RESOLVED in order to properly maintain the common area, protect market value of members' homes and livability in the community, the Board of Directors establishes a Reserve Study policy as follows:

1. ALL REPAIR/REPLACE RESERVE FUNDS:

A. Must be distinguished from Operating funds and other established Reserve funds. These Reserve Funds are to be maintained in a separate bank account.

B. The current amount in the Reserve Fund should exceed the annual dollar value of projected reserve payout.

C. The pro forma budget must contain reserve information.

D. Establish a goal to maintain the reserve account - such as ”to build the reserve account to 80% of the estimate Reserves Required To Date with Inflation Factor.”

E. Reserve deficits, if any, should decrease over time.

F. The replacement costs should include an inflation factor added to the cost data.

G. The inflation factor is from a long-term inflation scale.

H. It is important to annually review and update projected expenditures, inflation factors, and other assumptions.

I. Reserve Funds are not to be used for non-reserve expenditures.

2. Reserve Study Defined. The Board shall have a Reserve Study performed that meets the standards of the American Institute of Certified Public Accountants and includes these criteria:

A. Identifies all components that are the homeowner association's responsibility to repair or replace that have a useful life in excess of one full year. (A "component" is a physical item that deteriorates over time and needs to be repaired or replaced.)

B. Assigns a reasonable cost of repair or replacement to each component based on current costs for the area.

C. Assigns a reasonable useful life to each component based on local conditions.

D. Lays out a 30-year Repair & Replacement Schedule which identifies the years when each component work will be performed including the inflation adjusted cost.

E. Establishes a 30 Year Funding Plan--hereafter referred to as the "30-Year Plan"-- which takes into consideration the costs of repairs and replacements, contributions from members, impact of inflation, revenue generated from invested reserve funds and taxes owing on interest earned.

F. Whenever possible, the 30-Year Plan shall include adequate "Regular Annual Assessments" from members to meet projected costs without the need for "Supplementary Assessments."

G. The 30-Year Plan shall include a "Percent Funded" factor.

3. Annual Review & Revision. The 30-Year Plan shall be reviewed and revised annually to reflect changes in costs, inflation, interest yield on invested funds plus modification, addition or deletion of components in the Plan. It will also reflect changes in costs; inflation and interest yield on invested funds.

February 6, 2007 Board Meeting
The following Expenditure Overrun policy was approved:

It is RESOLVED in order to control the expenditure of money for Board approved projects funded by either the “Repair/Replacement Reserve Fund” or the “Capital Improvements Reserve Fund,” the Board of Directors establishes a Capital Expenditure Overrun policy as follows:

1. WHEN BOARD APPROVAL IS NOT REQUIRED: The approved Budget for a Repair/Replacement or Capital Improvement Project includes a $3,000 overage.
2. BOARD APPROVAL REQUIRED: Approval by the Board of Directors is required whenever the approved Budget for a Repair/Replacement or Capital Improvement Project is expected to exceed $3,000.

January 6, 2009 Board Meeting
Item #10.1: A 65% goal for funding the Reserve Budget was approved.