Financial Statements

At Teddi Howard LLC, we understand how challenging it can be to manage ___. That’s why our community managers have these tasks built into their routines.

Our monthly and/or quarterly financial statements are a collection of reports about an association’s financial condition.  They are useful in showing an association’s cash position to determine whether an association has the capability to pay back its debts; to ensure that its Board of Directors is performing in their roles as responsible fiduciaries of the association’s assets.

 

Our accountants and bookkeepers are trained professionals skilled in accurately preparing your association’s financial statements. The standard contents of our set of financial statements are:

  • Balance Sheet.  Shows the association’s assets, liabilities, and stockholders’ equity as of the report date.

  • Income Statement or Profit & Loss (P&L).  Documents the association’s monthly results and ending financial condition for the reporting period.

  • General Ledger.  Shows categorized balance sheet and income statement transactions.

  • Subsidiary Reserves Schedule.  Shows the amounts and allocations of the association’s reserve funds.

A full set of financial statements is expected when an association is reporting the results for a full fiscal year.  In this regard, our trained staff will prepare an unaudited, compiled financial statement in accordance with accounting principles generally accepted in the United States of America.