Dear Fiddler’s Marsh Homeowners,
We recently engaged Lake Brown Williams CPAs and Consultants, Inc. to conduct an audit of the finances and accounting systems utilized by Fiddler’s Marsh Homeowners Association during the fiscal year 2015.
We are glad to report the following from the Auditors: “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fiddler’s Marsh (at L’Atrium) Homeowners Association, Inc. as of December 31, 2015, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.”
There were also recommendations that we are putting into place immediately including: management needs to ensure bank statements are reconciled to the ledger balance, identifying all outstanding disbursements and deposits in transit, and provide us with subsidiary schedules that tie back to the balance sheet balances. We will also be taking more detailed meeting minutes that highlight approved maintenance items, as well as per their recommendation the engagement of a professional reserve analyst to conduct an independent reserve study.
Some of the areas the Auditors focused on were:
Control environment and operating characteristics; evaluation of financial reporting systems and administrative capabilities; the design of preliminary tests of controls for compliance with prescribed systems; the review of minutes and contractual commitments for financial statement disclosures, Corporate by-laws and internal procedures for unique restrictions, and document budgetary processes; and confirmation of compliance with applicable laws and regulations.
Cash and Investments
Receivables, Revenue and Receipts
Expenditures and Accounts Payable
Property, Equipment and Capital Expenditures
Fund Equities and Capital Reserves
A copy of the full audit will be made available to any association member who requests it. We thank you for your continued support. Please contact a Board member should you have any questions.