THE LAUREN, A CONDOMINIUM
Statements of Revenues, Expenses and Changes in Fund Balances
For the Years Ended December 31, 2003 & 2002
|
Revenues: |
Operating
Fund |
Replacement
Fund |
2003 Total |
|
2002 Total |
|
|
|
|
|
|
|
Condominium fees |
$ 616,797 |
$ 144,924 |
$ 761,721 |
$ |
748,127 |
|
Late fees and other income |
7,988 |
|
7,988 |
|
7,817 |
|
In-Unit service income |
8,817 |
|
8,817 |
|
540 |
|
Move in/out income |
3,225 |
|
3,225 |
|
4,750 |
|
Laundry income |
19,276 |
|
19,276 |
|
19,514 |
|
Rental income |
14,710 |
|
14,710 |
|
6,090 |
|
Parking income |
8,210 |
|
8,210 |
|
6,960 |
|
Interest income |
318 |
17,413 |
17,731 |
|
25,860 |
|
Total Revenues |
$ 679,341 |
$ 162,337 |
$ 841,678 |
$ 819,658 |
|
Expenses: |
|
|
|
|
|
|
Payroll expense |
$ 256,578 |
$ |
$ 256,578 |
$ |
260,478 |
|
Payroll taxes and benefits |
42,476 |
|
42,476 |
|
39,349 |
|
Engineer contract |
20,412 |
|
20,412 |
|
6,060 |
|
Electricity |
90,898 |
|
90,898 |
|
83,409 |
|
Gas |
61,733 |
|
61,733 |
|
58,238 |
|
Telephone |
3,291 |
|
3,291 |
|
3,414 |
|
Water and sewer |
45,361 |
|
45,361 |
|
40,578 |
|
Management fee |
6,180 |
|
6,180 |
|
6,048 |
|
Legal and audit |
10,037 |
|
10,037 |
|
6,774 |
|
Insurance |
45,658 |
|
45,658 |
|
34,869 |
|
Insurance loss deductible |
3,467 |
|
3,467 |
|
|
|
Condo owned unit assessments |
4,980 |
|
4,980 |
|
4,896 |
|
Administrative expenses |
2,882 |
|
2,882 |
|
3,333 |
|
Bad debt (recovery) |
418 |
|
418 |
|
(137) |
|
Postage and printing |
766 |
|
766 |
|
1,151 |
|
Real estate taxes |
1,376 |
|
1,376 |
|
1,035 |
|
Communications repairs |
3,014 |
|
3,014 |
|
3,242 |
|
Elevator contract & maintenance |
14,400 |
|
14,400 |
|
10,992 |
|
HVAC contract & maintenance |
7,248 |
|
7,248 |
|
7,176 |
|
Laundry contract |
3,134 |
|
3,134 |
|
3,34 |
|
Trash removal and extermination |
9,952 |
|
9,952 |
|
9,251 |
|
|
|
|
|
|
(Continued) |
See Notes to Financial Statements
Page 4
THE LAUREN, A CONDOMINIUM
Statements of Revenues, Expenses and Changes in Fund Balances (Continued) For the Years Ended December 31, 2003 & 2002
|
Expenses (Continued) |
Operating
Fund |
Replacement
Fund |
2003 Total |
2002 Total |
|
|
|
|
|
|
Pool contract and supplies |
$ 3,330 |
$ |
$ 3,330 |
$ 3,193 |
|
Supplies |
11,206 |
|
11,206 |
12,840 |
|
General repairs and maintenance |
22,174 |
|
22,174 |
23,904 |
|
Mortgage interest expense |
1,812 |
|
1,812 |
2,321 |
|
Depreciation |
2,179 |
- |
2,179 |
2,179 |
|
Income taxes |
5,341 |
|
5,341 |
3,329 |
|
Heating/cooling |
|
19,935 |
19,935 |
67,578 |
|
Roof |
|
36,056 |
36,056 |
170,795 |
|
Roof garden restoration/upgrade |
|
6,991 |
6,991 |
90,886 |
|
Roof garden security |
|
4,390 |
4,390 |
- |
|
Mechanical improvements |
|
- |
|
3,291 |
|
Penthouse window |
- |
|
|
47,000 |
|
Stairwell refurshishing |
|
- |
|
8,593 |
|
ADA modifications |
|
30,027 |
30,027 |
37,249 |
|
Additional capital expenses |
|
4,082 |
4,082 |
6,587 |
|
Boiler |
|
6,296 |
6,296 |
11,790 |
|
Electrical switchboard |
- |
3,653 |
3,653 |
|
|
Electrical wiring study |
|
2,448 |
2,448 |
|
|
Reserve study |
|
2,400 |
2,400 |
|
|
Total Expenses |
$ 680,303 |
$ 116,278 |
$ 796,581 |
$ 1,074,825 |
|
Excess (Deficiency) of Revenues over |
|
|
|
|
|
Expenses |
$ (962) |
$ 46,059 |
$ 45,097 |
$ (255,167) |
|
Beginning Fund Balances |
169,104 |
408,579 |
577,683 |
832,850 |
|
Inter-equity transfer |
(78,132) |
78,132 |
|
|
|
Ending Fund Balances |
$ 90,010 |
$ 532,770 |
$ 622,780 |
$ 577,683 |
See Notes to Financial Statements
Page 5
|
