Hampton Commons Condominium Association

Hampton Township, New Jersey

Hampton Commons Pages

Hampton Commons Condominium Association Audit for the Year 2004

The Association's books were audited by CPAs Berard and Donahue, 32 Ball Street, Port Jervis, NY 12771.

Berard and Donahue concluded:

"In our opinion, the financial statements . . . present fairly, in all material respects, the financial position of Hampton Commons Condominium Association, Inc., as of December 31, 2004, and the results of its operation and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America".

Highlights of the audit include:

• Total assets at year-end were $360,566.

• Total revenues for calendar year 2004 were $878,112.

• Total expenses for calendar year 2004 were $946,665.

• Ending fund balance was $327,973.

• Accounts payable, mostly consisting of monthly dues in arrears, totaled $30,756.

• Major repairs and replacements are significantly under funded. Total replacement fund as of December 31, 2004 was $320,507. Current funding requirement was $1,399,020.

President's note: The former Association treasurer prepared the 2004 budget without any capital reserve contribution. The board voted to approve it. The 2005 budget, its year now nearing the end, and the planned 2006 budget, both make capital reserve contributions of approximately $70,000 each year. Such continued contributions will progressively reduce the replacement fund deficit.

This web page was last updated on August 31, 2006.
Please contact the management company for the latest information about Hampton Commons.