2020 Annual Audit

OUTDOOR RESORTS/PALM SPRINGS OWNERS ASSOCIATION

BALANCE SHEETS

JUNE 30, 2020 AND 2019

ASSETS

Operating

Replacement

Capital

TOTALS

Fund

Fund

Fund

2020

2019

ASSETS Cash

$ 139,524

1,366 ,272 2,491 ,041

$ 144,334 $ 1,650 ,130 $ 1,914 ,241 3,430,177 2,861,552

Certificates of deposit

939 ,136

Assessments receivable, less allowance of $0 in 2020 and 2019 for uncollectible accounts

17,866

17,866 7,596 4,156

7,368 3,300

Inventories

7,596 4,156

Prepaid expenses

20 ,968

Intercompany receivable(payable)

252,416

(28 ,754)

(223 ,662)

Other assets

6,667

6,667

6,667

Property and equipment , net of accumu lated depreciation of $1 ,562 ,868 in 2020 and $1 ,525 ,598 in 2019

347 ,235

347,235

237 ,340

$1 ,714 ,596 $ 3,828 ,559

$ (79,328) $ 5,463 ,827

$ 5,051,436

LIABILITIES AND FUND BALANCES

LIABILITIES Accounts payable and accrued expenses

$

$

62,734 $

10,072

$

$

72 ,806

48 ,324

200,631

Prepaid assessments

200 ,631 77 ,226 44,471

211 ,081

Accrued wages and salaries payable

77 ,226 44,471

57,881 36 ,934

Deposits and other liabilities

385 ,062

10,072

395 ,134

354 ,220

FUND BALANCES Operating fund

982,299 347,235

1,317,098

982,299 347 ,235

237,340

Property and equipment fund

3,818 ,487

3,264,781

3, 818,487

Replacement fund

Capital fund

(79 ,328) (79 ,328 }

(79,328)

(122,003}

4,697 ,216

1,329 ,534

3,818,487

5,068,693

$ 1,714,596 $ 3,828 ,559

$ (79 ,328 ) $ 5,463,827

$ 5,051,436

The accompanying notes are an integral part of these financial statements. 3

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