DESERT HORIZONS OWNERS ASSOCIATION BALANCE SHEET SEPTEMBER 30, 2024 (Summarized Totals For September 30, 2023)
ASSETS
Operating Replacement Fund Fund
Totals
2024
2023
ASSETS Cash and cash equivalents
$
460,359 4,542,118 $
$ 5,002,477 17,950,503 $
Certificates of deposit
- -
2,368,313
2,368,313
3,278,150 2,000,000
Investments
-
-
Assessments and dues receivable, net allowance for bad debts of $2,000 for 2024 and $18,000 for 2023
81,492 130,754
- - - - - - - -
81,492 130,754
463,239 125,254
Receivable from the City of Indian Wells
Special assessment receivable
-
-
1,980,004
Other receivables
77,775 296,209 34,417
77,775 296,209 34,417
126,318 220,460 15,664
Inventories
Prepaid expenses
Property and equipment, net of accumulated depreciation
40,817,930
40,817,930 24,260,936
Right-of-use operating lease asset
235,329 (600,000)
235,329
218,751
Interfund loan
600,000
-
-
Other assets - Liquor License
20,000
-
20,000
20,000
$ 41,554,265 7,510,431 $
$ 49,064,696 50,659,279 $
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable Accrued expenses
$
241,048 405,158 428,411 235,329 734,419
$
6,300
$
247,348 405,158 428,411 235,329 734,419
$ 1,113,715
- - - - -
3,724,944
29,500 218,751 49,750
Prepaid dues and assessments
Operating lease liability
Financing leases Notes payable
23,188,067
23,188,067 23,954,491
25,232,432
6,300 25,238,732
29,091,151
FUND BALANCES Operating Undesignated
(926,330)
-
(926,330)
(1,123,132)
Property and equipment, net of notes payable and financing leases
16,895,444
- -
16,895,444
306,445
Designated - Clubhouse Renovation
352,719
352,719 16,245,277
Replacement fund
-
7,504,131
7,504,131
6,139,538
16,321,833 7,504,131
23,825,964 21,568,128
$ 41,554,265 7,510,431 $
$ 49,064,696 50,659,279 $
The accompanying notes are an integral part of these financial statements.
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