SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC. FINANCIAL .
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.FINANCIAL STATEMENTSFor the Year Ended December 31, 2019
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.FINANCIAL STATEMENTSFor the Year Ended December 31, 2019CONTENTSPageIndependent Auditor’s Report . 1-2Financial Statements:Balance Sheet .3Statement of Revenues, Expenses and Changes in Fund Balance .4Statement of Cash Flows . 5-6Notes to Financial Statements. 7-12Supplementary Information:Schedule of Expenses .13Schedule of Operating Revenues and Expenses – Actual and Budget . 14-15Supplementary Information on Future Major Repairs and Replacements .16
1900 NW Corporate Blvd, Suite 110W Boca Raton, FL 33431 Phone (561) 998-7770 Fax (561) 998-7771To the Board of DirectorsSouth Shore Club Condominium Association, Inc.Delray Beach, FloridaINDEPENDENT AUDITOR’S REPORTReport on the Financial StatementsWe have audited the accompanying financial statements of South Shore Club CondominiumAssociation, Inc., which comprise the balance sheet as of December 31, 2019, and the relatedstatements of revenues, expenses, and changes in fund balance and cash flows for the year then ended,and the related notes to the financial statements.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; thisincludes the design, implementation, and maintenance of internal control relevant to the preparationand fair presentation of financial statements that are free from material misstatement, whether due tofraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the entity’s internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of significantaccounting estimates made by management, as well as evaluating the overall presentation of thefinancial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.-1-
OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of South Shore Club Condominium Association, Inc. as of December 31, 2019, andthe results of its operations and its cash flows for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.Report on Supplementary InformationOur audit was conducted for the purpose of forming an opinion on the financial statements as a whole.The schedule of expenses and the schedule of operating revenues and expenses – actual and budget,which are the responsibility of the Association’s management, are presented for purposes of additionalanalysis, and are not a required part of the financial statements. Such information, except for thatportion marked “unaudited”, was derived from and relates directly to the underlying accounting andother records used to prepare the financial statements. That information has been subjected to theauditing procedures applied in the audit of the financial statements and certain additional procedures,including comparing and reconciling such information directly to the underlying accounting and otherrecords used to prepare the financial statements or to the financial statements themselves, and otheradditional procedures in accordance with auditing standards generally accepted in the United States ofAmerica. In our opinion, that information is fairly stated in all material respects in relation to thefinancial statements as a whole. The information marked, “unaudited” has not been subjected to theauditing procedures applied in the audit of the financial statements and, accordingly we do not expressan opinion or provide any assurance on it.Disclaimer of Opinion on Required Supplementary InformationAccounting principles generally accepted in the United States of America require that supplementaryinformation on future major repairs and replacements on page 16 be presented to supplement the basicfinancial statements. Such information, although not a part of the basic financial statements, is requiredby the Financial Accounting Standards Board, which considers it to be an essential part of financialreporting for placing the basic financial statements in an appropriate operational, economic, orhistorical context. We have applied certain limited procedures to the required supplementaryinformation in accordance with auditing standards generally accepted in the United States of America,which consisted of inquiries of management about the methods of preparing the information andcomparing the information for consistency with management’s responses to our inquiries, the basicfinancial statements, and other knowledge we obtained during our audit of the basic financialstatements. We do not express an opinion or provide any assurance on the information because thelimited procedures do not provide us with sufficient evidence to express an opinion or provide anyassurance.Lanter, Leonardo & DiCrescenzo, LLCLanter, Leonardo & DiCrescenzo, LLCCertified Public AccountantsBoca Raton, FloridaFebruary 14, 2020-2-
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.BALANCE SHEETDecember 31, 2019OperatingFundASSETSCash and Cash EquivalentsAssessments Receivable (Net of Allowance forDoubtful Accounts of 0)Prepaid Insurance and ExpensesUtility DepositsInterfund BorrowingsTotal Assets ReplacementFund25,783 189,275273,03617,798600(20) 317,197Total 20215,058273,03617,798600- 189,295 506,492 - 15,8573,500145LIABILITIES AND FUND BALANCELIABILITIESAccounts Payable and Accrued ExpensesIncome Taxes PayablePrepaid AssessmentsContract Liabilities (Assessments Receivedin Advance - Replacement Fund) Total LiabilitiesFUND BALANCETotal Liabilities and Fund Balance 97,695-297,695317,197 189,295The accompanying notes are an integral part of the financial statements.-3- 506,492
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCEFor the Year Ended December 31, 2019OperatingFundREVENUESMember AssessmentsLate FeesProperty TaxHousekeeping FeesRental IncomeSale of WeeksInterest Income - Delinquent FeesOther Income Total placementFund Total16,268- 268749,331EXPENSES449,45616,268465,724Excess of Revenues over Expenses283,607-283,607Fund Balance - Beginning of Year14,088-14,088Fund Balance - End of Year 297,695 The accompanying notes are an integral part of the financial statements.-4-- 297,695
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.STATEMENTS OF CASH FLOWSFor the Year Ended December 31, 2019OperatingFundCASH FLOWS FROM OPERATING ACTIVITIESMember Assessments CollectedLate Fees ReceivedProperty Tax CollectedHousekeeping FeesRental ReceiptsInventory Sales ReceiptsInterest ReceivedOther ReceiptsCash Paid for Operating ExpendituresReplacement Expenditures Paid Net Cash Provided by (Used in) Operating 423,091)(318,439)ReplacementFundTotal 115,515(12,140) 12,140)103,375(215,064)CASH FLOWS FROM FINANCING ACTIVITIESInterfund Borrowings2,817(2,817)-Net Cash Provided by (Used in) Financing Activities2,817(2,817)-Net Increase (Decrease) in Cash and Cash EquivalentsCash and Cash Equivalents - Beginning of YearCash and Cash Equivalents - End of Year 3 189,275 215,058The accompanying notes are an integral part of the financial statements.-5-
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.STATEMENTS OF CASH FLOWS (Continued)For the Year Ended December 31, n of Excess of Revenues overExpenses to Net Cash Provided by (Used in)Operating Activities:Excess of Revenues over Expenses 283,607 - 283,607Adjustments to Reconcile Excess of Revenuesover Expenses to Net Cash Provided by (Used in)Operating Activities:Allowance for Doubtful Accounts(Increase) Decrease in Assets:Assessments ReceivableOther ReceivablePrepaid Insurance and ExpensesDeferred Insurance ClaimIncrease (Decrease) in Liabilities:Accounts Payable and Accrued ExpensesIncome Taxes PayableAssessments Received in AdvanceContract Liabilities - (Assessments Received inAdvance - Replacement Fund)Net Cash Provided by (Used in) Operating 00-(45,073)4,5001,8458,78212,2383,500(355,375) (318,439)(372)99,247 103,375The accompanying notes are an integral part of the financial statements.-6-11,8663,500(355,375)99,247 (215,064)
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.NOTES TO FINANCIAL STATEMENTSDecember 31, 2019NOTE A - NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANTPOLICIESACCOUNTING1.Organization - South Shore Club Condominium Association, Inc. (the “Association”) is a statutoryassociation incorporated as a not-for-profit corporation in the State of Florida on May 27, 1981. South Shore Clubis responsible for the operation and maintenance of 15 units (765 unit-weeks, plus 15 maintenance weeks) locatedin Delray Beach, Florida.2.Fund Accounting - The Association uses fund accounting, which requires that funds, such as the operatingfund and the fund designated for future major repairs and replacements, be classified separately for accounting andreporting purposes. Disbursements from the operating fund are generally at the discretion of the Board ofDirectors and Property Manager. Disbursements from the replacement fund may be made only for their designatedpurposes.3.Member Assessments - Association members are subject to weekly assessments to provide funds for theAssociation’s operating expenses and major repairs and replacements. Assessment revenue is recognized as therelated performance obligations are satisfied at transaction amounts expected to be collected. The Association'sperformance obligations related to its operating assessments is satisfied over time on a daily pro-rata basis using theinput method. The performance obligations related to the replacement fund assessments are satisfied when thesefunds are expended for their designated purpose. Assessments receivable at the balance sheet date are stated at theamounts expected to be collected from outstanding assessments from unit owners. The Association's policy is toretain legal counsel and place liens on the properties of homeowners whose assessments are thirty days or moredelinquent. As of December 31, 2019, an allowance for doubtful accounts is not deemed necessary. TheAssociation provides for doubtful accounts based on experience and analysis of individual accounts. Any excessassessments at year end are retained by the Association for use in the succeeding year.The Association treats uncollectible assessments as variable consideration. Methods, inputs, and assumptions usedto evaluate whether an estimate of variable consideration is constrained include consideration of past experience andsusceptibility to factors outside the Association's control. The balances of assessments receivable as of the beginningand end of the year are 227,963 and 273,036 respectively.4.Interest Income - The Association’s policy is to allocate to the operating and replacement funds all interestearned on their respective cash accounts.5.Income Taxes - In 2019, the Association elected to file as a homeowners' association in accordance withInternal Revenue Code Section 528. Under that section, the Association excludes from taxation exempt functionincome, which generally consists of revenue from assessments to owners. The Association’s investment income andother nonexempt income are subject to tax at a rate of 32%, net of any applicable expenses. The Association hasaccrued 3,500 for income tax liability payable with the filing of the 2019 tax return.Accounting principles generally accepted in the United States of America require management to evaluate taxpositions taken by the Association and recognize a tax liability if the Association has taken an uncertain position thatmore likely than not would not be sustained upon examination by the IRS. Management has analyzed the taxpositions taken by the Association and has concluded that as of December 31, 2019, there are no uncertain positionstaken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.The Association is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any taxperiods in progress. The Association's management believes it is no longer subject to income tax examinations foryears prior to 2019.6.Use of Estimates in the Preparation of Financial Statements - The preparation of financial statements inconformity with generally accepted accounting principles requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dateof the financial statements and the reported amounts of revenues and expenses during the reporting period. Actualresults could differ from those estimates.-7-
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.NOTES TO FINANCIAL STATEMENTS (Continued)December 31, 2019NOTE A - NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANTPOLICIES (Continued)ACCOUNTING7.Concentration of Credit Risk - Financial instruments which potentially subject the Association toconcentration of credit risk consists principally of cash, cash equivalents and assessments receivable. TheAssociation places its cash in money market funds with major financial institutions and the carrying valueapproximate market value. The Association has not experienced any losses related to these accounts. TheAssociation believes that it is not exposed to any significant credit risk on cash and cash equivalents andassessments receivable. As of December 31, 2019, all cash and cash equivalents are FDIC insured.8.Recognition of Assets - Real property and common areas acquired from the developer and relatedimprovements to such property are not recorded in the Association's financial statements because those propertiesare owned by the individual unit owners in common and not by the Association.9.Cash and Cash Equivalents - For purposes of the December 31, 2019 balance sheet and statement of cashflows for the years ended December 31, 2019, the Association considers all highly liquid investments purchasedwith original maturities of 90 days or less to be cash equivalents.10.Fair Value of Financial Instruments - The carrying amounts of cash, receivables and payables approximatetheir fair values due to their short-term maturities.11.Comprehensive Income - ASC 220 (formerly SFAS No. 130) requires “a full set of general-purposefinancial statements to be expanded to include the reporting of comprehensive income.” Comprehensive income iscomprised of two components, net income and other comprehensive income. For the year ended December 31,2019, there were no items that qualify as comprehensive income.12.Prepaid Assessments - Assessments received in advance for the subsequent year are recognized asprepaid assessments on the accompanying balance sheet.13.Income Tax - The Association's policy is to record interest expense or penalties related to income tax inoperating expenses. For the year ended December 31, 2019, no interest or penalties were paid or accrued.14.Contract Liabilities (Assessments received in advance – replacement fund) - The Association recognizesrevenue from members as the related performance obligations are satisfied. A contract liability (assessmentsreceived in advance-replacement fund) is recorded when the Association has the right to receive payment in advanceof the satisfaction of performance obligations related to replacement reserve assessments. The balances of contractliabilities (assessments received in advance - replacement fund) as of the beginning and end of the year are 90,048and 189,295, respectively.NOTE B - PROPERTY TAXESAs a conduit, the Association assesses and collects property taxes from interval owners, and remits to the PalmBeach County Tax Collector. As of December 31, 2019, the Association was current on the payment of propertytaxes.NOTE C - INTERVAL INVENTORYThe Association consists of 15 fee-simple units, which includes 765 unit weeks for sale and 15 maintenanceweeks. At December 31, 2019, there were 4 weeks available for sale, respectively, by the Association. Theinventory represents the foreclosure or deed back of interval unit-weeks.-8-
SOUTH SHORE CLUB CONDOMINIUM ASSOCIATION, INC.NOTES TO FINANCIAL STATEMENTS (Continued)December 31, 2019NOTE D - FUTURE MAJOR REPAIRS AND REPLACEMENTSThe Association's governing documents require funds to be accumulated for future major repairs and replacements.Accumulated funds, which aggregate to 189,295, are presented on the accompanying December 31, 2019 balancesheet as contract liabilities. These “Assessments Received in Advance - Replacement Fund” are held in separateaccounts and are generally not available for operating purposes.The Association engaged an independent engineer who conducted a study in 2016 to estimate the remaining usefullives and the replacement costs of the common property components. The Association is funding for such majorrepairs and replacements over the estimated useful lives of the components based on the study's estimates of currentreplacement costs, including amounts previously accumulated in the replacement fund.Actual expenditures, however, may vary from the estimated amounts and the variations may be material. Therefore,amounts accumulated in the replacement fund may not be adequate to meet future needs. If additional funds areneeded, however, the Association has the right, subject to member approval, to increase regular assessments or levyspecial assessments, or it may delay major repairs and replacements until funds are available.The activity in the contract liabilities (assessments rece
December 31, 2019 Operating Replacement Fund Fund Total ASSETS Cash and Cash Equivalents 25,783 189,275 215,058 Assessments Receivable (Net of Allowance for Doubtful Accounts of 0) 273,036 - 273,036
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