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How should reserves be handled on the balance sheet for a condo association?
Wiki User
∙ 14y ago
Generally, since there is no standard for accounting and financial reporting for associations, it's a good idea to handle your reserves in such a way so that the membership can easily understand the position of reserves on the balance sheet.
Here's a format that works for many associations:
**Reserve funds listed according to the purpose of the fund, such as
- Insurance Fund
- Special Projects Fund
- Replacement Fund
- (Other Title) Fund
As well, some balance sheets show three columns: current, prior month and change. This way members can understand how each month's contribution grows each fund.
Finally, you can list (detailed) fund equity YTD in the liabilities and equity section of the balance sheet, as negative numbers. Of course, the current month column in both assets and equity/ liability must be equal to each other.
Wiki User
∙ 14y ago
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