December 31, 2009 Financials

The following financial information is for Management Propose Only in order to assist the association in financial planning.  The attached financials have not been Audited, Reviewed and/or Compiled at this time by an independent CPA.

Financials

Your Association is NOT able to pay the monthly expenses. The Reserves are being funded by closed units.  Your reserves allocated on the balance sheet and what is actually in the reserve bank account is correct.  The receivables are high, but it is anticipated that the funds can be collected, except for $19,324.12 written off to bad debt and by Florida Law, mortgage companies are only required to pay 12 months of assessment or 1% of the mortgage, whichever is less.  Management WAS NOT ABLE to releases all the checks that you signed during the month to vendors first. We currently are holding checks until the funds become available, including reserve checks and checks for Oasis Master Association..  You have $19,212.89 as open payables, which include $18,844.80 for the master association.  In addition, to the open payable for the master association the association 2009 deficit was included in the Special Assessment (SPA) calculations.  At the SPA meeting schedule for this month you will be able to decide the amount of monthly payments that will be collected for the SPA from each owner.    

DELINQUENCY/ACCOUNTS RECEIVABLE STATUS:

Your Association delinquency is 69% of your total Income.  The Association has 29 homes in foreclosure, 7 homes in lien and 9 homes which received a 45 Association Demand Letter.  All other homes are either paid in full or received a Friendly Letter. At this time Management is not recommending anything further.

MAINTENANCE FEE(S) RECEIVED FROM ATTORNEY:

The following check(s) were received from the Associations attorney for full payment, sale, payment agreement, or mortgage collections. 

Check #            Check Date      Amount of Check          Home/Unit Account #

1. 115                   12/21/09            $400.00             2835 NE 4 Street

ESTOPPEL(S) PREPARED:

The information below, if any, was requested from title companies, attorneys, Mortgage Companies in order to pay the full amount of the outstanding balance.  If the account is at the attorney's office, management forwarded the matter to the attorney since the attorney's finds must be calculated into the total due and the association's attorney prepares the estoppels certification.  It is anticipated that if the home is foreclosed on by the bank the full amount will be collected after this month.  Helping the association with its deficit.

Home/Unit Account #               Outstanding Balance, if any

1. 45-0131 2985 NE 4 Street         $ 2058.93

ASSOCIATION ATTORNEY COLLECTION REPORT:

Attached you will find the collection report prepared by your association's attorney.  This report is the status in which the collection accounts are at, at the time management requested it, unless, the association's attorney has not updated to real time as requested by management.  These reports are available in the attorney's website, but you must be a board of directors to have access.  If you have any questions regarding the explanation on this report, please send an email at mecollections@bellsouth.net to Daniel Amores at our office. 

In addition to the attorney's report, we have attached a delinquency (DLQ) report as of the date of your meeting and/or report production.  Please note that the DLQ attached with the financial package is as of the end of the monthly financial.  The accounts below where forward to the association's attorney to proceed with lien since no payment has been received in the last 45 days.

AUTHORIZATION TO PROCEED (ATP):

Home/Unit Account #               Date Mailed                 Total Amount Outstanding

1. 45-0201 2893  NE 3 Drive          12/17/2009                     $749.05
2. 45-0410 362 NE 30 Ave              12/17/2009                     $974.05
3. 45-0305 384 NE 29 Ter               12/17/2009                     $445.05
4. 45-0303 375 NE 29 Ave               12/17/2009                     $1,333.30

If you have any questions regarding your association financial matters that have not been addressed in this report, please contact our Accounting Manager, Claudia Zambrano at 305 222-5733 or the main line extension 106.  Whenever possible, please address your financial questions with your Property Manager first at the meeting.