unrestricted net assests?

Started by BonnieG1 • 3 replies • 2490 views

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BonnieG1 (Nebraska)
Posts: 1,186

Posted:

Our financials show $113.97 as unrestricted net assests. I asked the current bookkeeper what unrestricted net assests were and she told me that was on from last year and I should ask the previous bookkeeper who had resigned because some owners were giving her a hard time.
Now this former bookkeeper (who lives on site) refuses to help us with anything because we denied a request she had.

I did a quick search for "unrestricted net assests" and just found that it was a government item that could be used for anything.

I would appreciate any help you can give me with this. Is this unrestricted net assests money we could designate to a committee such as the enhancement or entertainment committee?

We are a 43 unit condo in NE

TimB4 (Tennessee)
Posts: 21,059

Posted:

It may be a line item for unexpected repairs or to cover budget shortages.

We call ours miscellaneous.

Expecting your unrestricted net assets to be the same as our miscellaneous line item, it can be used as needed provided there is a majority vote from the board to spend those funds.

DavidW5 (North Carolina)
Posts: 565

Posted:

Bonnie,

I think this may be the same as what appears on our balance sheet as "unappropriated members' income". In our case this represents funds collected but not spent in prior years. In other words, this represents our "operating contingency" that can be used for unplanned expenses (subject to board approval).

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Bonnie

It is generally a government accounting term meaning not designated. While maybe not an appropiate accounting term for an association, I expect it means the same thing.

Money available but not designated thus it could be called many things such as Non-designated Funds, Emergency Funds, Party Fund, BOD Bar Bill Fund, etc.

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