assets on balance sheet....

Started by JimR24 • 1 replies • 1067 views

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JimR24 (Texas)
Posts: 399

Posted:

I am wondering - for those of you who work on the accounting side of things - whether you carry any assets on your Association's balance sheet.

We are a condominium in Texas and (according to our governing documents) each of our homeowners own 1/113 of our assets. We have 113 homeowners. This would mean that the Association itself (being a nonprofit corporation) owns no assets...right? Am i thinking correctly here? What do ya'll think?

oljim, in texas

Lovin' life with my honey!
and, President of HOA in Texas

RichardP13 (California)
Posts: 3,868

Posted:

Jim

The answer is no. Common area assets are not carried on a balance sheet. The only reference would be the amount of money in the reserves as an asset and the amount of money allocated to the reserve components as equity. One should balance the other.

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