Receiving income for association newsletter

Our HOA has a newsletter that they sell ads to pay for part of the expense. How is this income from the checks received for advertising suppose to be documented on our financial statement. Last year they received over $1500.00 and it never showed up on our end of year statement. Also, our board collects from the adjoining condo's, money for dredging that is also not itemized. Shouldn't all this money be broken down so we can see where it came from and where it went? As a non-profit association can we even sell advertising spots? I am confused. Please help if you can. Thank you.

Shelly,

Do you make profit from the ads or is it just an offset to the cost of printing the newsletter? The income from the adjoining condo for dredging, is that also just part of the cost and you are not profiting from that? Both should be posted as income but then offset by the cost of both services.

It could be placed as "misc. income" and the production expenses would make the entire thing a "wash".

Shelly,

Certainly this income must be shown somewhere on the balance sheet and income & loss statements. IMO, the newsletter adv. should be shown as "other income" and the reimb from the condos for dredging should be shown as "reimb from condos" income. My assn recieves reimb from the golf course for certain maint.and it's shown as just that on the balance sheet and income statement. I don't know that the reimb is taxable income, which is why I think it should be shown separately.