Fairway View Condominium Association

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Fairway View Condominium Association

Independent Auditors' Report,

Financial Statements and Supplementary Information Years Ended December 31, 2018 and 2017

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Independent

Auditors’

Report ... i

Balance Sheets ... 1

Statements of Revenues, Expenses and Changes in Fund Balances ... 2

Statements of Cash Flows ... 3

Statements of Cash Flows ... 5

Supplementary Information ...

Supplementary Information of the Reserve Funds 11 Required Supplementary Information on the Reserve Study 12

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To the Board of Directors of Fairway View Condominium Association

WehaveauditedtheaccompanyingfinancialstatementsofFairwayViewCondominiumAssociation (the“Association”)whichcomprisethebalancesheetas ofDecember31,2018,andtherelatedstatementsofrevenues,expenses,andchangesinfundbalanceandcashflowsfortheyearthenended,andthe related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management isresponsible forthe preparationand fairpresentationofthese financialstatementsin accordancewithaccounting principlesgenerally acceptedintheUnitedStatesofAmerica;thisincludesthedesign,implementation,andmaintenanceofinternalcontrolrelevanttothepreparationandfair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit. Weconductedourauditinaccordancewithauditingstandards generallyacceptedintheUnitedStatesofAmerica.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceabout whether the financial statements are free from material misstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements. Theproceduresselected dependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror. Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationandfairpresentationofthefinancialstatementsin ordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessofthe entity’sinternalcontrol.Accordingly,weexpressnosuchopinion. Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthe reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Inouropinion,thefinancialstatementsreferredtoabovepresentfairly, inallmaterialrespects,thefinancialpositionof FairwayViewCondominium AssociationasofDecember31,2018,andresultsofitsoperationsanditscashflowsfortheyearthenendedinconformitywithaccountingprinciples generally accepted in the United States of America.

Report on Summarized Comparative Information

We have previously audited theFairway View Condominium Association December 31, 2017 financial statements, and our report dated May 21, 2019 expressed an unmodified opinion on those financial statements. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2017 is consistent, in all material respects, with the audited financial statements from which it has been derived.

Emphasis of a Matter on Future Major Repairs and Replacements

Ourauditwasmadeforthepurposeofforminganopiniononthebasicfinancialstatement,takenasawhole.Wehavenotappliedprocedurestodetermine whetherthefundsdesignatedforfuturerepairsandreplacementsasdiscussedinNote4areadequatetomeetsuchfuturecosts,becausesuchdetermination is outside the scope of our audit. Our opinion is not modified with respect to this matter.

Disclaimer of Opinion of Required Supplementary Information

AccountingprinciplesgenerallyacceptedintheUnitedStatesofAmericarequirethatSupplementaryInformationonFutureRepairsandReplacementsbe presentedtosupplementthebasicfinancialstatements. Suchinformation,althoughnotapartofthebasicfinancialstatements,isrequiredbytheFinancial AccountingStandardsBoard,whoconsidersittobeanessentialpartoffinancialreportingforplacingthebasicfinancialstatementsinanappropriate operational,economicorhistoricalcontext.Weappliedcertainlimitedprocedurestotherequiredsupplementaryinformationinaccordancewithauditing standardsgenerallyacceptedintheUnitedStatesofAmerica,whichconsistedofinquiriesofmanagementaboutthemethodsofpreparingtheinformation andcomparingtheinformationforconsistencywithmanagement’sresponsestoourinquiries,thebasicfinancialstatements,and otherknowledgewe obtainedduringourauditofthebasicfinancialstatements.Wedonotexpressanopinionorprovideanyassuranceontheinformationbecausethelimited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Newman & Associates, CPA, PC Bellevue, Washington January 16, 2020

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Balance Sheets December 31, 2018 and 2017

The accompanying notes are an integral part of these financial statements. 1

Assets

Operating Reserve 2018 2017

Current Assets

Cash and cash equivalents $ 74,742 $ 746,149 $ 820,891 $ 615,793 Assessments receivable 27,469 - 27,469 3,268 Special assessment receivable - 2,076,763 2,076,763 1,905,712 Prepaid insurance 680 - 680 21,160 Prepaid expenses 1,875 - 1,875 -Due to (from) (154,816) 154,816 - -Total $ (50,050) $ 2,977,728 $ 2,927,678 $ 2,545,933

Liabilities and Fund Balances

Operating Reserve 2018 2017

Current Liabilities

Accounts payable $ 12,099 $ 3,370 $ 15,469 $ 21,875 Bank loan payable - 1,860,760 1,860,760 2,158,821 Prepaid assessments 17,374 - 17,374 80,144 Deferred special assessment revenue - 470,000 470,000 -Other accrued expenses 3,200 - 3,200 -Total Liabilities 32,673 2,334,130 2,366,803 2,260,840

Fund Balances (Deficit) (82,723) 643,598 560,875 285,093 Total $ (50,050) $ 2,977,728 $ 2,927,678 $ 2,545,933

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Statement of Revenues, Expenses and Changes in Fund Balances Year Ended December 31, 2018 and 2017

Operating Fund

Reserve

Fund 2018 Total 2017 Total

Revenues

Member assessment $ 286,750 $ 184,321 $ 471,071 $ 419,096

Interest income 101 2,267 2,368 1,317 Late fee and interest income 140 99,529 99,669 96,546 Members' special assessment - 214,733 214,733 -Other income 1,050 51,769 52,819 140,553 Repair and cleaning reimbursement revenue 11 - 11 3,677

Total Revenues 288,052 552,619 840,671 661,189

Repairs and Maintenance

Landscaping and irrigation repairs 55,878 - 55,878 53,249 Property maintenance 30,669 177,512 208,181 112,123 Total Repairs and Maintenance 86,547 177,512 264,059 165,372

Operating Expenses

Management fees 39,433 - 39,433 43,833 Utilities 56,152 - 56,152 57,049 Insurance 92,037 - 92,037 87,184 Trash removal 22,604 - 22,604 19,815 Depreciation - - - 100 Legal and accounting 9,646 - 9,646 7,050 Interest expense - 80,958 80,958 100,062 Miscellaneous - - - 2,107 Total Operating Expenses 219,872 80,958 300,830 317,200

Total Expenses

306,419 258,470 564,889 482,572

Excess (Deficiency) of Revenues

Over Expenses (18,367) 294,149 275,782 178,617

Beginning Fund Balances (Deficit) (64,356) 349,449 285,093 106,476

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Statements of Cash Flows

Year Ended December 31, 2018 and 2017

Operating Fund Reserve Fund 2018 2017

Cash Flows From Operating Activities:

Cash received from owners $ 296,006 $ 774,755 $ 1,070,761 $ 1,138,609 Cash paid to vendors (314,870) (174,142) (489,012) (578,681) Payments between funds 26,051 (26,051) - -Interest received 101 2,267 2,368 1,317 Interest paid - (79,691) (79,691) (98,795) Net Cash Provided by Operating Activities 7,288 497,138 504,426 462,450

Cash Flows From Financing Activities:

Payments on long-term debt - (299,328) (299,328) (828,463) Net Cash (Used) by Financing Activities - (299,328) (299,328) (828,463)

Net Increase (Decrease) In Cash 7,288 197,810 205,098 (366,013)

Cash At Beginning Of Year 67,454 548,339 615,793 981,806

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Statements of Cash Flows

Year Ended December 31, 2018 and 2017

Reconciliation of excess (deficiency) of revenues over expenses to Net Cash Provided by Operating Activities:

Operating Fund Reserve Fund 2018 2017 Excess (deficiency) of revenues over expenses $ (18,367) $ 294,149 $ 275,782 $ 178,617

Adjustments to reconcile excess (deficiency) of revenues over expenses to net cash provided by operating activities

Depreciation - - - 100 Amortization - 1,267 1,267 1,267 (Increase) decrease in assets:

Members' assessments receivable (24,832) 631 (24,201) 2,091 Due to/from funds 26,051 (26,051) - -Prepaid insurance 20,480 - 20,480 662 Members' special assessment - (171,051) (171,051) 400,939 Prepaid expenses (1,875) - (1,875) 2,012 Increase (decrease) in liabilities:

Accounts payable (9,776) 3,370 (6,406) (196,271) Members' assessments received in advance 12,407 (75,177) (62,770) 75,045 Accrued expenses 3,200 - 3,200 -Deferred special assessment revenue - 470,000 470,000 -Total Adjustments 25,655 202,989 228,644 283,833 Net Cash Provided by Operating Activities $ 7,288 $ 497,138 $ 504,426 $ 462,450

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Notes to the Financial Statements Year ended December 31, 2018 and 2017

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A -

Nature of the Organization

Fairway View Condominium Association (The Association) is a nonprofit Washington organization established in 1989 as a condominium association for the purpose of providing managerial and operational services on behalf of the unit owners. The condominiums are located in Vancouver, Washington and consist of 128 condominium units.

B -

Date of Management’s Review

In preparing the financial statements, the Association has evaluated events and transactions for potential recognition or disclosure through July 16, 2019, the date that the financial statements were available to be issued.

C -

Summary of Significant Accounting Policies

The Association’s governing documents provide certain guidelines for governing its financial activities. To ensure observance of limitations and restrictions on the use of financial resources, the Association maintains its accounts using fund accounting. Financial resources are classified for accounting and reporting purposes in the following funds established according to their nature and purpose:

Operating Fund –This fund is used to account for financial resources available for the general operations of the Association.

Reserve Fund –This fund is used to accumulate financial resources designated for future major repairs and replacements.

Construction Loan Payment Fund – Within the Reserve Fund, the Association has established a special fund to accumulate assets to repay the construction loan. For reporting purposes, this fund is combined with the reserve fund.

Members’ Assessments for Operations and Contribution to Reserves

Association members are subject to monthly assessments to provide funds for the Association’s operating expenses, future capital acquisitions, and major repairs and replacements. Members’ assessments receivable represents fees due from unit owners. The Association's policy is to place liens on the real property owned by the individual whose assessments have not been received on a timely basis.

The Association estimates an allowance for doubtful accounts by evaluating each 90 day past due receivable account by amount, length of time past due and by the probability of collecting the receivable before the end of the next year.

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Special Assessments to the Members

From time to time, the board of directors will approve a special assessment to address a financial deficit or to undertake specific projects which were unknown at the time of passing the annual budget. These special assessments are considered a receivable at the time of approval and ratification by the owners or on the date where first payment is required, whichever is later. Special assessments which are designated to specific

projects or issues are deferred until those projects are complete; special assessments which are undesignated are treated as revenue when the payment is considered receivable from the owners.

Where owners are allowed to pay this special assessment over time, the Association follows ASC 835-30 which requires that interest be imputed on the receivable when the payment term exceeds twelve (12) months. Interest is imputed at the market rate of interest: Where a market rate of interest is available, the Association imputes interest using this rate, otherwise, management determines an appropriate rate of interest given economic conditions and comparable rates available in the marketplace.

Prepaid Assessments

Assessments received in advance represent prepaid dues that are retained by the Association for use in the succeeding year.

Income Taxes

Condominium associations may be taxed either as residential associations or as regular corporations. For the year ended December 31, 2018 and 2017 the Association elected to be taxed as a residential association. Under this Internal Revenue Code Section, the Association is taxed on its nonexempt function income, such as interest earnings, at a flat rate of 30%.

The Association’s federal income tax returns are generally subject to examination by taxing authorities for three years after the returns are filed. The income tax returns December 31, 2015 through December 31, 2017 remain open to examination.

Future Major Repairs and Replacements

The Association's governing documents require the Association to finance estimated future major repairs and replacements through common assessments. An onsite reserve study was updated in November 2018 by an independent company to determine the remaining useful lives of the components of common properties and to estimate the cost of the major repairs and replacements that may be required in future years. The most recent study is attached to these financial statements.

Funds being accumulated are based on estimated current costs and the actual expenditures may vary from those estimates. The Association plans to have adequate reserves as needed for these major repairs and replacements. Reserves are held in separate accounts and are generally not available for operating purposes.

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Cash and Cash Equivalents

For balance sheet classification and statement of cash flows presentation, investments with original maturity of twelve months or less are considered cash equivalents.

Property and Equipment

Real property and common areas acquired from the developer and related improvements to such property are not recorded in the Association’s financial statements because those properties are owned by the individual unit owners in common and not by the Association. Common property consists of green spaces, wood fencing, a tennis court, concrete walkways and driveways, and private streets.

Decks and garages, which are limited common property, are the responsibility of the association to maintain, repair and replace. The Association capitalizes all personal property and equipment to which it holds title or has other evidence of ownership. Such assets are depreciated on the straight-line method over its estimated economic useful life – typically 7 to 10 years.

Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

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D -

Special Assessment Receivable

The balances due from the long-term special assessment’s receivable as of December 31,

2018 2017 Assessments receivable for 2016 special assessment, including interest

interest at 4.02%, secured by lien rights,

maturing August 2030 $ 1,687,570 1,905,712 Non-accrual balances from owner nonpayment $ 22,076

Assessments receivable for 2018 special assessment, including interest payments at 0.0% per annum, interest imputed at 6.0% per annum,

secured by lien rights, maturuing December 2020 367,453

-Total Assessments Receivable over time $ 2,077,099 $ 1,905,712

Owner receivables are placed on nonaccrual status if the required monthly payment is not made for a 90-day period. Nonaccrual accounts are not charged interest until all past due amounts are brought current and delinquency and other financing charges, if any, are paid in full. One owner account was determined to meet the criteria for nonaccrual status. Interest not recognized on non-accrual balances as of December 31, 2018 is $336.

All owners but one are current to within 90 days and given the lien rights and other powers to enforce payment, management is confident that no allowance for impaired credit or potential non-collectability is necessary as of December 31, 2018.

E -

Replacement Reserve Fund

The updated level III off-site reserve study (attached as required supplementary information) called for total monthly assessments of approximately $15,700 to ensure adequate capitalization for future repairs and replacements using the Threshold Funding Method with a funding threshold of $75,000. The Association is currently assessing $15,700 monthly for future repairs and replacements.

F -

The 2016 Special Assessment

In 2015, the Association called for a special assessment to pay for certain reconstruction and improvement expenses. Owners were provided the option to pay this special assessment over 180 months with interest charged at the bank’s current rate, currently 4.02% per annum. All unpaid balances are subject to certain lien rights due for assessments. Seller has the right, but not the obligation to pay the outstanding receivable balance at time of sale. If the obligation is not paid by the Seller, Buyer assumes the original terms of the assessment and the lien rights remain enforceable against the Unit.

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G -

The 2018 Special Assessment

In 2018, the Association called for a special assessment to pay for specific projects and to increase the reserve fund. The special assessment was called with no interest due with payments over 36th_{months. Sellers have the}

right, but not the obligation to pay the outstanding receivable balance at the time of sale. If the obligation is not paid by the Seller, Buyer assumes the original terms of the assessment and the lien rights remain

enforceable against the unit. Management imputed the interest using a market rate of 6.0% interest per annum. The special assessment is comprised of

2018 Special Assessment

Amounts assessed for specifically identified projects $ 470,000

Amounts assessed for general reserve 214,813

Amounts imputed as interest at 6.0% over 3 years 65,187

2018 Special Assessment $ 750,000

Imputed interest is recorded as interest income based upon the outstanding balance at the beginning of each month.

The amounts receivable from the owners as of December 31, 2018 are Outstanding 2018 special assessment

Total outstanding on the 2018 special assessment $ 404,227 Less amounts deferred as imputed interest for future years (36,774)

Net receivable from owners $ 367,453

H -

Concentration of Risk

The Association has funds in an individual bank in excess of the FDIC insured amount. Amounts at risk are approximately $500,000. No loss has been incurred through the date of these financial statements.

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I -

Bank Loan Payable

In September 2015, the Association entered into an agreement with a bank to provide funds to finance reconstruction costs for the repair and replacement of certain reserve components. Interest is determined as the average of the United Stated Treasury securities plus 2.5%, currently 4.02%. The loan calls for interest to be adjusted every five (5) years, with the next rate adjustment in September 2020. The loan is collateralized by all the Association’s cash, member assessments, and any other revenues of the Association.

The Association was in default of a specific loan covenant which requires that the Association provide an audited financial statement within 150 days of year end. The bank agreed to waive compliance with this specific covenant until the financial statement is received, which should be prior to September 30, 2019. The balances due on the bank loan payable as of December 31,

2018 2017 Note payable -Mutual of Omaha, due in monthly installments

of $16,500 including interest at 4.02%, secured by chattel mortgage

on association cash flows, maturing August 2030 $ 1,860,760 $ 2,158,820

The minimum maturities for the next five (5) years as of December 31,

Year ending December 31, 2019 $ 138,000 2020 145,000 2021 155,000 2022 162,000 2023 175,000 Thereafter 1,085,760 Total Long Term Debt $ 1,860,760 The amounts due and payable to the bank as of December 31, 2018 are

Prepaid loan fees charged to the Association $ 15,200 Less amounts amortized to interest expense (3,801) Net prepaid loan fees deducted from bank loan 11,399

Bank loan balance outstanding 1,872,159 Net note payable to the Bank $ 1,860,760

The prepaid loan fees are being amortized over the life of the loan at approximately $1,270 per year as allowed under ASU 2015-03. Unamortized loan fees are $11,399 and $12,677 as of December 31, 2018 and 2017 respectively.

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Supplementary Schedule of the Reserve Funds As of and For the Year Ended December 31, 2017

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See Accompanying Independent Auditor’s Report

Reserve Construction Combined 2017

Assets

Cash $ 664,778 $ 81,371 $ 746,149 548,339

Assessment receivable 367,453 1,709,310 2,076,763 1,906,343 Due from operating 154,816 - 154,816 128,765 Due (to)/from (109,727) 109,727 - -Total Assets $ 1,077,320 $ 1,900,408 $ 2,977,728 $ 2,583,447 Liabilities and Fund Balance

Bank loan payable $ - $ 1,860,760 $ 1,860,760 2,158,821 Accounts payable 3,370 - 3,370 Deferred special assessment revenue 470,000 - 470,000 -Prepaid assessment - - - 75,177 Fund balances 603,950 39,648 643,598 349,449 Total Liabilities and Fund Balances $ 1,077,320 $ 1,900,408 $ 2,977,728 $ 2,583,447

Statement of Revenues, Expenses and Changes to Fund Balances

Revenues

Assessments $ 184,321 $ - $ 184,321 $ 183,822 Special assessment revenue 214,733 214,733 $ -Bank interest 2,267 - 2,267 1,292 Imputed interest on special assessments 28,413 28,413 -Interest on member special assessments - 71,116 71,116 95,067 Other charges 51,769 - 51,769 140,535 Total Revenues 481,503 71,116 552,619 420,716 Expenses

Reserve projects 177,512 - 177,512 53,216 Interest on bank loan - 80,958 80,958 100,062 Total Reserve Expenses 177,512 80,958 258,470 153,278 Net Increase (Decrease) to Funds 303,991 (9,842) 294,149 267,438 Fund Beginning Balances 299,959 49,490 349,449 82,011 Fund Ending Balances $ 603,950 $ 39,648 $ 643,598 $ 349,449

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Item Description Useful Life Life Left Year Replace Future Replacement Cost Ideal Balance Actual Balance Barkdust 50 50 2069 $ - $ - $

-Concrete Safety Repair 5 3 2022 $ 5,323 $ 3,194 $ 3,194

Deck-Membrane-Recoat 7 4 2023 $ 136,976 $ 78,272 $ 78,272

Deck-Rails-Wood-Replace 20 17 2036 $ 51,341 $ 10,268 $

-Deck-Wood-Substructure 40 37 2056 $ - $ - $

-Doors-Foyer-Exterior-Lock Replacement 35 1 2020 $ 7,152 $ 7,152 $ 7,152

Doors-Foyer-Exterior-Replace 50 16 2035 $ 30,866 $ 21,606 $

-Doors-Garage Man Doors-Exterior-Replace 75 41 2060 $ - $ - $

-Electrical & Plumbing-Systems 50 50 2069 $ - $ - $

-Flooring-Carpet-Foyer (Bldg 1-8) 12 3 2022 $ 21,396 $ 17,830 $ 17,830 Flooring-Carpet-Foyer (Bldg 9-19) 12 5 2024 $ 30,685 $ 20,457 $ 20,457 Garage Doors 45 11 2030 $ 136,893 $ 106,472 $ 106,472 Irrigation Controller 50 50 2069 $ - $ - $ -Irrigation System 50 50 2069 $ - $ - $ -Landscape Renovation 50 50 2069 $ - $ - $ -Lights-Exterior-Building 20 6 2025 $ 29,017 $ 21,763 $ 21,763 Lights-Exterior-Garage 20 6 2025 $ 10,655 $ 7,991 $ 7,991 Lights-Interior-Foyer 25 11 2030 $ 10,438 $ 6,263 $ 6,263 Mailboxes 50 50 2069 $ - $ - $ -Paint-Exterior-Buildings 15 12 2031 $ 460,455 $ 122,788 $ 79,876 Paint-Exterior-Foyer Doors 10 1 2020 $ 3,055 $ 3,055 $ 3,055 Paint-Exterior-Garages 10 10 2029 $ 78,861 $ 7,886 $ 7,886 Paint-Interior-Foyer 15 5 2024 $ 56,612 $ 41,516 $ 41,516 Paving-Asphalt-Overlay 55 21 2040 $ 282,554 $ 179,807 $

-Paving-Asphalt-Repair, Crackseal, Sealcoat 5 5 2024 $ 17,983 $ 3,597 $ 3,597

Rails-Metal-Replace 65 31 2050 $ - $ - $ -Roof-Building-Composition-Notes 50 50 2069 $ - $ - $ -Roof-Building-Composition-Phase #1 30 29 2048 $ 256,512 $ 17,101 $ -Roof-Building-Composition-Phase #2 30 30 2049 $ 52,385 $ 1,746 $ -Roof-Building-Composition-Phase #3 30 6 2025 $ 63,474 $ 52,895 $ 52,895 Roof-Building-Composition-Phase #4 30 10 2029 $ 207,010 $ 144,907 $ 144,907 Roof-Building-Composition-Phase #5 30 15 2034 $ 191,493 $ 102,129 $ -Roof-Chimney Caps 30 15 2034 $ 61,278 $ 32,681 $ -Roof-Garage-Detached-Composition (1-13) 25 24 2043 $ 214,576 $ 17,166 $ -Roof-Garage-Detached-Composition (14-19) 25 1 2020 $ 61,266 $ 61,266 $ 61,266

Roof-Gutters & Downspouts-Building & Garage 30 29 2048 $ 95,217 $ 6,348 $

-Siding & Trim Repair-Buildings 8 5 2024 $ 14,209 $ 7,104 $ 7,104

Siding & Trim Repair-Garages 8 1 2020 $ 13,070 $ 13,070 $ 13,070

Siding Inspection 8 7 2026 $ 4,051 $ 1,013 $ 1,013

Sign-Entry-Metal 20 17 2036 $ 8,557 $ 1,711 $

-Trash Enclosure 20 1 2020 $ 37,781 $ 37,781 $ 37,781

Treework 3 2 2021 $ 3,962 $ 2,641 $ 2,641

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Item Description Useful Life Life Left Year Replace Future Replacement Cost Ideal Balance Actual Balance

Wall-Brick-Clean and Seal 50 50 2069 $ - $ - $

-. $ 2,655,103 $ 1,159,477 $ 726,000

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-Investment Rate 1.82% Contingency $ - $

-Tax Rate 20.00% Total $ 1,159,477 $ 726,000

Inflation Rate 2.11%

Contingency Rate 0.00%