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Understanding Cooperative Financial Statements (Read-Only)

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Understanding Cooperative Financial Statements (Read-Only) Understanding Co-op Financial Statements Brian Dahlk, CPA, Senior Manager The Fundamental Equation of Accounting: àAssets = Liabilities + Equity àWhat you HAVE = What you OWE plus what you OWN à HAVE = OWE + OWN (Asset) = (Liability) + (Equity) The Balance Sheet àThe organization’s financial situation at a particular point in time àShows total Assets equal to total Liabilities plus Equity – hence the name “Balance Sheet” !"#$%&'()*+),(('-(. !!"#$ !%&&'()*#+,-&-./"01-+ !2,-3".4+-53-)#-#+ !6)/-)*',7 !6)/-#*8-)*#+ !9")4 !:(.14.);# !<(,).*(,-+=+>?(.38-)* Examples of Liabilities: àAccounts payable àAccrued payroll àDeferred revenue àAccrued interest àMember deposits àLoans payable Equity: àRetained earnings àMember shares, certificates, and/or capital contributions (This is equity if the return is not automatic when the member leaves the co-op. If the return IS automatic, minus any nonpayment of charges and/or damage assessments, this should be recorded as a liability.) When some of the earnings are returned to the owners of a co-op, this is know as a patronage dividend (uncommon for housing co-ops) The Income Statement: àThe organization’s financial performance over a given period in time Examples of Revenue (Income): àMember charges/assessments àMember fines àAnnual Membership dues àInterest and investment income Examples of Expenses: àMaintenance and repairs àStaff salaries/wages àDepreciation àUtilities àInterest àInsurance àTechnology àProfessional services àSupplies àEducation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t the end of the year, net income flows into retained earnings Retained earnings, beginning of the year Balance sheet Plus (minus): net income (loss) for the year Income statement Equals retained earnings, end of the year Balance sheet Retained earnings is also decreased when dividends on net income are paid to the owners – rarely happens with housing co-ops !"#$%&'(%)(*++%,-#.-/ !01%(23.4536(4"#$%&'(%)(5++%,-#.-/7 ! "##$%&"'(')*++,%#--'./'0%#--12(/3(4%$)3(-3.+'56 ! 7*58%!"#$%"&&'()*$+,"-'.'/-$01&234 GAAP Method àGAAP = Generally Accepted Accounting Principles – Also know as the “accrual method” – Used for most formal financial reports, such as audit reports – This best reflects the organization’s true economic situation – Revenue recognized when it’s actually earned – Expenses recognized when they’re actually incurred Cash Method àSimple and straightforward àAligns with budgetary amounts àRevenue recognized when cash is received àExpenses recognized when cash is paid àMost co-op budgets, and internal income statements, are done on the cash basis Depreciation àSome assets – buildings, renovations, furniture, equipment – are not recorded as expenses when purchased àInstead, they’re recorded as assets (balance sheet) and then depreciated over several years (income statement) àDepreciation spreads out & expenses the costs of those assets over several future years Maintenance Projects àPer GAAP: – Capitalize and then Depreciate major projects. These are recoded as assets on the balance sheet. Then they are depreciated, over several years, and depreciation expense is recorded on the income statement. – Expense minor projects. Recorded on the income statement as maintenance expense. àCash basis (often for internal reports): – All maintenance projects will usually be expensed. !"#$%&'()*+),-%'.%/0*&1 !"#$%&'()*(+,*($+)&-.*/..+&0112&3(+"+,("4& )*"*.5.+*)&"+'&,")6&(+,$5.&)*"*.5.+*) 7 8+,$5.9&,")6&:";5.+*)&<.%)=)&",,%=.'&"5$=+*) 7 >?:.+).)9&,")6&:";5.+*)&<.%)=)&",,%=.'&"5$=+*) 7 @$"+&2";5.+*) 7 !"#$%&5"(+*.+"+,.&"+'&.A=(:5.+* 7 B.:%.,("*($+ !"#$%&'()*&#+)(,-+&./&"0.123"4 5"('/6# 7((2").#68"&97((2").#68"& .& /"'&:"8"3(21"/# Initial Situation àBy the end of the December, the cooperative had borrowed $1,000,000 to develop its first property. àThe development cost exactly $1,000,000. Balance Sheet Prior to Opening Assets Land and building $ 1,000,000 Total assets $ 1,000,000 Liabilities Loans payable 1,000,000 Total liabilities 1,000,000 Equity 0 Liabilities and equity $ 1,000,000 Assumption #1 àThe co-op has thirty units as was full to start the year. The members are assessed $1,000 each for the month of January, for a total of $30,000. But two members didn’t pay during the month, and one member paid their January and February charges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ssumption #2 àAlso in January, the co-op purchased $5,000 of supplies, for which it paid $4,000 by the end of the month. And its staff incurred $8,000 in wages, for which it paid $7,000 by the end of the month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ssumption #3 àAlso in January, the co-op made a loan payment of $3,000. $2,000 of this is comprised of interest, and $1,000 paid down the principal balance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ssumption #4 àAlso in January, the co-op acquired a $7,000 pool table for its common room. It paid for the pool table by the end of the month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ssumption #5 àThe co-op depreciates is property and equipment at a rate of $12,000 per year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alance Sheet for Review Assets Cash $ 12,000 Accounts receivable 5,000 Land 20,000 Building 75,000 Total assets $ 112,000 Liabilities Accounts payable $
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