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Sample condo association balance sheet - Yool.IN

Sample condo association balance sheet - Yool.IN 2025

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The document is an Income/Expense Statement for Farrwood Green Condo II, covering the period from June 1 to June 30, 2014. It details the operating income and expenses, highlighting variances between actual figures and budgeted amounts. The statement shows a net loss of $9,119.56 for the current period, with total expenses significantly exceeding total income.

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How do condo associations make money?

Similar to an HOA, your condo association will collect regular dues from you and other association members to cover basic operating expenses. These fees are known as common charges.

What is a financial statement for a condo?

Condo financial statements provide a record of stewardship used by owners to evaluate directors performance. Owners use inium financial statements to understand the financial performance of their corporation.

What is a property income statement?

A rental property income statement is a financial document that summarizes the income, expenses, and overall profitability of a rental property. It serves as a vital record for anyone managing real estate, offering a clear view of the propertys financial performance.

What is the income statement of a condo association?

The income statement, or Profit and Loss (PL) Statement, details the associations income (revenue) and expenses over a specific period, usually a fiscal year. The statement has two major sections: one for revenue and one for expenses. At the bottom is a final calculation of profit or loss.

What is a condo association statement?

These statements provide a snapshot of the associations financial health and can help you understand its income, expenses, and overall financial position. There are several types of financial statements your HOA may use, but in this post, well focus on the balance sheet and income statement.

How to evaluate condo financials?

Assess how expenses are allocated, including regular maintenance, utilities, insurance and any ongoing capital improvement projects. Look for indications of increasing assessments or potential special assessments that may impact your financial obligations as an owner.

What is a condo balance sheet?

The balance sheet represents a snapshot of the financial position of your inium at a specific point in time for example, as at December 31st . The condo corporation balance sheet is broken out into three major components: Assets. Liabilities. Equity.