These are additional excerpts and comments and are typical of the statements made in the Independent Auditor's Report for the past several years.
Purpose and Organization
Kenthill Townhomes Condominium Association is incorporated as a nonprofit organization in the State of Washington and is subject to the provisions of the Washington Condominium Act. The Association is responsible for the operation, preservation and maintenance of the common areas of a residential Condominium located in Kent, Washington. Association membership consists of 82 unit owners and the Association receives substantially all of its revenue from the unit owners.
Summary of Significant Accounting Policies
Investments
The Association carries its investments, which consists of intermediate term government securities, at cost, which approximates fair market value.
Assessments Receivable
The Association's policy is to retain legal counsel and place liens on the properties of homeowners whose assessments are in arrears. It is the opinion of the Board of Directors that the Association will collect all past due assessments. Accordingly, no allowance for doubtful accounts has been established.
Member Assessments
Association members are subject to monthly assessments to provide funds for the Association's operating expenses, future capital acquisitions, and major repairs and replacements. Any excess assessments at year end are retained by the Association for use in future years.
