WE HAD AN AUDIT???

The 2007 audit was on the Venetia website one day, but gone the next. I was curious why, so I asked for a copy. We are , after all, paying for it with our dues. Perhaps it was because of this following statement:

As more fully described in note 6 to the financial statements, the Association capitalized street lighting lamp posts purchased during 2007 and is depreciating the lamp posts over a four year period not over the estimated useful life of the lamp posts as required by accounting principles generally accepted in the United States of America.
Or how about this:

NOTE 3 - COMMONLY OWNED ASSETS

The Association has the responsibility to preserve and maintain the commonly owned assets. These assets include, but are not limited to, paved areas, clubhouse and recreational amenities, drainage and surface water management facilities, landscape and retention areas and all drainage, utility, signage and landscape easements. The Association's policy is not to capitalize and depreciate the commonly owned assets as ownership is invested directly or indirectly in the unit owners and these assets are not deemed to be severable. In addition, the Association directly expenses any personal property such as recreational equipment and furnishings. The Association has capitalized the street lighting lamp posts - see Note 6.

Funny, but when we questioned Mr. Clark about his accounting methods when he presented this to the board, his response was "Don't you know your Accounting 101?". Well, Mr. Clark, it seems we did know after all.

You can read the audit in it's entirety here:
2007 Audit