Treasury notes
- Correct Answer - matures in 1-10 years
Treasury bonds
- Correct Answer - matures in 10+ years
Primary purposes of financial reports
- Correct Answer - 1. Provide internal and external users with information
2. Enable BOD to control financial operations
Super lein
- Correct Answer - specifies period of time upto 6 months, that an owner
must pay assessments/fees if the property is foreclosed
GAAP reports required at years end –
Correct Answer - 1. Balance sheet
2. Income/expenses
3. Changes in equity
4. Cash flows
5. Notes to financial statements
6. Unaudited info for future replacements
, 5 risk controls for net income loss - Correct Answer - 1. Avoid exposure
2. Loss prevention
3. Loss reduction
4. Segregate or duplicate records
5. Contractural transfers
2 basic parts to a reserve study - Correct Answer - 1. Physical analysis
2. Financial analysis
- evaluate the current program
- prepare the funding plan
Component inventory - Correct Answer - list of all components that the
association must enetually replace
Routine maintenance - Correct Answer - regular, recurring upkeep that
must be done
Preventative maintenance - Correct Answer - periodic maintenance to
avoid breakdowns and prolong the useful life of the equipment/physical
asset in question
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