KEY ROYAL CONDOMINIUM ASSOCIATION, INC.
FINANCIAL STATEMENTS
MARCH 31, 2005
TURNOVER AUDITDENNIS H. COOK.
‘Certified Public Accountant 1000 BELCHER ROAD SOUTH, SUITE 2
LARGO, FLORIDA 33771
(727) 530-0402
FAX (727) 536-1761
INDEPENDENT AUDITORS REPORT
June 28, 2005
‘To The Board of Directors
Key Royal Condominium Association, Inc.
Indian Shores, Florida
Thave audited the accompanying balance sheet of Key Royal Condominium Association, Inc., as of March
31, 2005 and the related statements of assessments, revenues and expenditures, changes in fund balances and
statement of cash flows from inception to March 31, 2005. These financial statements are the representation
of the company’s management. My responsibility is to express an opinion on these financial statements
based on my audit.
I performed my audit in accordance with generally accepted auditing standards in the United States of
America. Those standards require performance of auditing procedures to obtain reasonable assurance as to
whether the financial statements are free of material misstatement. Auditing procedures consist primarily of
examining, on a test basis, evidence supporting the amounts and disclosures included in the financial
statements. Those procedures also include an assessment of the accounting principles used and significant
estimates made by management and an evaluation of the overall financial statement presentation. I believe
that the results of my procedures provide a reasonable basis for my opinion presented below.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial
Position of Key Royal Condominium Association, Inc., at March 31, 2005, and the results of its operations
and changes in cash flows for the period then ended, in conformity with generally accepted accounting
‘Principles in the United States of America. The supporting data included in the report have been subjected to
the same auditing procedures applied in the examination of the basic financial statements, and in my opinion,
are presented fairly in all material respects in relation to the basic financial statements taken as a whole.KEY ROYAL CONDOMINIUM ASSOCIATION, INC.
BALANCE SHEET
MARCH 31, 2005
ASSETS
REQUIRED
GENERAL. RESERVE
—FUND_ -EUND_. TOTAL
ASSETS
Cash in Bank S$ 73,733 so 3 73,733
Accounts Receivable-Owner’s 19,574 0- 19,574
Prepaid Insurance and Fees “0- 0- Oe
Equipment & Improvements (Net
of Accumulated Depreciation) 0 -0-
Utility Deposits 0. 0.
TOTAL ASSETS $__0- $ __93,307
LIABILITIES AND FUND BALANCES
TIES
“Accounts Payable-Trade S 34,159 so $34,159
‘Accrued Wages 7,832 0 7,932
Prepaid Assessments 2314 2314
TOTAL LIABILITIES 44,005 0- 44,005
CONTINGENCIES AND COMMITMENTS (Note 3)
EUND BALANCE (DEFICIT) 49.302 49.302
TOTAL LIABILITIES
AND FUND BALANCES $93,307 Ss 893.307
‘THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.