Condo Balance Sheet

don't worry if there is a surplus the board will find a way to spend it. if there is a deficit they'll just increase the cc.

Balance sheets for Coops and Condos have to be read rather carefully. While the income statements can be taken more literally, balance sheets have items like accumulated depreciation which make them not really reflective of the building's real financial position. Look more at the "cash" position and ignore the depreciation at similar stuff: what cash do they have on hand, what are their current receivables and accounts payable. Also, the value of non-cash assets is usually pretty useless.

Thanks so much. Out of about 900K in total assets, only 11K is cash! 200K is from receivables (assessments) with accounts payable of also around 210K.

Definitely not stellar, in my opinion.

200 AR plus 11 cash - 210 payables = around zero. Not so good, especially since AP is almost always 100% and AP sometimes isn't.