Elation Financial Report

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Prepared by: The Continential Group Inc. 215 Grand Blvd., Suite 200 Miramar Beach, FL 32550 (850) 622-6222 FDIC insurance, FDIC coverage is now permanently set at $250,000 per depositor at FDIC insured institutions. Note: Effective December 31, 2010 through December 2012 as part of the Reform and Consumer Protection Act, all deposits held in non-interest bearing transaction accounts (checking accounts) will be fully insured, regardless of the amount in the account, at all FDIC Insured institutions. AS OF March 31, 2011 ELATION AT BAYTOWNE WHARF CONDOMINIUM ASSOCIATION, INC. OPERATING FINANCIAL REPORT For accounts, including interest bearing accounts, that do not qualify for the unlimited

Transcript of Elation Financial Report

Page 1: Elation Financial Report

Prepared by:

The Continential Group Inc.

215 Grand Blvd., Suite 200

Miramar Beach, FL 32550

(850) 622-6222

FDIC insurance, FDIC coverage is now permanently set at $250,000 per depositor at FDIC insured institutions.

Note: Effective December 31, 2010 through December 2012

as part of the Reform and Consumer Protection Act,

all deposits held in non-interest bearing transaction accounts (checking accounts)

will be fully insured, regardless of the amount in the account,

at all FDIC Insured institutions.

AS OF

March 31, 2011

ELATION AT BAYTOWNE WHARF

CONDOMINIUM ASSOCIATION, INC.

OPERATING FINANCIAL REPORT

For accounts, including interest bearing accounts, that do not qualify for the unlimited

Page 2: Elation Financial Report

Board of Directors: The March 2011 financial statements have been completed for Elation at Baytowne Wharf Condominium Association, Inc. Following are some items for your information: Balance Sheet Notes:

1. Total Operating Cash is $107,637.27.

2. A/R Assessments – Accounts Receivable balance as of 3/31/2011 is $121,955.53 Prior Month balance was $121,781.65. a. A separate line item has been created on the balance sheet to record the activity of the prior owners whose units have been

sold. The transactions will be recorded under AR prior owner unit #. Action is still being filed against them to recover

the amount due. The prior owner of unit 5409 has been moved to this account.

b. We have received two payments of $500 for prior owner of unit 5409. We also have legal fees of $280.44 add to the

account and the balance is now $6,986.08.

c. Unit 5605 – received payment of $1,807.58 on 4/19/11 to pay the balance in full. d. All units with delinquent balances were sent statements as of 3/31/11. e. The allowance for bad debt has been increased as per 2011 approved budget. Monthly allocation is $6,250.00.

3. Reserves:

Reserve Cash The reserves cash Balance @ 2/28/11 $ 300,686.14

Current Month Reserve Funding $ 4753.17 Current Month Interest $ 129.17

Reserves Cash Balance as of 3/31/11 $305,568.48

Total Reserves Fund as of 3/31/11 $305,568.48

Page 3: Elation Financial Report

Revenue/Expense Statement Notes:

1. Legal Fee Collections – corresponds to payments to attorney for collection actions, like liens, intent to foreclosure, etc. These

expenses are billed to the owners’ accounts and reflected on Legal Fee Income.

2. Property Insurance-Flood – We received a flood rebate from Whitney Insurance in the amount of $4,064.28. This will be prorated as a credit to the expense at ($451.59) a month through November.

3. Elevator Contract – This reflects the prepaid contract that is expensed monthly.

4. Shared Amenities to GSD, please find attached detail of these shared expenses. Also a detail for the Solstice Shared expenses.

5. R&M Equipment Fire Alarm/Sprinkler – reflects the prepaid annual and quarterly maintenance fees that are expensed monthly which total $335.23.

6. Bldg Maint. & Supplies – expense for the month is $470.65 and reflects the following: PQL - $241.58, $229.07

Please review the financial statement and contact me if you have any questions. Thank you, Kim Black Association Accounting

Page 4: Elation Financial Report

04/29/2011 11:50:46 AM ** Balance Sheet **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

As ofAccount Description Mar Prior Month Inc/(Dec)

ASSETS

**OPERATING CASH

10010 229 Cash-Operating CNL Bank 51,772.26 38,279.94 13,492.32

10014 229 Cash-Money Market CNL Bank 55,865.01 55,840.61 24.40

**TOTAL OPERATING CASH $107,637.27 $94,120.55 $13,516.72

**RESERVE CASH

12010 229a Cash-Reserves CNL Bank 114,636.40 109,794.60 4,841.80

12010 87 Cash-Reserves Regions Bank 190,932.08 190,891.54 40.54

**TOTAL RESERVE CASH $305,568.48 $300,686.14 $4,882.34

**ACCOUNTS RECEIVABLE

10300 Accounts Receivable 121,955.53 121,781.65 173.88

10330 20 Other Receivables Insurance 479.00 479.00 0.00

10330 44 Other Receivables Miscellaneous 0.00 4,331.06 (4,331.06)

10335 AR prior owner unit 5409 6,986.08 7,705.64 (719.56)

10390 00 Allowance for Bad Debt (97,851.83) (91,820.99) (6,030.84)

**TOTAL ACCOUNTS RECEIVABLE $31,568.78 $42,476.36 ($10,907.58)

**PREPAID EXPENSES

10500 Prepaid Insurance 66,653.40 78,399.25 (11,745.85)

10505 Prepaid Expenses 4,510.45 2,409.26 2,101.19

19010 Utility Deposits 600.00 600.00 0.00

**TOTAL PREPAID EXPENSES $71,763.85 $81,408.51 ($9,644.66)

**TOTAL ASSETS $516,538.38 $518,691.56 ($2,153.18)

LIABILITIES & EQUITY

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Page 5: Elation Financial Report

04/29/2011 11:50:46 AM ** Balance Sheet **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

As ofAccount Description Mar Prior Month Inc/(Dec)

**ACCOUNTS PAYABLE

20000 Accounts Payable 19,656.24 21,355.33 (1,699.09)

20010 Accrued Expenses 0.00 4,331.06 (4,331.06)

20033 35 Note Payable First Insur Funding Co 37,027.13 42,316.72 (5,289.59)

**TOTAL ACCOUNTS PAYABLE $56,683.37 $68,003.11 ($11,319.74)

**DEFERRED REVENUE

20100 Prepaid Assessments 35,699.97 34,816.17 883.80

**TOTAL DEFERRED REVENUE $35,699.97 $34,816.17 $883.80

**RESERVE LIABILITIES

30000 05a Reserves Carpets 19,779.46 19,262.46 517.00

30000 158c Reserves Fire Safety System 11,008.54 10,883.54 125.00

30000 41 Reserves Paint (Interior) 21,072.91 20,669.08 403.83

30000 60 Reserves Roof 23,809.26 23,422.84 386.42

30000 720a Reserves Tiles - Interior 3,158.79 3,101.54 57.25

30000 93 Reserves Painting 192,195.02 189,304.68 2,890.34

30005 21 Reserves Elevator 28,864.45 28,491.12 373.33

30080 Reserves - Interest 5,680.05 5,550.88 129.17

**TOTAL RESERVE LIABILITIES $305,568.48 $300,686.14 $4,882.34

**TOTAL LIABILITIES $397,951.82 $403,505.42 ($5,553.60)

EQUITY

38010 Capital Contribution 59,468.56 59,468.56 0.00

38880 Prior Year Income/Loss 48,503.60 48,503.60 0.00

Current Year Net Income/(Loss) $10,614.40 $7,213.98 $3,400.42

**TOTAL EQUITY $118,586.56 $115,186.14 $3,400.42

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04/29/2011 11:50:46 AM ** Balance Sheet **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

As ofAccount Description Mar Prior Month Inc/(Dec)

**TOTAL LIABILITIES & EQUITY $516,538.38 $518,691.56 ($2,153.18)

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04/29/2011 11:50:55 AM ** Revenue/Expense Statement **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

Mar Mar Mar YTD YTD YearActual Budget Variance Acct Description Actual Budget Variance Budget

**REVENUE

55,513.07 55,513.00 0.07 40000 Owner Assessments 166,539.21 166,539.00 0.21 666,157.00

988.40 0.00 988.40 40014 Legal Fee Income 3,042.77 0.00 3,042.77 0.00

0.00 42.00 (42.00) 40050 Laundry Income 0.00 126.00 (126.00) 500.00

1,266.06 0.00 1,266.06 40078 Late Fee Interest 4,008.35 0.00 4,008.35 0.00

24.40 0.00 24.40 40080 Interest Income 74.32 0.00 74.32 0.00

$57,791.93 $55,555.00 $2,236.93 **TOTAL REVENUE $173,664.65 $166,665.00 $6,999.65 $666,657.00

EXPENSES

**ADMINISTRATIVE

3,861.42 3,861.00 (0.42) 50005 Mgmt & Accounting Fees 11,584.26 11,583.00 (1.26) 46,337.00

3,600.00 3,600.00 0.00 50008 CPA Fees 4,000.00 4,580.00 580.00 5,500.00

6,250.00 6,250.00 0.00 50012 00 Bad Debts 18,750.00 18,750.00 0.00 75,000.00

308.34 417.00 108.66 50045 00 Legal Fees 725.00 1,251.00 526.00 5,000.00

893.40 0.00 (893.40) 50045 04 Legal Fees Collections 3,673.21 0.00 (3,673.21) 0.00

95.00 0.00 (95.00) 50045 53 Legal Fees Small Claims 105.00 0.00 (105.00) 0.00

39.33 38.00 (1.33) 50050 00 License, Taxes, Permit 117.99 114.00 (3.99) 450.00

0.00 0.00 0.00 50053 Corporate Annual Report 0.00 65.00 65.00 65.00

0.00 0.00 0.00 50055 Meeting Expenses 22.46 0.00 (22.46) 0.00

135.65 250.00 114.35 50081 Printing/Postage/Stationery 464.21 750.00 285.79 3,000.00

0.00 83.00 83.00 50090 03 Professional Fees - Consulting Fees 0.00 249.00 249.00 1,000.00

0.00 167.00 167.00 50110 Miscellaneous Expenses 0.00 501.00 501.00 2,000.00

$15,183.14 $14,666.00 ($517.14) **TOTAL ADMINISTRATIVE $39,442.13 $37,843.00 ($1,599.13) $138,352.00

**PROPERTY INSURANCE

357.82 292.00 (65.82) 52027 General Liability 1,073.46 876.00 (197.46) 3,500.00

197.96 167.00 (30.96) 52032 Umbrella Insurance 593.88 501.00 (92.88) 2,000.00

4,292.00 5,417.00 1,125.00 52033 Windstorm Insurance 12,876.00 16,251.00 3,375.00 65,000.00

2,440.83 3,500.00 1,059.17 52034 Flood Insurance 8,225.67 10,500.00 2,274.33 42,000.00

110.25 104.00 (6.25) 52035 Directors & Officers Insurance 330.75 312.00 (18.75) 1,250.00

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04/29/2011 11:50:55 AM ** Revenue/Expense Statement **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

Mar Mar Mar YTD YTD YearActual Budget Variance Acct Description Actual Budget Variance Budget

38.58 42.00 3.42 52036 Fidelity/Crime Bond 115.74 126.00 10.26 500.00

83.00 0.00 (83.00) 52038 Boiler & Machinery 275.00 0.00 (275.00) 0.00

121.21 417.00 295.79 52040 Ins. Finance Charge 363.63 1,251.00 887.37 5,000.00

39.92 0.00 (39.92) 52063 Workers Comp Ins. 119.76 0.00 (119.76) 0.00

$7,681.57 $9,939.00 $2,257.43 **TOTAL PROPERTY INSURANCE $23,973.89 $29,817.00 $5,843.11 $119,250.00

**UTILITIES

6,212.58 7,333.00 1,120.42 54050 00 Electricity 19,383.07 21,999.00 2,615.93 88,000.00

4,381.78 4,333.00 (48.78) 54070 53 Water & Sewer - Sewer 13,043.90 12,999.00 (44.90) 52,000.00

963.20 917.00 (46.20) 54070 63 Water & Sewer - Water 2,635.79 2,751.00 115.21 11,000.00

18.86 18.00 (0.86) 54100 72 Telephone Telph & Communications 56.54 54.00 (2.54) 220.00

$11,576.42 $12,601.00 $1,024.58 **TOTAL UTILITIES $35,119.30 $37,803.00 $2,683.70 $151,220.00

**CONTRACTS

7,302.50 7,302.00 (0.50) 60021 63a Contracts Maint - Bldg 21,907.50 21,906.00 (1.50) 87,630.00

1,770.00 1,770.00 0.00 60024 Wireless Internet Contract 5,310.00 5,310.00 0.00 21,240.00

1,131.62 1,083.00 (48.62) 60035 Elevator Contract/Maint 3,394.86 3,249.00 (145.86) 13,000.00

0.00 25.00 25.00 60040 Elevator Inspection 125.00 75.00 (50.00) 300.00

353.98 375.00 21.02 61010 Pest Control 1,061.94 1,125.00 63.06 4,500.00

$10,558.10 $10,555.00 ($3.10) **TOTAL CONTRACTS $31,799.30 $31,665.00 ($134.30) $126,670.00

**OTHER

531.56 792.00 260.44 70000 62 Common Expenses - Solstice Club 1,591.95 2,376.00 784.05 9,500.00

3,193.05 4,261.00 1,067.95 70000 63 Common Expenses - Shared Amenities 14,225.54 12,783.00 (1,442.54) 51,127.00

$3,724.61 $5,053.00 $1,328.39 **TOTAL OTHER $15,817.49 $15,159.00 ($658.49) $60,627.00

**REPAIRS/MAINTENANCE

0.00 167.00 167.00 70043 25 Repairs/Maintenance HVAC Parts/Rep 0.00 501.00 501.00 2,000.00

0.00 0.00 0.00 70043 40 Repairs/Maintenance Lighting 0.00 0.00 0.00 750.00

0.00 0.00 0.00 70043 48 Repairs/Maintenance Locks & Keys 0.00 0.00 0.00 250.00

0.00 83.00 83.00 70043 63 Repairs/Maintenance Painting 0.00 249.00 249.00 1,000.00

335.23 125.00 (210.23) 70048 24c R&M Equipment Fire Alarm/Sprinkler 1,235.69 375.00 (860.69) 1,500.00

0.00 250.00 250.00 70060 Bldg Maint - General 0.00 750.00 750.00 3,000.00

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04/29/2011 11:50:55 AM ** Revenue/Expense Statement **7831 ELATION AT BAYTOWNE WHARF COA

03/31/2011THE CONTINENTAL GROUP, INC.

215 GRAND BOULEVARD

Miramar Beach FL 32550

Mar Mar Mar YTD YTD YearActual Budget Variance Acct Description Actual Budget Variance Budget

108.62 125.00 16.38 70104 Rugs & Bench 162.93 375.00 212.07 1,500.00

470.65 292.00 (178.65) 70177 Bldg Maint & Supplies 1,240.01 876.00 (364.01) 3,500.00

$914.50 $1,042.00 $127.50 **TOTAL REPAIR/MAINTENANCE $2,638.63 $3,126.00 $487.37 $13,500.00

**RESERVE ALLOCATION

517.00 517.00 0.00 80000 05a Reserve Transfers Carpets 1,551.00 1,551.00 0.00 6,208.00

403.83 403.83 0.00 80000 126a Reserve Transfers Paint - Interior 1,211.49 1,211.49 0.00 4,846.00

373.33 373.33 0.00 80000 20 Reserve Transfers Elevators 1,119.99 1,119.99 0.00 4,480.00

125.00 125.00 0.00 80000 200 Reserve Transfers Fire System 375.00 375.00 0.00 1,500.00

2,890.34 2,890.00 (0.34) 80000 34 Reserve Transfers Painting 8,671.02 8,670.00 (1.02) 34,680.00

386.42 386.42 0.00 80000 66 Reserve Transfers Roof 1,159.26 1,159.26 0.00 4,637.00

57.25 57.25 0.00 80000 720a Reserve Transfers Tiles - Interior 171.75 171.75 0.00 687.00

$4,753.17 $4,752.83 ($0.34) **TOTAL RESERVE ALLOCATION $14,259.51 $14,258.49 ($1.02) $57,038.00

$54,391.51 $58,608.83 $4,217.32 **TOTAL EXPENSES $163,050.25 $169,671.49 $6,621.24 $666,657.00

$3,400.42 ($3,053.83) $6,454.25 OPERATING NET INCOME/(LOSS) $10,614.40 ($3,006.49) $13,620.89 $0.00

Page 3 of 3

Page 10: Elation Financial Report

Solstice ClubShared Cost Allocation03/31/11

35.00% 33.00% 32.00%Account Bahia Elation LasataNumber Description Date Vendor Amount Allocation Allocation Allocation

50005 Management & Acct 3/31/2011 Grand Sandestin 255.00 89.25 84.15 81.6050081 Stationary Printing Postage TCG 0.00 0.00 0.00 0.0050090 Mold inspection BECI 0.00 0.00 0.00 0.0052034 Flood Insurance 3/31/2011 recurring je 42.42 14.85 14.00 13.5752031 Liability Insurance 3/31/2011 recurring je 49.16 17.21 16.22 15.7352032 Umbrella Insurance 3/31/2011 recurring je 9.62 3.37 3.17 3.0852033 Wind Insurance 3/31/2011 recurring je 88.17 30.86 29.10 28.2170208 Housekeeping 3/31/2011 Grand Sandestin 730.00 255.50 240.90 233.60

54050-00 Electricity 3/31/2011 Gulf Power 168.00 58.80 55.44 53.7654080 Natural Gas 3/31/2011 Okaloosa Gas 18.41 6.44 6.08 5.8961010 Pest Control Stillman group 0.00 0.00 0.00 0.0070060 Maintenance General - Ace Hardware 0.00 0.00 0.00 0.0070076 Maintenance General - Ace Hardware Ace Hardware 0.00 0.00 0.00 0.00

80000-001 Pooled Reserves 3/31/2011 recurring je 250.00 87.50 82.50 80.00

1,610.78 563.77 531.56 515.45

Page 11: Elation Financial Report

Grand Sandestin Condominium Owners Association

Shared Cost Allocation

03/31/11

MARCH

23.00% 22.00%

Account Bahia Elation

Number Description Date Vendor Description Amount Allocation Allocation

GENERAL & ADMINISTRATIVE:

50064-21 Management & Accounting 3/31/2011 GrandShores Management mgmt & acct allocation - split 50/50 750.00 375.00 375.00

50045-50 Legal Fees Shared 3/31/2011 Dunlap & Shipman HAVC issues 0.00 0.00 0.00

750.00 375.00 375.00

INSURANCE

52062-56a Boiler & Machinery Insurance 3/31/2011 prepaid insurance exp monthly allocation from prepaid 152.68 35.12 33.59

52062-56c Pool Liability Insurance 3/31/2011 prepaid insurance exp monthly allocation from prepaid 31.15 7.16 6.85

52062-56b Fitness Room Liability Ins 3/31/2011 prepaid insurance exp monthly allocation from prepaid 24.58 5.65 5.41

52062-56d Pool Propery Insurance 3/31/2011 prepaid insurance exp monthly allocation from prepaid 27.71 6.37 6.10

52062-56g Pool Windstorm Insurance 3/31/2011 prepaid insurance exp monthly allocation from prepaid 89.74 20.64 19.74

52062-56f Pool Umbrella Insurance 3/31/2011 prepaid insurance exp monthly allocation from prepaid 30.00 6.90 6.60

52062-56e Fitness Room Umbrella Ins 3/31/2011 prepaid insurance exp monthly allocation from prepaid 17.24 3.97 3.79

373.10 85.81 82.08

POOL & RECREATIONAL FACILITIES

70108-579d Pool Maintenance Contract 3/31/2011 Emerald Shores monthly contract 3,864.14 888.75 850.11

70137 Landscape & Irrigation Maintenance 3/31/2011 GPL monthly landscape contract & irrigation rep 333.33 76.67 73.33

60100-65 Landscape & Irrigation Maintenance 3/31/2011 Sandestin Owners Assoc irrigation surcharge 335.28 77.11 73.76

70108-579a Fitness Room Maintenance 3/31/2011 Kentwood Springs water cooler 118.03 27.15 25.97

70108-579c Pool Equipment Repairs/supplies 3/31/2011 Ace Hardware Supplies 8.54 1.96 1.88

54077-46c Natural Gas 3/31/2011 Okaloosa Gas District monthly bill 1,316.52 302.80 289.63

54077-46e Water/Sewer Pool 3/31/2011 Regional Utilities monthly bill 474.00 109.02 104.28

6,449.84 1,483.46 1,418.96

MAINTENANCE & REPAIRS

60021-27b Maintenance Contract - Garage 3/31/2011 Emerald Shores Services monthly maintenance 704.68 162.08 155.03

70153-05 Build maint 3/31/2011 Ace Hardware supplies 19.75 4.54 4.35

70153-25 General Maint - Garage 3/31/2011 Global Security Garage Gate repairs 142.40 32.75 31.33

70153-23 Fire Alarm Mon/Insp 3/31/2011 Advanced Fire Protection qtrly & annual maint & inspection 992.77 228.34 218.41

70153-34 HVAC Maintenance 3/31/2011 Comfort Systems monthly maintenance 1,298.79 298.72 285.73

70153-35 HVAC Monitoring 3/31/2011 Cox Communication monitoring internet 59.00 13.57 12.98

70153-30a Housekeeping Grand/Lasata 3/31/2011 Emerald Shores Services monthly maintenance 799.11 183.80 175.80

70153-40 Lobby floor maintenance Premier 0.00 0.00 0.00

4,016.50 923.80 883.63

HVAC

54077-46b Natural Gas HVAC Boilers 3/31/2011 Okaloosa Gas District monthly bill 11.56 2.66 2.54

11.56 2.66 2.54

UTILITIES

54077-46a Electricity 3/31/2011 Gulf Power Company monthly bill 27,597.00 6,347.31 6,071.34

54077-46f Telephone 3/31/2011 Century link phone service 85.72 19.72 18.86

54077-46d Water 3/31/2011 Gateway Condo Assoc water feed 135.19 31.09 29.74

27,817.91 6,398.12 6,119.94

RESERVES

80000-22a Reserves - Generator 3/31/2011 Grand Sandestin Reserve monthly reserve per budget 691.67 159.08 152.17

80000-158a Reserves - Fire Control System 3/31/2011 Grand Sandestin Reserve monthly reserve per budget 20.83 4.79 4.58

80000-19c Reserves - Furniture & Fitness 3/31/2011 Grand Sandestin Reserve monthly reserve per budget 333.33 76.67 73.33

80000-45 Reserves:Swimming Pool 3/31/2011 Grand Sandestin Reserve monthly reserve per budget 912.50 209.88 200.75

1,958.33 450.42 430.83

41,377.24 9,719.27 9,312.99

Page 12: Elation Financial Report

Page: 1

04/29/2011 11:52:35 AM Delinquent Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

No Collection Status

5213 01 Jeffrey B Freemans 9800 Grand Sandestin Blvd #5213 04/01/2011 254.03 0.02 0.02

Totals: 1 0.00 0.02 0.00 0.00 0.02

CL Cleared Collections

5118 01 Harold & Mary Leblanc 9800 Grand Sandestin Blvd #5118 04/06/2011 04/11/2011 254.05 57.51 514.34 10.00 581.85

5220 01 Flagstar Bank FSB 9800 Grand Sandestin Blvd #5220 04/01/2011 04/27/2011 458.10 11.43 569.53 264.05 845.01

5410 01 John Beckman 9800 Grand Sandestin Blvd #5410 07/28/2010 04/27/2011 745.60 0.60 0.60

5605 01 Edward A Armstrong 9800 Grand Sandestin Blvd #5605 04/19/2011 04/19/2011 1,807.58 19.31 881.48 406.05 60.00 1,366.84

Totals: 4 88.25 1,965.95 680.10 60.00 2,794.30

RM Reminder Notice

5111 01 Wendy E Dobreff 9800 Grand Sandestin Blvd #5111 04/28/2011 04/04/2011 244.48 19.14 19.14

5207 01 John Baker 9800 Grand Sandestin Blvd #5207 04/28/2011 04/19/2011 50.00 10.00 40.09 50.09

5211 01 TNT LLC 9800 Grand Sandestin Blvd #5211 04/28/2011 04/07/2011 254.05 68.70 30.00 98.70

5222 01 MB Investments LLC 9800 Grand Sandestin Blvd #5222 04/28/2011 03/15/2011 465.86 16.99 16.99

5406 01 John Preston 9800 Grand Sandestin Blvd #5406 04/28/2011 04/08/2011 457.10 35.78 35.78

5414 01 Destin Elation LLC 9800 Grand Sandestin Blvd #5414 04/28/2011 04/08/2011 450.74 16.61 440.74 457.35

5507 01 Scott James 9800 Grand Sandestin Blvd #5507 03/25/2011 04/26/2011 525.55 77.38 77.38

5618 01 Michael Byrd 9800 Grand Sandestin Blvd #5618 04/28/2011 03/14/2011 254.05 13.81 13.81

5709 01 Kathryn L Honea 9800 Grand Sandestin Blvd #5709 04/28/2011 04/01/2011 424.13 49.83 49.83

Totals: 9 16.61 732.37 0.00 70.09 819.07

DM Demand Letter

5522 01 Ashley D McIntyre 9800 Grand Sandestin Blvd #5522 03/25/2011 04/19/2011 313.17 55.58 381.73 10.00 447.31

Totals: 1 55.58 381.73 0.00 10.00 447.31

Page 13: Elation Financial Report

Page: 2

04/29/2011 11:52:35 AM Delinquent Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

LP Lien Placed

5611 01 Subhash A Vyas 9800 Grand Sandestin Blvd #5611 11/16/2010 07/01/2010 254.48 151.33 563.23 254.05 2,153.66 3,122.27

5706 01 Edward & Kristina Farrell 9800 Grand Sandestin Blvd #5706 11/16/2010 07/30/2010 677.95 207.06 1,542.70 704.50 4,170.22 6,624.48

Totals: 2 358.39 2,105.93 958.55 6,323.88 9,746.75

FP Foreclosure Placed

5115 01 Clyde Didier 9800 Grand Sandestin Blvd #5115 02/18/2011 785.09 1,198.95 465.86 10,080.67 12,530.57

Totals: 1 785.09 1,198.95 465.86 10,080.67 12,530.57

MP Mortgage Foreclosure

5110 01 William Lewis 9800 Grand Sandestin Blvd #5110 03/17/2011 371.68 2,881.01 745.60 29,289.04 33,287.33

5209 01 Brian Dear 9800 Grand Sandestin Blvd #5209 04/27/2011 192.89 1,737.43 440.74 14,182.46 16,553.52

5316 01 Marion H Seaton 9800 Grand Sandestin Blvd #5316 01/04/2011 75.72 903.11 254.05 6,476.24 7,709.12

5407 01 Charles Wimberly Jr 9800 Grand Sandestin Blvd #5407 12/29/2010 125.01 1,494.25 448.17 9,201.18 11,268.61

5515 01 Robert Kennedy 9800 Grand Sandestin Blvd #5515 02/03/2011 02/17/2011 465.86 6.99 956.30 963.29

5714 01 Howell FamilyPartnership LLC

9800 Grand Sandestin Blvd #5714 03/22/2011 201.18 1,385.32 440.74 15,977.52 18,004.76

Totals: 6 973.47 9,357.42 2,329.30 75,126.44 87,786.63

sc Small Claims

5214 01 Robert K Wright 9800 Grand Sandestin Blvd #5214 03/08/2011 02/22/2010 886.89 184.66 1,240.97 450.74 5,954.51 7,830.88

Totals: 1 184.66 1,240.97 450.74 5,954.51 7,830.88

0000 Totals: 2,462.05 16,983.34 4,884.55 97,625.59 121,955.53

MM Maintenance Fees 0.00 11,819.70 4,854.55 74,498.29 91,172.54

RN Reminder Collection Cost 10.00 50.00 20.00 1,135.09 1,215.09

II Interest Income 1,363.65 2,438.83 0.00 12,777.23 16,579.71

Page 14: Elation Financial Report

Page: 3

04/29/2011 11:52:35 AM Delinquent Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

DN Demand Collection Cost 100.00 50.00 0.00 350.00 500.00

AT ATP Collection Cost 0.00 0.00 0.00 1,250.00 1,250.00

AF Attorney Fees 988.40 2,624.81 10.00 7,514.98 11,138.19

CS Small Claims 0.00 0.00 0.00 100.00 100.00

Grand Totals: 2,462.05 16,983.34 4,884.55 97,625.59 121,955.53

MM Maintenance Fees 0.00 11,819.70 4,854.55 74,498.29 91,172.54

RN Reminder Collection Cost 10.00 50.00 20.00 1,135.09 1,215.09

II Interest Income 1,363.65 2,438.83 0.00 12,777.23 16,579.71

DN Demand Collection Cost 100.00 50.00 0.00 350.00 500.00

AT ATP Collection Cost 0.00 0.00 0.00 1,250.00 1,250.00

AF Attorney Fees 988.40 2,624.81 10.00 7,514.98 11,138.19

CS Small Claims 0.00 0.00 0.00 100.00 100.00

Page 15: Elation Financial Report

Page: 1

04/29/2011 12:02:52 PM Prepaid Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

No Collection Status

5102 01 Ray Donaldson 9800 Grand Sandestin Blvd #5102 04/04/2011 727.33 -0.01 -0.01

5106 01 Bruce Morriss 9800 Grand Sandestin Blvd #5106 04/06/2011 457.10 -393.20 -393.20

5107 01 Dale Rogers 9800 Grand Sandestin Blvd #5107 04/28/2011 448.17 -448.17 -448.17

5113 01 David Costa 9800 Grand Sandestin Blvd #5113 04/11/2011 257.13 -161.04 -161.04

5116 01 Michael Sein 9800 Grand Sandestin Blvd #5116 04/01/2011 262.10 -41.77 -41.77

5120 01 Louis Belote 9800 Grand Sandestin Blvd #5120 04/05/2011 254.05 -3.96 -3.96

5208 01 MGA Realty InvestorsLLC

9800 Grand Sandestin Blvd #5208 04/08/2011 440.74 -203.14 -203.14

5210 01 MJ Squared, LLC 9800 Grand Sandestin Blvd #5210 04/27/2011 745.60 -745.60 -745.60

5301 01 Gordon Lewis 9800 Grand Sandestin Blvd #5301 04/08/2011 727.33 -0.01 -0.01

5307 01 James M Patricelli 9800 Grand Sandestin Blvd #5307 04/28/2011 448.17 -0.01 -0.01

5310 01 J L & D Real Estate LLC 9800 Grand Sandestin Blvd #5310 04/06/2011 745.60 -0.07 -0.07

5318 01 Esther S Lewyn 9800 Grand Sandestin Blvd #5318 04/06/2011 257.13 -257.13 -34.54 -291.67

5320 01 Stephen J LaMontagne 9800 Grand Sandestin Blvd #5320 04/01/2011 254.05 -34.87 -34.87

5401 02 Intrawest-PLACEMAKING SE

9800 Grand Sandestin Blvd #5401 09/30/2009 679.56 -679.56 -679.56

5411 01 French Broad HoldingsLLC

9800 Grand Sandestin Blvd #5411 03/10/2011 254.05 -508.10 -254.05 -762.15

5416 01 James Godfrey 9800 Grand Sandestin Blvd #5416 04/04/2011 254.05 -237.36 -237.36

5422 01 Harry E Townley III 9800 Grand Sandestin Blvd #5422 04/01/2011 465.86 -23.18 -23.18

5505 01 Neil Phillips 9800 Grand Sandestin Blvd #5505 02/28/2011 440.74 -1,322.22 -1,322.22

5508 01 Moudar Alshazley 9800 Grand Sandestin Blvd #5508 12/22/2010 5,288.88 -3,966.66 -3,966.66

5510 01 Newton W Dorsett 9800 Grand Sandestin Blvd #5510 03/31/2011 745.60 -745.60 -717.51 -1,463.11

5511 01 Andrea & Esther Lewyn 9800 Grand Sandestin Blvd #5511 04/01/2011 257.13 -257.13 -257.13 -257.13 -93.41 -864.80

5522 02 Intrawest-PLACEMAKING SE

9800 Grand Sandestin Blvd #5522 09/30/2009 495.44 -495.44 -495.44

5607 01 Michael Waldman 9800 Grand Sandestin Blvd #5607 04/27/2011 448.17 -448.17 -262.19 -710.36

5610 01 Michael F Blum 9800 Grand Sandestin Blvd #5610 04/07/2011 745.60 -696.62 -696.62

5614 01 Tom Hess 9800 Grand Sandestin Blvd #5614 04/22/2011 440.74 -440.74 -440.74

5705 01 K & K Village PartnersLLC

9800 Grand Sandestin Blvd #5705 03/16/2011 440.74 -440.74 -411.78 -852.52

Page 16: Elation Financial Report

Page: 2

04/29/2011 12:02:52 PM Prepaid Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

5707 01 Gregory Fischer 9800 Grand Sandestin Blvd #5707 03/31/2011 448.17 -448.17 -22.30 -470.47

5802 01 Debbie Kastner 9800 Grand Sandestin Blvd #5802 11/23/2010 984.24 -4,792.02 -4,792.02

5805 01 Esther Lewyn 9800 Grand Sandestin Blvd #5805 04/01/2011 446.07 -446.07 -446.07 -446.07 -224.88 -1,563.09

5807 01 Robert Farris 9800 Grand Sandestin Blvd #5807 04/13/2011 448.17 -448.17 -0.01 -448.18

5809 01 Charles Herring 9800 Grand Sandestin Blvd #5809 04/08/2011 704.50 -0.07 -0.07

5810 01 Robert Wunderle 9800 Grand Sandestin Blvd #5810 04/08/2011 745.60 -0.01 -0.01

Totals: 32 -7,387.24 -3,515.54 -957.25 -10,252.05 -22,112.08

CL Cleared Collections

0NRU 01 Sandestin Investments,LLC

9800 Grand Sandestin Blvd NRU 03/31/2010 03/28/2011 103.33 -103.33 -0.66 -103.99

5215 01 Paul Scutt 9800 Grand Sandestin Blvd #5215 01/31/2011 04/21/2011 448.31 -413.21 -413.21

5401 01 Elizabeth Jinman 9800 Grand Sandestin Blvd #5401 08/19/2010 04/20/2011 699.93 -196.59 -209.98 -406.57

5405 01 Lawrence Friesen 9800 Grand Sandestin Blvd #5405 03/14/2011 03/14/2011 4,848.14 -3,966.66 -3,966.66

5506 01 Anthony Segale 9800 Grand Sandestin Blvd #5506 12/01/2009 11/29/2010 5,699.88 -4,259.54 -4,259.54

5518 01 Cashman PropertiesLLC

9800 Grand Sandestin Blvd #5518 03/05/2010 04/22/2011 254.05 -254.05 -9.57 -263.62

5606 01 James Griffin 9800 Grand Sandestin Blvd #5606 08/31/2010 03/24/2011 704.50 -704.50 -0.01 -704.51

5711 01 Mark Ponkey 9800 Grand Sandestin Blvd #5711 11/20/2009 12/27/2010 3,048.60 -2,286.45 -2,286.45

5715 01 James Griffin 9800 Grand Sandestin Blvd #5715 08/31/2010 03/24/2011 465.86 -465.86 -465.86

Totals: 9 -6,104.20 -9.58 -0.66 -6,755.97 -12,870.41

RM Reminder Notice

5502 01 William Smith 9800 Grand Sandestin Blvd #5502 04/28/2011 04/28/2011 727.37 -0.14 -0.14

5801 01 Kirby Steel Products Inc 9800 Grand Sandestin Blvd #5801 04/28/2011 03/31/2011 727.33 -717.34 -717.34

Totals: 2 -717.34 -0.14 0.00 0.00 -717.48

0000 Totals: -14,208.78 -3,525.26 -957.91 -17,008.02 -35,699.97

MM Maintenance Fees -14,192.17 -3,525.12 -957.91 -16,797.96 -35,473.16

Page 17: Elation Financial Report

Page: 3

04/29/2011 12:02:52 PM Prepaid Report7831 ELATION AT BAYTOWNE WHARF COA

As of 03/31/2011

Building: 0000 - Elation at Baytowne Wharf COA

C/O The Continental Group, Inc.

215 Grand Blvd, Ste 200

Miramar Beach, FL 32550

Unit Resident Address Status Date Last PayDate

Last PayAmount

Current Over 30Days

Over 60Days

Over 90Days

Balance

II Interest Income -6.61 0.00 0.00 -210.06 -216.67

RN Reminder Collection Cost -10.00 -0.14 0.00 0.00 -10.14

Grand Totals: -14,208.78 -3,525.26 -957.91 -17,008.02 -35,699.97

MM Maintenance Fees -14,192.17 -3,525.12 -957.91 -16,797.96 -35,473.16

II Interest Income -6.61 0.00 0.00 -210.06 -216.67

RN Reminder Collection Cost -10.00 -0.14 0.00 0.00 -10.14

Page 18: Elation Financial Report

04/29/2011 12:03:33 PM Open Invoice ReportAs Of 03/31/2011

Vch # Typ Invoice GL Date Account Hold Invoice Amt Amount Paid Balance Aged Inv DaysInv Date Due Date Description Bank Code

For Entity: ELATION AT BAYTOWNE WHARF COA

269453 Regular MAR 2011 (5760) 03/20/2011 BAHIA AT BAYTOWNE WHARF C No 4,381.78 00.00 4,381.78 (7)

03/20/2011 04/07/2011 ACCT 100-5760-01 OPR1 CNL - OPERATING CK

7831 54070-53 Water & Sewer 4,381.78 00.00 4,381.78

269456 Regular 47991 03/24/2011 DUNLAP & SHIPMAN PA No 280.44 00.00 280.44 (7)

03/24/2011 04/07/2011 ATTY COLL # 5409 RAPTIS OPR1 CNL - OPERATING CK

7831 50045-04 Legal Fees 280.44 00.00 280.44

269459 Regular MAR 2011 (76045) 03/24/2011 GULF POWER COMPANY No 141.24 00.00 141.24 (7)

03/24/2011 04/07/2011 ACCT 25368-76045 OPR1 CNL - OPERATING CK

7831 54050-00 Electricity 141.24 00.00 141.24

271554 Regular MAR 2011 03/31/2011 SOLSTICE CLUB No 531.56 00.00 531.56 (13)

03/31/2011 04/13/2011 EXPENSE ALLOCATION OPR1 CNL - OPERATING CK

7831 70000-62 Common Expenses 531.56 00.00 531.56

271989 Regular 578807 03/31/2011 CARR RIGGS & INGRAM LLC No 3,600.00 00.00 3,600.00 (13)

03/31/2011 04/13/2011 2010 AUDIT SERVICES OPR1 CNL - OPERATING CK

7831 50008 CPA Fees 3,600.00 00.00 3,600.00

271996 Regular 293103231 03/01/2011 CINTAS #293 No 54.31 00.00 54.31 (13)

03/01/2011 04/13/2011 ACCT 01014 OPR1 CNL - OPERATING CK

7831 70104 Rugs & Bench 54.31 00.00 54.31

272004 Regular 8406 03/31/2011 THE CONTINENTAL GROUP INC No 08.38 00.00 08.38 (13)

03/31/2011 04/13/2011 FEDEX OPR1 CNL - OPERATING CK

7831 50081 Printing/Postage/Statione 08.38 00.00 08.38

272005 Regular 8490 03/31/2011 THE CONTINENTAL GROUP INC No 120.00 00.00 120.00 (13)

03/31/2011 04/13/2011 COLL COST OPR1 CNL - OPERATING CK

7831 20005 Collection Fees due 120.00 00.00 120.00

272006 Regular 8533 03/31/2011 THE CONTINENTAL GROUP INC No 28.10 00.00 28.10 (13)

03/31/2011 04/13/2011 PRINTING & POSTAGE OPR1 CNL - OPERATING CK

7831 50081 Printing/Postage/Statione 28.10 00.00 28.10

272008 Regular 8502 03/31/2011 THE CONTINENTAL GROUP INC No -90.00 00.00 -90.00 (13)

03/31/2011 04/13/2011 COLL COST OPR1 CNL - OPERATING CK

7831 20005 Collection Fees due -90.00 00.00 -90.00

Page 1 of 2

Page 19: Elation Financial Report

04/29/2011 12:03:33 PM Open Invoice ReportAs Of 03/31/2011

Vch # Typ Invoice GL Date Account Hold Invoice Amt Amount Paid Balance Aged Inv DaysInv Date Due Date Description Bank Code

274461 Regular MAR 2011 03/31/2011 GRAND SANDESTIN AT BAYTOW No 9,312.99 00.00 9,312.99 (20)

03/31/2011 04/20/2011 MONTHLY EXPENSE ALLOCATION OPR1 CNL - OPERATING CK

7831 54050-00 Electricity 6,071.34 00.00 6,071.34

7831 54070-63 Water & Sewer 29.74 00.00 29.74

7831 54100-72 Telephone 18.86 00.00 18.86

7831 70000-63 Common Expenses 3,193.05 00.00 3,193.05

274555 Regular 6135063 03/31/2011 ECOLAB No 353.98 00.00 353.98 (21)

03/31/2011 04/21/2011 ACCT ELAT0004-0001 OPR1 CNL - OPERATING CK

7831 61010 Pest Control 353.98 00.00 353.98

276378 Regular MAR 2011 (020881) 03/31/2011 BAHIA AT BAYTOWNE WHARF C No 933.46 00.00 933.46 (29)

03/31/2011 04/29/2011 ACCT 355-634-1 #020881 OPR1 CNL - OPERATING CK

7831 54070-63 Water & Sewer 933.46 00.00 933.46

Vendor Totals Invoices: 19,656.24 00.00 19,656.24

Credits: -90.00

Checks:

Page 2 of 2