Insurance for age group 65+ travellers (Very interesting information)

Hi all,

I have been looking through the budget and accounts produced for 2006 and I have a few questions.  Maybe someone who attended the AGM will have the answers.

1. Does anyone know what exactly the Buildings insurance covers.  We paid 2,760.21 euros for 2006 according to the 2006 accounts.  Does anyone have a copy of the insurance policy?

2. What is the "Debtors inical quotas"?  Who owed this money as at the end of the 2006 period?

3. Why did the Promotor owe 44,946.25 euros at the end of the period.  (Maybe we should be charging them 15% for late payment.)  I was a bit concerned that we only had 3,061.82 euros in the Bank account at the end of the 2006.  Are we missing out on Bank Interest due to the Promotor not paying?  The promotor is not on the list of debtors as at 03/08/2007 - Does this mean they have paid their Community fees in full now?

Hope someone can shed some light on these queries for me!!

Cheers,

Daniela

PS: Did anyone at the AGM ask if we can have a quarterly breakdown of the current debtors so we can chase?

 

Daniela

I wasn't at the meeting but the minutes show that actions were passed to give power to the President to recover debts and impose penalties.

Its a good point about the developer...i don't know whether they have paid all fees.

 

 

I'm a bit confused about this!  My recollection is, at the AGM, it was confirmed that the developer had fully paid its contributions and was not in debt to the community.

As I mentioned in my notes of the AGM, the "Debtor pending promoter" figure is listed under assets!  I'm no accountant, so I don't know, but how can a debt be listed as an asset at year end balance sheets?  Isn't that some kind of false accounting, classifying a debt owed as an asset?  It's not an asset if it's not paid!

I wonder if it's just the translation of the list?  I'm not usually so dim reading accounts, but I don't think the translation lends itself to easy understanding!!  Well, obviously not in my case!!!

PS  As John has said, it was voted on that AEA will begin to take action against those who have not paid their community fees from 15 September (legally, they had to wait until then to give those who owed due notice). 

This message was last edited by Pitby on 9/4/2007.

maybe a debt is still an asset (i.e funds owned) until it is ever "written off" or whatever the correct  terminology might be?

Question for michael...come in Michael....

Slacey is correct,

A debtor is always regarded as an asset as it is seen as being cash due to the business. Once it is actually received it would be included in the asset of cash in the bank.

Hope this is clear.

I would point out that most of the matters raised regarding the accounts are history as we are now eight months further on.

At the meeting in March we clearly asked for audited accounts for the period from November 2005 (the date the management was set up) to 31st March 2007 and it is a pity that we have once again been fobbed off by AEA. I see no reason why the AUDITED accounts for the two periods ending 31st December 2007 should not be completed and available within three months of that date and suggest that we all serve formal notice of this request on AEA.

Regards to all

Michael

This message was last edited by michael52 on 9/5/2007.

I agree that we should serve formal notice of request to AEA for an audited set of accounts in March 2008. 

If the Developers are up to date then not a problem but I would still like to know what "Debtors inicial quotas" is.  I will send AEA an e-mail and visit them when I am out there in October to chase them for answers!

Does anyone think that a quarterly aged debtors statement should be circulated to the owners?  That way we can push AEA to chase our debts without having to wait for the AGM. 

I asked Rosa the question about RYF and their situation if they didn't pay their community fees. This is Rosa's reply