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nt in advance for the satisfaction of performance
obligations in accordance with ASC 606.
Trans fer Fees:
It is the Corporation's policy to charge transfer fees to shareholders upon the sale of shares applicable to their
apartment equal to $6 per share. Transfer fees are recognized as revenue as the performa nce obligation is satisfied
at transaction amounts expected to be collected. The perfor mance obligatio n for transfer fees is satisfied on the
closing date of the apartment where the shares are legally transferred in accordance with ASC 606.
Lease Income:
The Corporation has adopted Accounting Standards Codifica tion Topic 842, Leases (ASC 842), which requires
the Corporation to establis h a comprehe nsive policy for lease accounting.
The Corporation class ifies its lease agreements into short-term and long-term operating leases. Short-tenn leases
are those with a tenn of twelve months or less. and lease income from these is recognized based on the contractual
amounts
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119,709 156,222 95,378 I
5541 PATIO/BIKEIBARN 1,300 1,550 1,620 ~
5542 POOL/GYM SURCHARGE 4,000 3,875 4,000 J
5545 REPAIRS 1,000 2,473 1,000
5401 FLIP TAX 0 3,198 2,000
5404 MOVE-IN/OUT FEE 0 3,000 2,000
5408 APPLICA nON FEE 1,000 1,000 1,000
5345 LEGAL CHARGE 500 0 500
5419 NCB PATRONAGE REFUND 0 1,620 1,620
5420 CREDIT CHECK & OTHER 1,000 1,904 1,500
5700-5740 NET ARREARS / PREP AIDS 0 6,999 0
Total Income 1,072,759 1,114,201 0 1,132,732
Exvenses
Schd. A Administrative Expenses 61 ,328 60,782 400 60,821
Schd. B Payroll Taxes & Benefits 151,650 150,737 0 163,497
Schd. C Utilities 135,115 99,303 0 143,915
Schd. D Operating Expenses 14,560 19,643 920 17,750
Schd.E Maintenance Expenses 81 ,716 94,010 20,251 82,833
Schd.F Insurance 77,448 76,951 0 87,630
Schd. G Financial Expenses & Corp. Taxes 191,846 191,546 0 191,846
Schd. H Real Estate Taxes 238,387 237,134 0 234,061
Schd. I Net Escrow For Taxes 0 (12,846) 0 0
Schd.J Other Disbursements 120,709 167,279 0 150,378