HOA lobbyist CAI facing financial problems?

Audited Consolidated Financial Statements
and Other Financial Information
COMMUNITY ASSOCIATIONS


INSTITUTE & SUBSIDIARY
June 30, 2009

L. ACCUMULATED DEFICIT

 
As indicated in the accompanying statement of financial position, CAI has reported recurring losses which have generated a deficit in undesignated net assets of $611,972 and $395,589 as of June 30, 2009 and 2008, respectively. Continued deficits threaten to undermine CAI’s  ability to continue its current level of operations in the future. The consolidated financial statements do not include any adjustments that might be necessary in the event that CAI is unable to continue its current operations.

Management’s plan to alleviate the deficit includes supporting and advancing manager licensing legislation in more states expanding and creating new international partnerships; developing a new virtual membership category and reducing personnel and overhead costs.

In accordance with the approved three year financial plan, the Board of Directors has approved a budget for the year ending June 30, 2010, which projects net income of approximately $42,000. However, there can be no assurance of the success of these efforts.

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Published in: on April 29, 2010 at 2:12 pm  Leave a Comment  
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