The 2007 VEHOA Budget was made available to all homeowners who attended the General Assembly of Members. If you did not receive a copy please use the following link to download the PDF version.
This Excel file contains the entire last year (2006) financial report for the VEHOA.
The VEHOA hired an outside accounting firm to perform an audit of the VEHOA account going back to December 2004. We have a complete report in our offices that are available to anyone to review. We have requested an electronic report from the firm and will post it when received.
Here is a translation of the matters brought to our attention by the audit.
"In our opinion the numbers presented in the financial statements, after realized a credit appear reasonable in all the important aspects. From December 31, 2004 to September, 2006, in agreement with the International Procedure of Financial information"
The major Inconsistency that was found is that the funds are received through an on-line billing system to the El Dorado account to be transferred then to the VEHOA account. They recommend that an account should be opened on-line for direct deposit to the association. (This may be impractical because the merchant accounts require a $20k deposit in order to use credit cards. It may be best to continue to act as a billing agency and transfer the funds as received.)
They did the adjustments to the accounts and the final numbers on September 30 according with the auditors are:
The General Ledger for the period from 2006 Jan 1 to 2006 Sept 30
Lecheria - 5,678.32 ( in books 5, 212.80)
The difference is the B/ 500.00 for the opening account that lecheria gave to the association as a loan.
Boquete Consulting - 15,374.61 ( in books 16,215.00)
Difference B/ 840.39. Payments done by the VEHOA account in 2005 when instructed that the security expenses would be paid by the association. We then changed the instructions to pay to Lecheria as a service provider for security. (In order for VEHOA to pay directly to the security personnel, they will have to set up social security accounts and pay someone to handle all the payroll. It was decided more practical to continue to offer security as a service provider. Adjustments have been made for these entries and will be reflected in the December financial statement).
Here is an excel file with the entries for October and November expenditures and collections.
The items in red are the corrections after the audit.
We did not collect any money in October and November.
There have been some collection in the last week that will be reflected in the December Statement.
Balance of the account is currently B/10,278.00
Here is the financial report through the end of September 2006. It is the general ledger for Boquete Services who provides the security services and Lecheria who supplies the general maintenance.
We received this report this morning from the accounting department. You can upload these two Excel files. One is a global sheet with all the months up through September. The September statement is not complete at this time as there are several more invoices that will be added after the end of this week. We will update it at that time.
The second file is the ledger sheets for the two companies supplying services to the VEHOA. Boquete Consulting provides the security services and Lecheria supplies grounds maintenance.
Here are some additional notes provided by the accounting office.
CREDITO POR CARGO MANT CALLES 2006
The accounting office was originally charging a monthly fee for road maintenance on the resort road. This was a set aside for future repairs. It was decided by the steering committee to pay as the services were rendered as there were insufficient funds to cover regular expenses. The previous payments were credited back.
CREDITO SERVICIOS VARIOS ASUMIDOS POR EL PROMOTOR 2004
This is the insufficient funds from 2004 that the developer assumed and was credited to the VEHOA.
CREDITO SERVICIOS VARIOS ASUMIDOS POR EL PROMOTOR 2005
This is the insufficient funds from 2005 that the developer assumed and was credited to the VEHOA.
NOTA CREDITO MANT PLANTA AGUAS RESIDUALES
This was an error in the accounting department where the clerk set up one payment as a reoccurring expense. When the error was discovered it was immediately credited. There were four months of incorrect entries of this service by an outside supplier.
As the statements show there has been insufficient funds collected in 2006 to pay $18,016.35 in invoices. These expenses are being carried by the companies supplying the services.
The VEHOA still owes
Lecheria Boquete Consulting (security service) Total
1801.35 16,215.00 18016.35
The following is the financial statement for the month of August 2006.
There were no deposits made in the month of August from the residential billing department.
The current balance in the VEHOA bank account at Global bank is $2,733.00
There was $9,477.75 deposited in the first two weeks of September.
The September statement will be posted before the end of October.
The financial statements are currently being produced by Lecheria's accounting department. In January 2007 the finances will be managed by another firm selected by the VEHOA steering committee. Between now and then, a third party accounting firm will be auditing the VEHOA financial statements going back to 2003 when the VEHOA was formed by Panamanian law. This report will be made available here on this website. In the meantime, Lecheria will continue to provide accounting services and the monthly statements will be posted here before the end of the following month. As the reports are in Spanish we will provide interpretation for the line items and notes on non obvious entries.