Taylor Yard Master Association C/O the Management Trust

“The association uses the services of the management trust to handle day to day operations of the association including collections, bill payments, homeowner assistance, etc. The board has the ultimate responsibility for authorizing payments, selecting vendors, and approving the budget.”

“Upon purchase of a home within the association, each owner becomes a member of the association.”

“The association complies with the provisions and requirements of california civil code section 1363.03 for the election of the board of directors by the membership.”

“Dues increases in excess of the 20% allowed by the davis-sterling act are subject to the approval of membership. Special assessments in excess of 5% of the budget are also subject to membership approval.”

“There were no such committees during 2022”

“Upon preparation, the association's board of directors is provided with a copy of form 990. After reviewing the return, the board's president signs the e-file authorization allowing the cpa to transmit the return.”

“The association retains the services of a management company to monitor board activity and document the minutes of the board meetings. The management company provides the membership with candidate information in conjunction with election meetings.”

“Upon purchase of a home within the development, each owner receives a copy of the association's governing documents through escrow. Copies of the conflict of interest policy and financial statements are available upon request.”

“Pest control: program service expenses 6,180. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,180. Custodial: program service expenses 4,990. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,990. Administrative: program service expenses 0. Management and general expenses 2,020. Fundraising expenses 0. Total expenses 2,020. General maintenance: program service expenses 1,030. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,030. Reserve study: program service expenses 0. Management and general expenses 445. Fundraising expenses 0. Total expenses 445.”

“Under the accounting guidance for common interest realty associations (fasb asc 972-360), capitalized land improvements of $6,031,539 and accumulated depreciation of $2,410,488 reported on the 2021 form 990 has been removed from the balance sheet as the association cannot dispose of the property at its board's discretion nor does the property generate significant cash flows from members.”

“The 2021 form 990 overstated deferred revenue at $5,555,077. The correct figure of $23,920 has been presented as the beginning of year amount on the balance sheet.”

“The 2021 form 990 incorrectly stated that the association follows fasb asc 958 in presenting net assets without donor restrictions. The association does not follow fasb asc 958 and instead uses fund accounting.”