Harbison Community Association Inc

“The executive director and finance director review form 990 prior to filing, the board of directors reviews subsequent to filing.”

“The organization makes it's governing documents available upon request. Financial statements are available by publication on organization's website. No conflict of interest policy exists.”

“Asc 606 revenue recognition -507,543 opeb liability recognition -93,845 total -601,388 the financial accounting standards board (fasb) issued new guidance that created topic 606, revenue from contracts with customers, in the accounting standards codification (asc). Topic 606 supersedes the revenue recognition requirements in fasb asc 972-605, real estate common interest realty associations, revenue recognition, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a cira expects to be entitled in exchange for those goods or services. The association adopted the new guidance as of january 1, 2019, using the modified retrospective method of transition, which requires that the cumulative effect of the changes related to the adoption be charged to beginning fund balance. The association applied the new guidance using the practical expedient provided in topic 606 that allows the guidance to be applied only to contracts that were not complete as of january 1, 2019. Adoption of the new guidance resulted in changes to our accounting policies for assessment revenue and contract liabilities (assessments received in advance-replacement fund), as previously described. This resulted in a reduction of opening fund balance of 507,543. Additionally during the year the association recognized a other post employment benefit (opeb) for a former employee. The association entered into a retirement transition agreement october 26, 1999 with a former executive director. This agreement was modified by vote of the board of directors november 27, 2018. Under the revised terms of the agreement the former employee and his spouse receive full reimbursement on an annual basis for medicare gap insurance until such time as both individuals become deceased. This resulted in a reduction to opening fund blance of 93,845. Fund balance, as previously reported, at january 1, 2019 2,180,487 adjustment for fasb 606 (507,543) correction of error for opeb liability (93,845) fund balance, as adjusted, at january 1, 2019 1,579,099”