By now owners who requested monthly financial statements from Johnson and Cate have received the December copy. Two items that jump out at me are first, that the first installment of the big assessment has been carried as revenue for December of 2007. This adds $108,500 as revenue for 2007 and makes the year's ending statement look a lot better than the year that we really had. This is misleading and not in accordance with generally accepted accounting practices. The assessment was explicitly defined as a 2008 activity and no monies were due until January 2008. A CPA that I know said that Johnson and Cate are wrong on this one. Secondly, we were assured at the owners' meeting that a separate account would be set up for the big assessment and the monies would not be combined with general revenue. Now it appears the first installment is irrevocably mixed into 2007 activity even though no projects have been started. It does appear in this December statement that the information that I had from Johnson and Cate concerning an additional $50,000 loan from the Crowleys in November was incorrect. The $50,000 was an advance on the assessment that wasn't due until January. I spent another hour at Johnson and Cate on last Wednesday to look at the latest bookkeeping, but that's another story. I'll post about what I found later.