Community Community News Rancho Santa Fe

RSF Association Board of Directors approve draft audit

RANCHO SANTA FE — The latest RSF Association Board of Director’s Meeting gave board members the opportunity to review the proposed 2013-14 draft copy of its audited financial statements.

While board members decided on a few minor edits, they unanimously approved it.

The audit was conducted by AKT CPAs and Business Consultants.

Approving the draft copy was the big item of the day for the board.  Steve Comstock, chief financial officer of the RSF Association provided the introductions.  He was also on hand to address questions from board members.

He explained AKT would be giving the board a presentation regarding the results of their annual financial audit.

Comstock told the board that once the draft was approved, it would be turned it into a 5×8 document, a double-sided booklet that would be mailed out to all the residents by the Oct. 30, according to their bylaws.

“There is an introductory letter that will also be going out that will be signed by President Boon,” Comstock said.

Ron Mitchell, a partner of AKT, noticed some new board members and wanted them to know that if they had any questions he was there to address them.

He reminded the board that the audit was in draft form.  Before giving the presentation, Mitchell shared a bit about the company.

“AKT is a top 100 firm; and, we’re the second oldest firm in San Diego.  We have about 250 people on the West Coast,” he said, adding how he had been with the organization for more than 30 years.

Mitchell added how he had also served on several boards over the years.  This included Tri-City Hospital, MiraCosta College Foundation Board and more.

“So, I kind of sit in your seat, but I’m also on this side,” he said.  “One other thing I want to note is we get audited every three years to make sure we’re following the rules.  And we just finished getting audited in April.”

Mitchell first reviewed a report for the Board of the Directors, and then the second report which will ultimately be mailed out to the members entitled, “Rancho Santa Fe Association And Affiliate: Consolidated Financial Statements and Supplemental Information — Years Ended June 30, 2014 and 2013.”

Mitchell reviewed the independent auditors report, consolidated financial statements, consolidated balance sheets, consolidated statements of revenues and expenses and changes in fund balances, consolidated statements of cash flows, and notes to consolidated financial statements.  A few pieces of supplemental attachments in the report consisted of an independent auditor’s report on supplemental information, combining schedule of changes in fund balances, and supplemental statement of future major repairs and replacements.  The latter was unaudited.

During the course of the presentation, Mitchell commented that the consolidated statements of revenues, expenses, and changes in the fund balances were, “a little more solid” than in the previous year.