BTHA Financial Review

Dear Homeowners,

On February 2, 2016, the Balboa Terrace Homes Association (BTHA) Board of Directors unanimously approved a motion to hire an external CPA
to conduct a financial review of the BTHA accounting records and financial statements. To the best of the Board’s recollection, this was the first time an external financial review had ever been conducted. The purpose of the review was to provide confirmation around the accounting treatment for dues income and validation of the closing year-end cash balances so the new Board of Directors could start the new fiscal period with a clean set of books.

Mr. Ted Dubasik, Certified Public Accountant, was engaged to review the financial records and prepare the annual balance sheet, statement of
revenues and expenses and changes in fund balances of the BTHA for the fiscal year ending February 29, 2016. A copy of Mr. Dubasik’s full report
and financial statements can be obtained here. 

I am very satisfied with the results of Mr. Dubasik’s report and will work very closely with our bookkeeper, Joe De Frisco, to implement all of the
recommendations to ensure BTHA follows generally accepted accounting practice and full transparency to the Homeowners.

Kevin D. Bulivant
Balboa Terrace Homes Association