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Lake Tahoe Park Association
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Sitkoff / O'NeilAccountancy CorporationBarry Sitkoff, C.P.A. / Matthew S. O'Neil, C.P.A. |
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MAIN OFFICE: |
TRUCKEE OFFICE:
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ADDRESS ALL MAIL TO:
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BAY AREA OFFICE:
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To the Board of Directors
Lake Tahoe Park Association
Tahoe City, CaliforniaThe accompanying comparative balance sheet of Lake Tahoe Park Association as of December 31, 2006 and 2005 and the related statements of revenue and expenses and fund balance for the years then ended, have been compiled by us in accordance with the Statements on Standards for Accounting and Review services established by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of owners. We have not audited or reviewed the accompanying financial statements, and accordingly, do not express an opinion or any other form of assurance on them.
The Association owns certain real estate identified as 1790 West Lake Boulevard. This property was leased to various tenants and used as an Exxon Gas Station. The station was closed in 1986 due to gasoline soil contamination and demands were placed upon the Association to clean up the soil. As of the date of the accompanying financial statements and this Accountant’s report, the clean up is still in progress. Expenditures to date on the clean up have exceeded the $1,000,000 limit for such damages on the Association’s insurance policy. Additional clean up costs mandated by the various governmental agencies have been and are being funded by the California State Clean up Fund, up to a maximum of $1,000,000. If further costs are required, they will be the responsibility of the Lake Tahoe Park Association. The Board of Directors does not have an estimate of future contingent liabilities. Any additional costs incurred after the use of the state fund will necessitate funding by special assessment made upon the members of the Lake Tahoe Park Association.
Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's financial position, results of operations, and changes in financial position. Accordingly, these financial statements are not designed for those who are not informed about such matters.
Sitkoff / O'Neil Accountancy Corporation
Tahoe City, California
April 28, 2007
Physical Address
Tahoe Park Beach, Pier & Common Areas
1700 Sequoia Avenue, Tahoe City, California, 96145 (map)
E-mail: Management - Jim Davisson
E-mail: Association Accounts & Administration
E-mail: Tahoe Park Beach, Pier & Common Areas
Association Mailing Address
P.O. Box 5771, Tahoe City, California, 96145
E-mail: The Board
| Beach Telephone: (530) 583-3820 | Manager's Telephone: (530) 583-2859 |
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Fax: (530) 581-4275 |
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