Parkfairfax has several different types of financial documents.
An audit is performed every year to evaluate the Association’s Balance Sheets, Income Statements, Members’ Equity and Cash Flow. It is performed by The Goldklang Group after the end of each fiscal year.
Each spring the Board approves a budget for the following fiscal year. The fiscal year for Parkfairfax runs from June 1-May 31.
Financial Reports are issued monthly, as part of the month’s Board Package. They include: a Balance Sheet Report, Cash and Investment Statement, Income Statement Summary and Report, and Income and Expense Projection Report.
Facility Engineering Associates. P.C. (FEA) completed the most recent Reserve Study for Parkfairfax Condominium. FEA considered a 20-year study period beginning on June 1, 2010, the beginning of fiscal year 2011.
The purpose of the appraisal is to estimate the Insurable Value of the property, based on the replacement value of the buildings and major ancillary improvements. The property rights appraised comprise the fee simple estate in the building. It is noted that the insurable value is not equal to the market value. The appraisal report sets forth the identification of the subject property, the results of the investigations and analyses undertaken, the reasoning leading to the conclusions set forth and the “Underlying Assumptions and Limiting Conditions” upon which the value provided herein is predicated.