Executive SummaryA solvent balance sheet masking acute liquidity stress — driven by reserve borrowing and a utilities budget overrun.
Healthy on the summary line — distressed underneath.
Grand Meridian reports healthy reserves and near-zero delinquencies, yet the operating fund is functionally insolvent: it has borrowed $244,506 from reserves, holds just $18,267 in the bank, and is running a year-to-date deficit. The headline figures hide the problem; the fund accounting reveals it.
SunWest OP-4683
Down from $72,845 in April — under one week of normal operating expense.
$244,506
Interfund payable
Operating has borrowed from restricted reserve funds to cover shortfalls.
SunWest RS-4691
Reported reserves of $526,357 include the $244,506 IOU from operating.
($18,322)
vs $0 budget
The association is operating at a loss five months into the year.
Accumulated deficit
Critical($490,390)
Total operating equity
A negative equity position points to chronic, multi-year underfunding.
$2,227
A/R excl. prepaid
Genuinely healthy — only $96 is more than 60 days past due.
