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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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10/14/2020 1:08:04 PM
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10/14/2020 1:07:51 PM
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Board of Public Works
Document Type
Contracts
Document Date
10/13/2020
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Reynolds Construction, LLC <br />Notes to Financial Statements <br />December 31, 2019 and 2018 <br />Note 1: Nature of Operations and Summary of Significant Accounting Policies <br />Nature of Operations <br />Reynolds Construction, LLC (Company) is a construction contractor of water and wastewater <br />treatment facilities and pipeline installation headquartered in Orleans, Indiana. The Company is a <br />wholly owned subsidiary of Reycon Partners, LLC. <br />The Company’s operating cycle is the length of each individual contract. Therefore, costs incurred <br />and amounts earned on specific jobs in excess of billings are included as a current asset and billings <br />in excess of costs incurred and earnings are included as a current liability. Retainages will <br />generally span the length of each job. <br />Use of Estimates <br />The preparation of financial statements in conformity with accounting principles generally <br />accepted in the United States of America requires management to make estimates and assumptions <br />that affect the reported amounts of assets and liabilities and disclosure of contingent assets and <br />liabilities at the date of the financial statements and the reported amounts of revenues and expenses <br />during the reporting period. Actual results could differ from those estimates. <br />Cash <br />At December 31, 2019, the Company’s cash accounts exceeded federally insured limits by <br />approximately $5,109,000. <br />Accounts Receivable and Contract Assets <br />Prior to the adoption of Accounting Standards Update (ASU) No. 2014-09, Revenue from <br />Contracts with Customers (Topic 606), accounts receivable are based on amounts billed to <br />customers plus any accrued and unpaid interest. The Company provides an allowance for doubtful <br />accounts, which is based upon a review of outstanding receivables, historical collection <br />information and existing economic conditions. Accounts receivable are ordinarily due 30 days <br />after the issuance of the invoice. Contract retentions are due 30 days after completion of the <br />project and acceptance by the owner. Accounts past due more than 120 days are considered <br />delinquent. Delinquent receivables are written off based on individual credit evaluation and <br />specific circumstances of the customer. <br />Upon adoption of Topic 606 on January 1, 2019, accounts receivable includes billed amounts for <br />services provided to customers for which the Company has an unconditional right to payment. <br />Unbilled amounts for which payment is contingent on satisfaction of additional performance <br />obligations are included in costs and estimated earnings on uncompleted contracts. The Company <br />provides an allowance for doubtful accounts, which is based upon a review of outstanding <br />receivables, historical collection information and existing economic conditions. <br />7 <br /> <br />
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