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        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
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      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleD documentId="RetDoc3">
      <OtherLiabilitiesOrgGrp>
        <Desc>CONTRACT LIABILITIES</Desc>
        <Amt>2142720</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>INCOME TAXES PAYABLE</Desc>
        <Amt>314</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>2143034</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>1012603</TotalRevEtcAuditedFinclStmtAmt>
      <RevenueSubtotalAmt>1012603</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>1012603</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>1001620</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>1001620</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>1001620</TotalExpensesPerForm990Amt>
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    <IRS990ScheduleO documentId="RetDoc4">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 2, PART III, LINE 4D</FormAndLineReferenceDesc>
        <ExplanationTxt>LAGUNA AUDUBON II MASTER ASSOCIATION (THE "ASSOCIATION"), AS FORMED ON FEBRUARY 10, 1989 UNDER THE LAWS OF THE STATE OF CALIFORNIA AS A NONPROFIT MUTUAL BENEFIT CORPORATION. THE ORGANIZATION IS EXEMPT UNDER IRC SEC. 501 (C) (4). THE ASSOCIATION WAS FORMED TO PROVIDE FOR THE ACQUISITION, CONSTRUCTION, MANAGEMENT MAINTENANCE AND CARE OF RESIDENTIAL COMMON AREAS WITHIN CERTAIN REAL PROPERTY LOCATED IN THE CITY OF ALISO VIEJO, ORANGE COUNTY, CALIFORNIA. IN ADDITION, THE ASSOCIATION WAS FORMED TO PROMTE THE HEALTH, SAFETY AND WELFARE OF THE RESIDENTS OF THE COMMUNITY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>DAILY OPERATIONS ARE MANAGED BY AN INDEPENDENT MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>OWNERS AUTOMATICALLY BECOME MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>ANNUAL MEETING ELECTIONS FOR OWNERS TO ELECT OFFICERS FOR THE NEXT YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>DECISIONS MEETING STATUTORY OR GOVERNING DOCUMENT LIMITS REQUIRE OWNERS' APPROVAL.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>TAX RETURNS ARE REVIEWED BY BOARD MEMBERS PRIOR TO MAILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>ASC 606 RESERVE RECLASS -2,036,399</ExplanationTxt>
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</Return>