Brentwood of Palatine Condominium Board Meeting 1.14.2009 Treasurer’s Report – Cash Position –...

Brentwood of Palatine Condominium Brentwood of Palatine Condominium Board Meeting 1.14.2009Board Meeting 1.14.2009

Treasurer’s Report– Cash Position– Scorecard– Expense Contributions– Delinquencies– Remaining “Anchors”

Management Update Laundry Rules and Regulations Maintenance Staff addition Snow Removal Policy Reminder 30/30 Specifics

Treasurer’s Report – FinancialsTreasurer’s Report – FinancialsCash PositionCash Position

Cash Assets November 2008 ending– Operating Accounts - $ 4,033.62– Reserve (CDs)- $21,455.96

Cash Assets - $25,489.58

Accounts Payable: $51,782.56 Accounts Receivable: $80,568.74

Treasurer’s Report – FinancialsTreasurer’s Report – FinancialsCash Position YTDCash Position YTD

Treasurer’s Report – ScorecardTreasurer’s Report – Scorecard

Treasurer’s Report – Treasurer’s Report – Expense Expense CategoriesCategories

Treasurer’s Report – FinancialsTreasurer’s Report – FinancialsDelinquenciesDelinquencies

Receivables Total: $80,568.74

– 4 Units > $5k $26,764.01– 9 Units $2-$5k $31,467.64

– 6 Units $1-$2k $10,066.09– Collection legal fees through November - $23,300.34

– More than $5,000 collected from Bank sale not reflected in November.

– Payment plan initiated for an account

““Anchors” remaining for Anchors” remaining for AssociationAssociation

• $7000.00 Contractor bills• $3400.00 Tax Assessment

Appeal• $2000.00+ Legal bills.• Utilities• Continuing maintenance

challenges.

ManagementManagement

– Vanguard services end January 31st

– PSI Selected for 2009 Monthly fee reduced from 13.75 per Unit to 6.25

per Unit Financial accounting and processing of

assessments Service call tunneling to Board. Notice letter on the way with instructions / contact

info / mailing address…

– Board will act as “Property Manager”

LaundryLaundryMaintenance / Repair costs are severe and on-going

All available options have been examined by the past 3 Boards

Several proposals are being evaluated

Ultimate decision will need to be made quickly

Rules and RegulationsRules and RegulationsMajor changes include:

– Crime Free Policy– Parking

– Common Element safety and enforcement– Board revisions / inclusions to be finalized tonight

Next Steps in Process– Attorney will review for legal compliance

– Copies of proposed revised rules will be provided to all Owners

– Adoption within 60 days (hopefully)

Maintenance staffMaintenance staffAssociation has hired additional staff

Robert Kaczorowski

Part time basis (excluding snow remediation emergencies)

Primary duties - grounds cleaning, snow removal, general maintenance assistance

Emphasis on getting “Catching up” with the many open issues requiring attention, including:

– Doors– Hallways– Drywall

Snow Remediation Policy ReminderSnow Remediation Policy Reminder

Funds are not available for 3rd party contract

Fire drive areas are secondary priorityParking spaces cannot be cleared unless vehicles are

moved in a timely fashion

All residents cooperation is required

Towing of abandoned vehicles. Per existing policies, will be initiated without additional warnings.

Looking AheadLooking Ahead

Last 30 Days

•Negotiated a favorable Gas contract at .005 above therm.

•Purchased discounted electricity. Should save $2500.00

•Cut management fees from $2808.00 per month to $1350.00.

•Eliminated monthly statement fees -- $845.00 per month or $10140.00 yearly.

•Volunteer labor by board members – to date minimum $1800.00 in labor savings..

•Paid off the home depot bill. ~$2,400.

Next 30 Days

•Execute on Rules revisions

•Continue to pay down existing debt from previous Board

•Continuous improvement and modification of snow procedures to improve efficiency and reduce cost

•Committee formation and initial meetings

•Report on status of depreciation claim from 1467 fire in 2007

Next Meeting Feb 11Next Meeting Feb 11thth, 2009, 2009