Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Saturday, September 13, 2008

Be Careful What You Wish For

Regarding the possibly new "activist" board, it reminds me of the stories my spouse's aunt has told us regarding her experiences.

She is a condominium unit owner. As she tells it, there have been expensive changes wrought at her condominium by a new board that was elected when some unit owner's were "dissatisfied". The result was higher assessments, and it turned out her new board had an agenda to make certain improvements that they felt were necessary, such as new windows on the units. My poor aunt was hit with a large assessment and she was convinced that new windows were not necessary. But that board has had it's way!

Now, we apparently have a group of owners who want to change the board but aren't telling us what they intend to ultimately achieve in doing so.

Look out BLMH! Here comes a new "activist" board that is all about "Change".

No comments:

Post a Comment

Please leave a comment!

Note: Only a member of this blog may post a comment.