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

Thursday, September 18, 2008

Projects Status

When we purchased our condo, we concocted a list of projects. With the exception of the kitchen, these were all considered to be "optional" and discretionary spending. However, building this list has kept me on task, and my spouse and I review it from time to time.

There was an inital "surge" of projects which we deemed absolutely necessary. We have budgeted funds and tackled the projects as soon as possible.

Since that time we have been saving on a monthly basis to handle these projects, as well as to build up an "emergency fund" or reserve. This is similar to what the association is doing to build up reserves for the roof and other large projects.

We have performed other maintenance, such as carpet cleaning, fixing the sliding door and screen on the patio, replacing the faucets in the sinks in both bathrooms, but these were relatively small projects that did not require work on or in walls, etc.

Here's a summary of the projects on the list and their status:
  1. Repair leaky valve in hot water heater and repair damage = completed 2001.
  2. Upgrade the kitchen = completed 2002.
  3. Install new handles on Dining Room Cabinetry = completed 2002.
  4. New wallpaper in closets, baths = completed 2002.
  5. Upgrade certain doors = completed 2002.
  6. Paint living room, hall, dining area = completed 2002.
  7. Remove loose tiles in bathrooms, repair showers = completed 2002.
  8. Upgrade spare bedroom to Library with bookcases = completed 2002.
  9. New kitchen waste disposal = completed 2003.
  10. Glider and Dining Furniture for patio = 2002m completed 2003.
  11. New Bedroom furniture, paint and decor = completed 2004.
  12. New sofa, chairs and area rug for Living Room = completed 2005.
  13. Replace HVAC Compressor = Breakdown, completed 2005.
  14. Art and decor for the living room = completed 2006.
  15. New hot water heater, new floor in utilit room = completed 2005.
  16. Newwasher and dryer = completed 2007.
  17. Replace shower valves and faucet, guest bath = completed 2008.
  18. Replace shower valves and faucet, main bath = partial, purchased parts 2008.
  19. Upgrade in-ceiling insulation - not begun.
  20. Upgrade main bath fixtures and cabinets - not begun.
  21. Upgrade furnace and HVAC - not begun.

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