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, July 30, 2009

Anonymous Comment: Litigation?

The following comment was posted anonymously on July 28, 10:58pm. It referred to my post of July 28:

""Another item of interest, if you had a chance to watch the news this evening, you might have heard of a pending lawsuit regarding a Twitter post against a buildings management company. I believe the suit was regarding "defamation".Very interesting news since it mentioned Twitter and blogs."

I'm not certain what point the anonymous poster was trying to make. For those who are interested, here is a news article referencing the "pending lawsuit":

http://cbs2chicago.com/local/twitter.post.lawsuit.2.1103625.html

I have one comment. Litigation works both ways. Individuals can sue our Association and Associations and management companies can and do sue individuals. Suits have also been brought against the Board of Managers at other Associations.

This underscores some of the comments of our Architectural Director which were made during a recent Association meeting. He stated that we live in a litigious society. That comment occurred during a discussion of insurance requirements, should the Association hold an officially sanctioned "block party". At the time, his comments were met with jeers and boos from some unit owners who were present. Apparently his comments did not fit the perception that some unit owners have regarding a nice, friendly society.

As has also been pointed out at Association meetings, and as an attorney recently told me, should a unit owner sue the Association, they are, in essence, suing themselves. It was the attorney's opinion that such suits are a "lose - lose" proposition in which nobody wins. However, he also stated that such suits are sometimes how he earns his fees.

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