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

Sunday, December 2, 2018

Why not move forward with the transition of the mains?

1.       I was asked why I didn’t move this forward with the city (write the letter).  I responded there were good reasons; primarily this is about a board acting as fiduciaries and operating as such.
2.       : 1) I’d done all of the work on this from 2013 to the present despite some stiff board resistance to the idea; 2) In 2018 the board was embroiled in a proposed rule change and it was clear that my initiative would be undermined when none on the current board were excited to see the letter from the City of Wheaton; and 3) I decided this was to be my gift to the new board. This would be a wonderful opportunity to perform. They could the take all of the credit for this wonderful accomplishment, and I am sure they will if they ever move forward. I told the owners that the new president has steadfastly insisted from 2012 to the present that “This will never happen” and that management also had doubts.  I agree that it will be easier to fail than to succeed in that endeavor. Nevertheless I convinced the board to allow me to try. I’ll never know if those pronouncements were about stonewalling, but I suspect they were and they are.  It will be easier for a board to fail than to succeed, and too many aren’t interested in doing the work.  That’s not in accordance with one’s fiduciary duties.
1.        


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