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, October 17, 2021

Monitoring the board by owners is really important

 



What did earlier boards do?

I can analyze numbers, but there is nothing better than observing boards in action.  Boards are aware of this and sometimes don't want to be observed. Boards may shield their acts from owners, avoid criticism and do things to be re-elected.  Some boards have preferred to discuss anything they consider sensitive without owners present. In fact, their definition is a personal one and the Illinois Condominium Act is specific.

Some boards prefer to publish pap in the newsletter. Good news and so on. Avoid running the numbers and informing owners, etc.


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