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

Wednesday, September 19, 2012

Personal Philosphy and Comment


Overall Comment and Philosophy
For anyone who is new to this blog, here's a bit of a preamble. if you already know who I am, or are familiar with this website, then you can skip on to the "meat" in the next post.

I'm an owner for 10 years, and for 2 years a member of the board of directors of this association. I take my duties as a fiduciary very seriously. I do my best to be a good owner, a good neighbor and a good steward. I can't honor an open-ended agreement because my duty is to be of service, and I do have other commitments in my life. I am not a servant.

To honor this specific commitment, I do my assigned tasks and some others. It's about achieving a realistic possibility for this association. Our board is short handed, and we have no owner assistance, beyond paying fees and keeping the rules. I do my tasks to the best of my ability. As an owner and resident, I pay my fees on time. I do my best to keep the rules and regulations.

I consider this property to be unique. It is truly the hidden jewel of Wheaton, Illinois with 40 acres, 15 acres of turf, about 800 trees, hundreds of yards of walking paths, three streams and waterfalls. We are immediately adjacent to a lovely park, and to what may be one of the finest community colleges in the country.

I have a long term mind set and I am a planner. I have the perspective that if this association, or any association, allows finances or maintenance to fall behind, it is probably impossible to catch up. I have the perspective that it is better to do it "right" the first time than to allow the situation to get out of control and become a "money pit." I also have a real abhorrence to "damage control."

As a small business owner, which supports industries involved in construction, believe me, I know more about the problems in this economy than most. I've lived and experienced most of those problems including my invoices that were not paid or for which payment was delayed. Escalating insurance costs, rising energy costs, increased taxes and governmental obstructionism, etc.

Enough about that, and on to the main event!

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