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, June 21, 2015

Glen Ellyn "luxe" Hotel and "Fine Dining" Restaurant Makes Midwest Living List of Weekend Getaways


Bookmark and Share



The Patch recently posted an article about Glen Ellyn; there is a link at the conclusion of this post. In fact, it is ironic, because the article is really about the money losing hotel and restaurant at the (community) College of DuPage. These are supported via the taxpayer and transfers from other college funds.

While Glen Ellyn's downtown area atrophies (the McChesney & Miller grocery and market closed, the pharmacy closed, as have the Geische's which was another long time anchor). So too for numerous shuttered clothing stores. Restaurants come and go, as do the small shops. Yet,  according to Midwest Magazine, 3.6 miles from GE's downtown lies the main attraction and reason to come to  Glen Ellyn. These are the "luxe" hotel and "fine dining" restaurant at the College of DuPage. In fact, one can simply hop on I-88 to get there and bypass the village, travelling through GE's unincorporated areas to get to the college.

I say this is ironic, as these compete with lots of nearby private establishments and are merely college amenities in a 'community' college. IMHO these are, in fact, white elephant artifices built with $tens of millions of loans (bonds). The homeowners in Glen Ellyn are on the hook to pay these bonds via their taxes. In fact, the property taxes on a median value home in Glen Ellyn are about $11,000 annually. Of course, other communities in DuPage and Cook counties are also on the hook, if they are within School District 502. Furthermore, the "community" College of DuPage has run these establishments at very large losses. Apparently these "laboratories" as President Robert Breuder once described them to nearby residents, can and should lose money while drawing visitors and residents away from nearby private establishments. So the nearly $500,000 in losses last year were made up from tax revenue and by diverting funds from other college funds via President and Board dinners and lunches (over $200,000 for these, apparently,)

However, the college, thanks to its "unlimited" taxing ability, can run these establishments to compete with non - tax subsidised private businesses in downtown Glen Ellyn, and even the struggling restaurant Reserve 22 at the adjacent Village Links (of Glen Ellyn) Golf Course.

While this betrayal of public trust may not be a crime, it certainly seems that the old adage "crime does pay" seems very, very true. These tax sucking, special perk amenities have been lauded in Wine Spectator magazine and now in Midwest Living magazine. But I suppose the aristocratic class enjoys these amenities, as did Robert Breuder and the board under which these white elephants were built. The sad thing is, long after Breuder and the gang of trustees who did this are long gone, taxpayers will be footing the bill. Not for a few years, mind you, but for decades! IMHO, simply another reason to leave Illinois.

Here is a summary of the Patch article dated June 18, 2015. 

"Glen Ellyn Makes Midwest Living List of Weekend Getaways Near Chicago

Glen Ellyn made Midwest Living's list of the top 25 best weekend getaway near Chicago."


"Midwest Living magazine has listed Glen Ellyn among its top 25 weekend getaways near Chicago. The College of DuPage received credit by Midwest Living for propelling Glen Ellyn onto the list." The article then quoted the magazine article. However, the quote downplayed the magazine's description of the hotel.

In fact, the Midwest Magazine article stated “At the College of DuPage in Glen Ellyn, Illinois, white-tablecloth dining and luxe hotel make for exciting school nights. A professional executive chef turns out intricately crafted dishes at Waterleaf, a fine-dining restaurant at the college. After dinner, check into a room on the third floor of the same building on campus to enjoy plush beds, oversize showers and trays of chocolate truffles. Activities on and off the campus round out a weekend.”

Click to enlarge:

Click to open Patch article dated June 18, 2015

No comments:

Post a Comment

Please leave a comment!

Note: Only a member of this blog may post a comment.