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

Saturday, August 22, 2015

Waterleaf Restaurant at College of DuPage to Close




Bookmark and Share


Updated




According to the community college "Warmth and elegance surround you at Waterleaf. " Well, not for much longer. 

The Waterleaf restaurant at the Community College of DuPage will close its doors. According to a Daily Herald article dated May 2, 2015 this restaurant has lost $1.8 million since its 2011 opening. The building also cost many more $millions to construct.

According to the community college, this restaurant it "has earned OpenTable Diner’s Choice awards as well as the Wine Spectator’s Award of Excellence for a wine program well matched to our concept, menu and price point."

The decision to close was made by the board of trustees.

In an article dated August 13, 2015 the Edgar County Watchdogs said it this way "College of DuPage voted to end era of the Waterleaf wateringhole" Here is the post:

"College of DuPage (ECWd) – The College of DuPage Board of Trustees voted to close the Waterleaf. The vote was 5 – 1, Wazniak voted no, with Birt absent. The building will be converted to an educational purpose. Closing date is Aug 31, 2015."

http://edgarcountywatchdogs.com


Notes:
I'm posting the following reviews or headlines about this restaurant. In the future some may wonder what the uproar was about. The restaurant was controversial because it was a money loser at the community college, and possibly lost $500,000 in one year if one ignores the $200,000 the board of trustees spent there, largely via funds provided by the college or related organizations. It is unclear how much the restaurant actually lost, if one removes the college and related funds spent for President Breuder and the Board of Trustees to wine and dine there. We have no idea how much the PR spin machine of the college spent to promote this restaurant, but my guess is it was probably $hundreds of thousands if one considers the cost of the communications staffers that Breuder and the board put in place in recent years.

Here's a summary of reviews from the Community College of DuPage website for this restaurant:

Chicago Tribune's Phil Vettel gives Waterleaf a 3-star Review 
There are hidden gems, and then there are hidden gems. Waterleaf restaurant, for instance, isn’t a good restaurant where one wouldn’t expect to find it; it’s a good restaurant tucked away where you’d never think to look for it. it. 

Inn at Water's Edge and Waterleaf Restaurant on 190 North. 
The award-winning "190 North" showcases the hippest,trendiest lifestyles and entertainment stories around! You never know what to expect from multi-talented host Janet Davies. Janet takes viewers on a tour of the Inn at Water’s Edge and talks with guests about their experience. She also give viewers a behind the scenes look at the Waterleaf Restaurant. The episode aired on ABC channel 7.

Waterleaf is an Open Table Diner's Choice winner! 

Waterleaf earns a second Wine Spectator Award For the second consecutive year, 
Waterleaf received a prestigious “2013 Award of Excellence” from Wine Spectator’s comprehensive World’s Best Wine Lists has been compiled annually by the magazine since 1981.

Crain’s Chicago Business gives Waterleaf 3 Stars! 

Waterleaf earns a Reader's Choice Award in Glancer Magazine for best "Restaurant for Dinner"

Naperville Magazine Yelp Elite Gives Waterleaf 5 Stars!

Culinary luminaries lend their light to fine dining at Waterleaf in Glen Ellyn

Opentable.com "Best Overall" designation.
Waterleaf has the “Best Overall” designation from Opentable.com for restaurants in the west suburbs. In addition, the new fine-dining establishment received “Best Ambience” and “Best Service” recognition by the dining and foodie website.

Sun-Times Declares Waterleaf “Hidden Gem”
Waterleaf garnered a three-star “Excellent” rating in a recent Chicago Sun-Times restaurant review.

[Here's an excerpt from the article: "COD’s fine-dining establishment is described as a “culinary treasure” and “a classy newcomer” to the western suburbs, featuring high-quality fare, top-notch service and a plush ambiance.  A shakedown period is inevitable with new restaurants, and diners usually must make allowances as the kitchen tweaks its menu and management smooths out the rough spots in service. But that’s not part of the drill at the well-tuned Waterleaf Restaurant, a classy newcomer in Glen Ellyn. The 150-seat restaurant, housed in the new Culinary and Hospitality Center of the College of DuPage, has enjoyed smooth sailing since its October 2011 debut........Waterleaf’s ambience is plush. The main dining room has an understated decor and dramatic floor-to-ceiling windows. Its walls display a collection of black-and-white lithographs by renowned American artist Richard Serra."]

Final comment: "Smooth sailing"? Sounds like only something the shills for Illinois politicians Blagojevich, Madigan, and so on, could come up with.





No comments:

Post a Comment

Please leave a comment!

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