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

Tuesday, June 21, 2016

Fireplace Saga


Bookmark and Share


Back in the late 1970s when this area of DuPage County became a real estate "boom town" a lot of residential construction occurred.

Some of it was shabby and even local communities made mistakes. Did you know that Naperville didn't meet the Federal standards for evacuation streets? Probably not.

Here in Wheaton, the city made some terrible mistakes. These included the retention ponds including #1 through #4, which it seems were inadequate. It also approved and inspected the installation of at least 500 defective manufactured fireplaces. They were defective because of improper installation, but the code inspectors didn't catch even one flawed installation!

It took two serious fires to bring light to the fireplace issue, and the city condemned the few ostensibly defective fireplaces it could find. "Better late than never."

I've spent a few $thousand having the fireplace in my condo removed to meet city requirements. That included an architectural drawing mandated by the city. Go figure.

The final step is tearing up portions of a $5,000 floor to repair it so it looks like new. Here is a photo of step one; removal of sections which ended at the now removed fireplace. It is a "floating" floor comprised of interlocking bamboo sections and on top of an underlayment which meets HOA guidelines and was approved by management in writing for installation about 5 years go. This type of floor makes this relatively easy. Only $500 in materials to do this simple job. But we had to find a distributor in Georgia who carries this particular floor, as it is no longer manufactured. I'm one of about 330 people in this HOA who have had had to go through this process.


No comments:

Post a Comment

Please leave a comment!

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