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, December 3, 2022

Final Post - We sold our condo

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Our condo

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Several years ago we decided to sell our condo.  We had two options:  Rent it or Sell it.  BLMH by-laws permit rentals.  However, we decided we didn't want to do that.  Furthermore, we didn't want to sell it to an investor.

Circumstances intervened, including the CCP Covid-19 pandemic. So our plans were delayed several years.  We had established places to live in two other states because we are RVers.  So, the condo sat fallow most of the year.

In 2020 I decided it was time to permanently close my business, and I went through the office furniture, etc. and cleared it out.  In the fall of 2020 we spent some time on the east coast.  That delayed preparing the condo for sale. Then winter set in and we headed to the Southwest. In June 2021 we rented a U-Haul and took some choice pieces of furniture to our winter location.   Upon return to Wheaton we helped a neighbor move. Then winter set in and we headed to the Southwest.

Finally, in spring 2022 we began prepping the condo for sale.  Residuals from my business were disposed of. 

In June and July I emptied the home office.  I scanned old documents and photos and tossed the originals.  A professional service shredded documents and hard drives. 

There were a number of minor repairs to do, and these were completed in July, August and September, while we pared our belongings. 

We gave a lot away to Amvets and Goodwill.  The condo was ready for staging in early October and the condo was placed on the market on October 6.  We immediately got several offers from investors, but we noted issues with the contracts.   

A short time later an individual buyer made an offer and we accepted.

The closing was scheduled for late November, early December and has been sold.

Good-Bye to Illinois.