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This document provides a treasurer's report on liabilities, cash position, gas usage, the pool, assessments, unplanned expenses, and the plan for Brentwood Condominium. It also includes updates on asphalt, landscaping, phone lines, registrations, and a yard sale. The report is in English.
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Brentwood of Palatine Condominium Board Meeting 3.11.2009 • Treasurer’s Report • Liabilities, Cash, Gas, the Pool, Assessments, Unplanned expenses, the Plan • Delinquencies • Asphalt • Landscaping • Phone Lines (Fire Protection) • Registrations • Yard Sale • 30/30 • Executive Session
Treasurers ReportCash Position as of 04/06/2009 Operational account = $15,694.04 Reserve Money Market = $5,600.00 Total = $21,294.04 Total liabilities of $35, 594.0- $21,294.04 = -$15,300.00
Treasurers ReportThe Pool • The budgeted amount we presented to the owners was $10, 500.00 • Cost estimates have substantially risen for 2009. There is a requirement that we have to modify the drain. There was only one company available to give us quotes. • Cost estimates exceeded the budgeted amount for the pool by 170%. • We will not open the pool for 2009, however we will makes plans to open it for 2010.
Treasurers ReportAssessments by cash This includes all collection activity. Goal is $43,221 per month.
Treasurers ReportUnplanned #!^%@ • 2 Water heaters $8500.00 • Drain line for $5500.00 • Minor repairs around the property $2000.00
Treasurers ReportWhat is the plan? • Increased collection activity. • Get your balances paid up to date or risk collections. • Pay the gas bills down and save for next year. Ideally, I would like $40,000 for January through and including March’s gas bills. Is that possible? We will see. And $40K will not cover the entire amount due for those months.
Delinquent Accounts – FactsMarch ending AR - $91,796.30 • Additional Payment plans have been entered into • 20 Units account for $59,390.07 of AR • 10 account for $44,488.05 • 6 are confirmed bank owned, more in process • Write off debt has been submitted • April 23rd many accounts go to collections
Effects of Not Collecting Assessments If we collected 100% of budgeted assessments each month, using exact same expenditure assumptions, we would not have a month of negative cash flow, and would build $60,000 + in cash. Realistically expecting to collect 90% of assessments each month, it will take until June to reach the break even point and begin building cash.
Asphalt • T-J’s SealKare selected for hot fill of pot holes ~$3,250 • Asphalt plants opened last week. Work will be done as soon as weather permits.
Landscaping Contract • Bids received from Martinez & RB Enterprises • Martinez - $2,900 x 8 months for total of $23,200 • RB - $3,417 x 6 months for total of $20,500 • $1,000 for spring cleanup effort • Extraneous bids for; • Mulch on entire property - $3,600 • Mature tree pruning - $15,750
Phone Line Needs and Costs • Average monthly cost through AT&T is ~$700 • Includes 10 lines for fire prevention system • 2 phone lines in clubhouse • 1 fax line in clubhouse • Internet service • Possible alternatives include; • Comcast for 5 fire line circuits • 1 phone line and 1 fax line in clubhouse • Wireless radio trunk to fire department through Fox Valley (current monitoring service provider) • Alternatives being explored. Decision should be made within a week or 2.
Registrations • Owner registration, including lockers, was due on March 16th • Locker master list has been compiled, and un-claimed lockers scheduled for content removal beginning this week. • Once abandoned lockers have been secured by the Association, they will be assigned to Units which currently do not have one. Registration week will be May 4th through May 10th. • Parking stickers will be issued • Leasing requirements will be collected (copies of current leases, Village licenses, signed addendums, Tenant registration forms • Following registration week, fines will be issued to non-compliant Owners.
Service Call ProcessingAll calls go to PSI (847) 806-6121 24 hrs • February - 91 work orders were received • 50 maintenance issues, 41 non-maintenance, 10 emergency • March – 115 work orders received • 30 maintenance issues, 84 non-maintenance, 1 emergency (Lockers / Registration bulk of non-maintenance W/Os) • As of 4/1, 5 maintenance related work orders in process (open). • Initial response and actions by Pat • Follow ups done by Rebecca.
Yard Sale • What? Brentwood of Palatine’s 1st Annual Spring Clean Out Sale! • When? Friday, May 29th – Sunday, May 31st 9:00 AM- 5:00 PM • Where? Brentwood of Palatine Clubhouse and adjacent parking lot • Why? All proceeds will benefit Brentwood’s Landscape! (Association will be paying for advertising and providing cleared spots for you to sell your items, all other equipment is to be provided by individual seller) • RSVP! If you would like to be part of our sale, there will be a *$20 non-refundable entry fee for a spot. What you sell is yours to keep! • (RSVP by May 18th.) • If you do not have the time to sell your items, you can donate them to Brentwood of Palatine and we will gladly *sell them for you! • If any of the above interests you, please contact Rebecca at ttlpgirlie@yahoo.com (the sooner the better!)
Accomplishments / Challenges • Last 30 Days • Remained solvent • Absorbed capitol replacement costs ~$14,000 • 2 Water heaters (1467, 1473) • Section of main building drain (1481) • Pre-collection notices sent (Richard) • Repair Charge-Backs (Richard) • Lockers registered, tagged for content removal (Board) • Roof inspections (Pat) • Asphalt repair selection (Pat, Rebecca, Jolanta) • Landscaping selection (Pat, Rebecca, Richard) • Next 30 Days • Asphalt repairs (T-J’s SealKare) • Landscaping Spring Cleaning (RB Enterprises) • Parking / other registrations (Pat, Rebecca, TBD) • Hallway evaluations (Pat, Rebecca , TBD) • Violation inspections / Notices (Pat, Rebecca, TBD) • Crime Free Seminar (Board) • Continue spending discipline and prioritization process.
