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Brentwood of Palatine Condominium Association

Brentwood of Palatine Condominium Association. State of our Property October 10, 2006. Where we were, are and want to be. September 28 th Special meeting of the members – the results. September 29 th Inspections of property begin.

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Brentwood of Palatine Condominium Association

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  1. Brentwood of Palatine Condominium Association State of our Property October 10, 2006

  2. Where we were, are and want to be. • September 28th Special meeting of the members – the results. • September 29th Inspections of property begin. • October 2nd The storm and it’s effects • On going remedial actions for the improvement of our property. • What we see for the future.

  3. Resignations Removal by unanimous consent Elections of board members Election results % ownership total Patrick Plunkett (43.928) Ramon Poblet (43.928) Violetta Karolkiewicz (43.175) Michael Karan (42.566) Atanas Ionchev (1.50) Vedat Mourad (1.141) Members meeting results

  4. CORPORATION FILE DETAIL REPORT  Entity Name BRENTWOOD OF PALATINE CONDOMINIUM ASSOCIATION  File Number 63395617  Status DISSOLVED  Entity Type CORPORATION  Type of Corp NOT-FOR-PROFIT  Incorporation Date (Domestic) 04/06/2004  State ILLINOIS  Agent Name JEFFREY E KOLODNY  Agent Change Date 04/14/2005  Agent Street Address 6160 N CICERO AVE- STE 620  President Name & Address DIANE GOLIN (DI) 4005 WINSLOWE ROLLING MEADOWS 60008  Agent City CHICAGO  Secretary Name & Address INVOLUNTARY DISSOLUTION 09 01 06  Agent Zip 60646-4395  Duration Date PERPETUAL  Annual Report Filing Date 00/00/0000  For Year 2006 Return to the Search Screen Where We Were LEGAL STATUS

  5. Where We Were • No Workman's Compensation Insurance • No tax information provided • No Licensing provided for contractors • No proof of Liability insurance for contractors

  6. Where We Were • 87 lamps not working • 4 Working sump pumps for 5 basements • Circulator pumps in dire need of maintenance (mounts, bearings etc) • Poor performance by contractors. • One individual controlling ALL Association assets, making all decisions etc.

  7. Financials as of 09/29/2006 As we know them • Beginning Operational account - $61,000 • Known invoices due - $30,000+ • Reserve account - $103,000 • Amount for flood remediation - $2,000+ • Actual books not turned over. • Legal and Accounting resources brought into play.

  8. 1453,57,61,65 roofs Primary issues of maintenance discovered

  9. 1453,57,61,65 roofs continued Primary issues of maintenance discovered

  10. 1453,57,61,65 roofs continued Primary issues of maintenance discovered

  11. The effects of leaking roofs. Primary issues of maintenance discovered

  12. The effects of leaking roofs. Primary issues of maintenance discovered

  13. The effects of leaking roofs. Primary issues of maintenance discovered

  14. Liability Issues. Primary issues of maintenance discovered

  15. Liability Issues. Primary issues of maintenance discovered

  16. Run Video

  17. Flood prevention inadequacies 1455. Primary issues of maintenance discovered

  18. Flood prevention inadequacies 1467. Primary issues of maintenance discovered

  19. Flood prevention inadequacies 1473. Primary issues of maintenance discovered

  20. Remedial Actions Taken Since 09/28/06 • 2 new sump pumps & valves installed in 1457 basement Cost $275

  21. Remedial Actions Taken Since 09/28/06 • Broken outflow cast iron pipe temporarily sealed. Cost $10

  22. Remedial Actions Taken Since 09/28/06

  23. Remedial Actions Taken Since 09/28/06

  24. Remedial Actions Taken Since 09/28/06

  25. Remedial Actions Taken Since 09/28/06 • 1489 concrete Slab removed and new slab poured. Cost $650

  26. Remedial Actions Taken Since 09/28/06 • 1489 concrete Slab continued.

  27. Roofing Issue • Estimates for repairing • $2000 to $4000 per roof • Estimates for replacing • $16000 - $32000 per roof • Get through the winter.

  28. Where We Want to Go from here • Collective decisions by entire Board • Committees for largest budget items • Multiple responsibility for finances • A growing, adequate reserve fund • Strategic plans for the future of our property, our investments and our community

  29. The First Critical Steps • Collection of Documents • Immediate maintenance concerns • Financial Audit • Reserve study for large capital expenditures • Rules and Regulations • Budget for 2007

  30. Thank you for Participating From your Board of Directors

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