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Brentwood of Palatine Condominium Board Meeting 1.14.2009

This is a summary of the Brentwood of Palatine Condominium Board Meeting held on January 14, 2009. Topics discussed include Treasurer's Report, Cash Position, Scorecard, Expense Contributions, Delinquencies, Remaining "Anchors," Management Update, Laundry, Rules and Regulations, Maintenance Staff Addition, and Snow Removal Policy Reminder.

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Brentwood of Palatine Condominium Board Meeting 1.14.2009

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  1. Brentwood of Palatine Condominium Board Meeting 1.14.2009 • Treasurer’s Report • Cash Position • Scorecard • Expense Contributions • Delinquencies • Remaining “Anchors” • Management Update • Laundry • Rules and Regulations • Maintenance Staff addition • Snow Removal Policy Reminder • 30/30 Specifics

  2. Treasurer’s Report – FinancialsCash Position • Cash Assets November 2008 ending • Operating Accounts - $ 4,033.62 • Reserve (CDs)- $21,455.96 Cash Assets - $25,489.58 • Accounts Payable: $51,782.56 • Accounts Receivable: $80,568.74

  3. Treasurer’s Report – FinancialsCash Position YTD

  4. Treasurer’s Report – Scorecard

  5. Treasurer’s Report – Expense Categories

  6. Treasurer’s Report – FinancialsDelinquencies Receivables Total: $80,568.74 • 4 Units > $5k $26,764.01 • 9 Units $2-$5k $31,467.64 • 6 Units $1-$2k $10,066.09 • Collection legal fees through November - $23,300.34 • More than $5,000 collected from Bank sale not reflected in November. • Payment plan initiated for an account

  7. “Anchors” remaining for Association • $7000.00 Contractor bills • $3400.00 Tax Assessment Appeal • $2000.00+ Legal bills. • Utilities • Continuing maintenance challenges.

  8. Management • Vanguard services end January 31st • PSI Selected for 2009 • Monthly fee reduced from 13.75 per Unit to 6.25 per Unit • Financial accounting and processing of assessments • Service call tunneling to Board. • Notice letter on the way with instructions / contact info / mailing address… • Board will act as “Property Manager”

  9. Laundry Maintenance / Repair costs are severe and on-going All available options have been examined by the past 3 Boards Several proposals are being evaluated Ultimate decision will need to be made quickly

  10. Rules and Regulations Major changes include: • Crime Free Policy • Parking • Common Element safety and enforcement • Board revisions / inclusions to be finalized tonight Next Steps in Process • Attorney will review for legal compliance • Copies of proposed revised rules will be provided to all Owners • Adoption within 60 days (hopefully)

  11. Maintenance staff Association has hired additional staff Robert Kaczorowski Part time basis (excluding snow remediation emergencies) Primary duties - grounds cleaning, snow removal, general maintenance assistance Emphasis on getting “Catching up” with the many open issues requiring attention, including: • Doors • Hallways • Drywall

  12. Snow Remediation Policy Reminder Funds are not available for 3rd party contract Fire drive areas are secondary priority Parking spaces cannot be cleared unless vehicles are moved in a timely fashion All residents cooperation is required Towing of abandoned vehicles. Per existing policies, will be initiated without additional warnings.

  13. Looking Ahead • Last 30 Days • Negotiated a favorable Gas contract at .005 above therm. • Purchased discounted electricity. Should save $2500.00 • Cut management fees from $2808.00 per month to $1350.00. • Eliminated monthly statement fees -- $845.00 per month or $10140.00 yearly. • Volunteer labor by board members – to date minimum $1800.00 in labor savings.. • Paid off the home depot bill. ~$2,400. • Next 30 Days • Execute on Rules revisions • Continue to pay down existing debt from previous Board • Continuous improvement and modification of snow procedures to improve efficiency and reduce cost • Committee formation and initial meetings • Report on status of depreciation claim from 1467 fire in 2007

  14. Next Meeting Feb 11th, 2009

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