HOW TO SAVE OWNERS’ MONEY:
From 2006 to 2009, Pete’s Board applied the same business practice that we wrote into the Alternative Documents
Those business practices cut the routine annual expenses by 40% to under $110,000 per year (top graph).
That made the Association’s savings increase $400,000 - from a $165,000 debt to $230,000 in the bank (bottom graph).
In 2010 $171,000 of those savings were appropriately used for the roof project.
Without those spent savings, each Owner would have had to pay $3800 more for that Special Assessment.
The Current Board has increased spending for routine annual expenses 70% (top graph 2011-13). That $1730 for each Owner for each year or $5200 for each owner for the three years this Board has been in office. Despite increasing monthly fees 10% (2010) and contrary to the Bylaws, the Board is not putting money aside the bank or Capital Reserves. (They actually spent from the Reserves without Owner consent, contrary to our Bylaws - see bottom graph 2010-12). Because of that the next project requiring a special assessment will cost each owner thousands more. Fees are sure to increase.