LIVING AT ...
EDGEWATER OF BRANFORD

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.

ROUTINE EXPENSES UP 80%

Costing each Owner about $5200 over three years

This site is NOT the official site of Edgewater of Branford, Inc.

ROUTINE ANNUAL EXPENSES

TOTAL

ASSETS

($ in bank)

DEBT

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EDGEWATER’s SCARY FINANCES