Presentation on theme: "Wilma 2005 – The 18 th Hole At Inverrary. Fiduciary Responsibility The Board of Directors has a fiduciary responsibility: to protect, preserve and enhance."— Presentation transcript:
Reserve Funds Zero Voted out by the members every year since 1997/1998 Assessments Assessments are required to compensate for the lack of reserves
Insured vs. Uninsured Costs Insured costs may include: Roofs Mansards Air conditioning racks and wiring Common doors Uninsured costs may include: Awnings Fencing Landscaping Lighting Trees
Insurance Policy Total value of policy is in excess of $22 Million Deductible is $447,987
Insured Items Roofs Clean-up & install emergency roofs on buildings A & B Flat-top and Mansards Buildings A & B Buildings C & D pending further investigation Air Conditioner Racks & Electrical Wiring Building A: new roof requires that all racks be brought up to new building code Building B: some racks need to be replaced Mansard Wall Building D – structural damage Must be secured, demolished and re-built
Insured Items – Page 2 Roofs: Estimated costs to date: $ 587,285 Excludes engineering costs that will be billed as work progresses
Insured Items – Page 3 Common Areas Doors, garbage rooms, lighting, elevators, railings Estimated costs to date $12,685
Uninsured Items Assets include: Awnings Fallen trees (clean up and removal) Gate & Fence Landscaping Lamp Posts (parking, tennis/handball courts) Pool area (fence) Signage Estimated costs to date: $280,923
Uninsured Items – Page 2 Replacement work precipitated by the hurricane damages: Carpets & Lobbies Estimated costs to date: $295,000
Summary of Costs to Date* Insurance deductible: $448,000 ($1,932/unit) Insured & Uninsured costs: $727,568 ($3,135/unit) Total $1,175,568 ($5,067/ unit) * Excludes engineering costs yet to be determined
Paying for Wilma Initial Preliminary Assessment: To be voted on November 30 th, 2005 $580,000 ($2,500 per unit) $447,987 insurance deductible $132,013 uninsurable items Payment due immediately Future Assessments To be determined as work progresses or once the adjusters assessment is presented to the Board Total of all assessments could exceed $5,000
Individual Units Certain damages caused by Hurricane Wilma will be the responsibility of the Association. These include and may not be limited to: Broken glass Damaged/missing window frames Damaged/cracked walls and ceilings Damaged window/terrace screens Damaged doors/frames Damaged walls A form is available for you to complete and submit to the Association for review by the adjuster Receipts for costs already incurred by individual unit owners should be submitted with this form for future reimbursement.
FEMA & Other Venues of Assistance Little assistance is available Will help pay to remove debris from the parking area Represents a very small portion of our total costs The Association will file to recover permissible expenses
Fiduciary Responsibility The Board of Directors has a fiduciary responsibility: to protect, preserve and enhance both the physical assets of the association and the quality of life of the residents.