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

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Presentation on theme: "Brentwood of Palatine Condominium Association State of our Property October 10, 2006."— Presentation transcript:

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

2 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. October 2 nd The storm and its effects On going remedial actions for the improvement of our property. What we see for the future.

3 Members meeting results 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)

4 Where We Were CORPORATION FILE DETAIL REPORT Return to the Search Screen Entity NameBRENTWOOD OF PALATINE CONDOMINIUM ASSOCIATION File Number StatusDISSOLVED Entity TypeCORPORATION Type of CorpNOT-FOR-PROFIT Incorporation Date (Domestic) 04/06/2004 StateILLINOIS Agent NameJEFFREY E KOLODNY Agent Change Date04/14/2005 Agent Street Address6160 N CICERO AVE- STE 620 President Name & AddressDIANE GOLIN (DI) 4005 WINSLOWE ROLLING MEADOWS Agent CityCHICAGO Secretary Name & AddressINVOLUNTARY DISSOLUTION Agent Zip Duration DatePERPETUAL Annual Report Filing Date 00/00/0000 For Year2006 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 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. As we know them

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

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

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

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

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

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

14 Primary issues of maintenance discovered Liability Issues.

15 Primary issues of maintenance discovered Liability Issues.

16 Run Video

17 Primary issues of maintenance discovered Flood prevention inadequacies 1455.

18 Primary issues of maintenance discovered Flood prevention inadequacies 1467.

19 Primary issues of maintenance discovered Flood prevention inadequacies 1473.

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

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25 1489 concrete Slab removed and new slab poured. Cost $650

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

27 Roofing Issue Estimates for repairing –$2000 to $4000 per roof Estimates for replacing –$ $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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