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Brentwood of Palatine Condominium Board Meeting 2.11.2009 Treasurer’s Report – Cash Position – Delinquencies Management Update Laundry Insurance Claim.

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Presentation on theme: "Brentwood of Palatine Condominium Board Meeting 2.11.2009 Treasurer’s Report – Cash Position – Delinquencies Management Update Laundry Insurance Claim."— Presentation transcript:

1 Brentwood of Palatine Condominium Board Meeting Treasurer’s Report – Cash Position – Delinquencies Management Update Laundry Insurance Claim Status Lessons Learned 30/30 Specifics Executive Session

2 Treasurer’s Report – Financials Cash Position Cash Assets December 2008 ending – Operating Accounts - $ -20, – Reserve (MM)- $ 21, Cash Assets - $ 1, Accounts Payable:$ 3, Accounts Receivable: $87,013.98

3 Treasurer’s Report – Financials Cash Position YTD

4 Delinquent Accounts – Facts December ending AR - $87, units accounting for 57.91% ($50,391.78) of total outstanding A/R are over 4 months old. (virtually hopeless unless a sale to 3 rd party)** Look for this to change as we write certain accounts off to bad debt. This will give us a more “true” picture of finances % of total outstanding A/R are 30 days or less. ($19,032.52) 20% fall somewhere in between. Payment plans? ** Association possession of Units is final recourse. This is being aggressively targeted (1 in possession, another March 1 st )

5 Management PSI Update – All Assessments should be remitted to PSI Owners were mailed coupon booklets and instructions – All service calls / Inquiries go through PSI – Board is notified of all incoming calls and appropriate actions taken by Board Pat & Rebecca process and filter calls, produce work orders to maintenance, undertake Association activities, perform follow ups etc. – PSI Number – (847) – PSI Web site -

6 Laundry Family Pride has been selected (Pat, Richard, Rebecca) – Equipment will be installed within a few weeks – Initial vend prices $1.00 for wash, $1.00 for dry (Pat, Richard, Rebecca) – Negative aspects of the decision – 1 of 2 major “amenities” removed A more commercial “feel” to the property Loss of Association Owned Assets – Benefits to the Association- Immediate cash influx of $27, Monthly revenue stream Reduction in maintenance costs Removal of equipment failure liability costs (flooding, repairs etc) Elimination of abuses of laundry

7 1467 Fire Claim Status Update Amount Collected - $47, Amount Paid - $67, Current Net loss - $19, – Claim was not filed in timely manner – Philadelphia has made settlement offer of $6, – All relevant information has been provided to Association attorney for review and opinion. – It is clear that the total amount of $19, was easily recoverable under terms of insurance policy. – Negligence? Fraud? Ignorance? Oversight?

8 2008 Lessons Learned What should be learned from 2008? – PSI Termination in March: Resulted in almost 2 months of no financial accounting, missed responsibilities. – Vanguard period of decision making and actions for the property cost thousands in excessive costs. Maintenance was provided by Vanguard for some period of time. Actual Vanguard cost was $ based on an average of cost of $ for monthly statements. – Lack of proper oversight and involvement by the Board cost the Association at least $8,000. About $16.91 per unit. Cost is now down to $6.50 per unit. (One time charge for booklets, unknown at this time. – Facing the most critical time for our Association, the lack of attention and involvement was stunning.

9 2008 Lessons Applied in 2009 How have those lessons been applied? – Vanguard Termination in January: Immediate transition to PSI. Cost savings of at least 50% for management. Accounting remained in professional care. – Complete oversight by Board for all property operations. Made necessary by financial circumstances resultant from Effort, time and level of personal involvement is extraordinary, high and hopefully temporary. Board makes the call on all decisions requiring recourse allocation (Staff or 3 rd party) – Majority of Board has demonstrated the devotion and energy required. Some have not.

10 Accomplishments / Challenges Last 30 Days Management transition occurred (Richard, Rebecca, Pat) Laundry decision made (Richard, Rebecca, Pat) Developed and implemented work order processing method (Pat, Rebecca) Outstanding accounts payables reduced to $3, (Richard) $7000 in past due contractor invoices paid 2/3 of tax appeal fees paid Began Common area repairs – hallways (Staff) Investigated fire claim history (Richard, Pat) Next 30 Days Settlement of 1467 fire insurance claim (Pat, Richard) 1453 & 1493 paint and carpet (Staff, Pat, Rebecca, Vendor) Continue to enlist volunteers, utilize “Owner vendors” for reduced costs (Pat, TBD) Committee formation and initial meetings (TBD) Payment plan standardization and process development (Board) Funding for continued additional maintenance staff to be evaluated (Richard). Tax appeal charges applied to accounts

11 Next Meeting March 11 th, 2009


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