Annual Meeting Thursday July 23, 2015 at Cagan Management Offices, Skokie

Annual Meeting

Thursday July 23, 2015 @ Cagan Management Offices, Skokie

1. Meeting started at 7:00 p.m. – approval of last meeting minutes and review of treasurer’s report which shows low operating balance of $463.59 and reserves of $6,928.55. All other action items on manager’s report were tabled pending approval of the 2015-2016 budget.
   
2. Radu shared 3 quotes to repair the roof and then stated that all contractors will not offer a warranty with their repairs at this time because they believe it is critical to do a full roof replacement.
   
3. Radu then shared quotes to replace the roof that ranged from $50K - $90K.
   Singles Roof Company - $54K plus replacement of subfloor
   Halo - $54K plus additional for subfloor replacement
   Knickerbocker - $96K - $128K
   
4. The Board approved the budget option C which includes increase in monthly assessments for all units.
   
5. Radu stated that most banks require a loan over $100K and he is working with First Midwest Bank to secure a loan for up to $120K that would include budget to pay for all major repairs, including the new roof. First Midwest would not require the reserve study but would require a bank evaluation of $1,000. The board will need to meet again soon after Radu has more information regarding the new loan and determine how the association will manage to the new loan payment – whether it is another increase in assessments or a special assessment.
   
6. Meeting adjourned and then elections were held. Chip Aucoin and Bill Kugelman were elected to the board for a 2-year term.
   
7. The 2015-2016 Board is as follows:
   Chip Aucoin – President
   Niko Spyridonos – Vice President
   Michael Keating – Treasurer
   Julia Parisot – Secretary
   Bill Kugelman – Member at Large

Meeting adjourned before 8:00 p.m.


In attendance: C. Aucoin – 2G, J. Parisot – 3G, B. Kugelman – 1A, Roman Kowka – 1F, Ray Gomez – 1B, Mary Vermeer – 3A and 3H
Via phone: - N. Spyridonos – 3D and 2H

Assessments Projections

These assessment projections are associated with the new budget:

Unit	Percentage	Budget 3 +53%
1A	3.404	$                 176.03
1B	3.677	$                 190.14
1C	3.763	$                 194.59
1D	4.190	$                 216.67
1E	3.745	$                 193.66
1F	3.506	$                 181.30
1G	3.916	$                 202.50
1H	5.114	$                 264.45
2A	4.088	$                 211.40
2B	3.745	$                 193.66
2C	3.916	$                 202.50
2D	5.114	$                 264.45
2E	3.916	$                 202.50
2F	3.745	$                 193.66
2G	4.088	$                 211.40
2H	4.943	$                 255.61
3A	4.259	$                 220.24
3B	3.848	$                 198.99
3C	4.019	$                 207.83
3D	5.285	$                 273.30
3E	4.088	$                 211.40
3F	3.916	$                 202.50
3G	4.259	$                 220.24
3H	5.456	$                 282.14

Proposed Budget 2015-2016

The proposed budget found here will be voted by owners of the association on July 23rd. The time and place of the general meeting will be announced. The Budget This budget is designed to solve some serious concerns of the Association: To account for all our expenses as currently necessary. Expenses go up every year and the budget nor assessments have been increased significantly to account for the increase in expenses. To supplement and fund our reserves. Currently the Association has extremely low reserves which expose us to the necessity to require special assessments for the smallest emergency project. To eliminate the possibility of special assessments by funding the Association's needs properly. This budget assumes that the Association will be receiving a bank loan of $50,000 which will be used to pay for the major outstanding projects, rebuild the out-of-code balconies, and fix the roof. Both these projects are necessary. The budget will be able to pay back the loan in its entirety in 2.5 years. This budget will at a minimum add about $3,000/year to our reserves but in reality it should be more than double that amount. We do hope that in 2018 we may be able to reduce our assessments slightly when the loan is completely paid for. This budget makes it necessary to increase the assessments by 53%. River's Edge Condominium
2015-16 Budget
Period = Jul 15 - Jun 16
INCOME
ASSESSMENT INCOME	$                              62,054
Special Asses Income	$                                       -
TOTAL ASSESSMENT INCOME	$                              62,054
TOTAL INCOME	$                              62,054
	Income is 5% above expenses
EXPENSES
TAXES
Real Estate Taxes	$                                    362
TOTAL TAXES	$                                    362
INSURANCE
Hazard & Liability Insurance	$                                 7,000
TOTAL INSURANCE	$                                 7,000
UTILITIES
Electric	$                                 3,200
Water and Sewer	$                                 3,900
TOTAL UTILITIES	$                                 7,100
ADMINSTRATION
Legal - Other Services	$                                      40
Telephone/Internet	$                                    271
Bank Charges	$                                    131
Misc. Administration	$                                      20
Loan Payments	$                               12,000
TOTAL ADMINSTRATION	$                               12,462
PAYROLL
Misc Benefits	$                                      50
TOTAL PAYROLL	$                                      50
MAINTENANCE & REPAIRS
Intercom	$                                    900
Fire Extinguishers	$                                      95
Elevator Contract	$                                 2,600
Landscaping	$                                    695
Locks & Keys	$                                    120
Electrical	$                                    350
Plumbing	$                                 2,950
Misc Repair & Supply	$                                    790
TOTAL MAINTENANCE & REPAIRS	$                                 8,500
BUILDING SERVICE
Exterminating	$                                    375
Refuse Service	$                                 3,000
Snow Removal	$                                 4,250
Bldg Engineer Services	$                                 6,000
TOTAL BUILDING SERVICE	$                               13,625
CLEANING/PAINTING/DECORATING
Carpet Cleaning	$                                    500
Painting	$                                 2,000
TOTAL CLEANING/PAINT/DECOR	$                                 2,500
MANAGEMENT FEES
Management Fees	$                                 7,500
TOTAL MANAGEMENT FEES	$                                 7,500
TOTAL EXPENSES	$                               59,099
PROJECTED P&L	$                                 2,955
Above Profit moves to reserves and can be used towards special projects

Board Meeting 4/13/2015

River’s Edge Condominium AssociationBoard Meeting

Monday, April 13, 2015 @ Julius Meinl

• Manager’s Report – reviewed list of completed/closed projects and open/pending. The underground leak piper repair cost is $1,300 and needs to be covered once the MB Financial account balance of $2,761.84 is withdrawn and deposited into association operating budget account. Other important note is the quote for painting hallways does not include stairwells. There was a discussion around moving away from carpeting to tile but this will need to be revisited once budget plan is approved – no other pending or open projects were approved due to budget.
• Board approved closing the MB Financial account and depositing into operating budget account.
• Budget discussion – the special assessment budget of $16,200 was not approved for the high priority project of replacing river side balconies and sealing front balconies. Group agreed to meet in 4-6 weeks to review budget proposal option to increase assessments to budget for larger expense projects rather than approving special assessments for incremental large budget items. There was also a recommendation to commission a reserve study for the association to develop long-term budget plan so the association can be proactive and not reactive with budget planning for expenses.

  

In attendance: M. Keating – 2D, C. Aucoin – 2G, J. Parisot – 3G, B. Kugelman – 1A, P. Geib – 1G, Roman Kowka – 1F, Ray Gomez – 1B

Via phone: - N. Spyridonos – 3D and 2H, M. Vermeer – 3H