So what is going on this week? 7 condos were for sale between 125 and 139k; that is somewhat good news, except that some are selling due to the increase in dues. 34% in 2 years is too much. In these economic times, condo associations have had to hold the line. On that note, creative accounting can help, right? We have had quite an issue over should owners have to pay only for their own water and sewer charges or should it just be averaged out, no matter how little time you spend in your condo?
Well, according to the Revenue and Expense reports prepared by our property manager, it shouldn’t matter! We are so far under budget for water/sewer as of November 2014, we should be more worried that no one is showering or washing their clothing!
I have added Sept and Nov in case you don’t have them or know how to log on to the Sentry Management portal. Look to Page 3, under Utilities. See the YTD for Year to Date on Nov, which show the Water/Sewer expense at 46,760. The budgeted amount as of 11/30 is 78,833. We are under as of that date by 32,072! That is 40% savings! So who cares about the amendment! Right? Hmmm.. Ms. Stiles explained it once that it was Accrual. As an accountant, I know what Accrual is and this is not it. It does give the appearance of a Surplus though. I added the September as I found the monthly entry to the Water/Sewer; not a payment amount for the month but a negative amount that appears to be 2 months, interesting. Remember, we just gave the management company a 13% raise to. I asked a board member why? I was told because that is what Sentry asked for. Hmmm. I am going to try that at work tomorrow.
Oh, for the record………we sent in our proxy with our signature but we still state that the 2010 amendment is and was valid. To continue using the same attorneys as the reason is and was tiresome. We understand that owners are working tirelessly to obtain enough signatures to meet 73. They are going with the half plus one, of those not in default (new rule since Feb 2014). In June, attorney Richard Deboest said no one showed him that the rights to vote had been taken from the 60 foreclosed units in 2010 when our existing amendment was voted on, and those units not counted. Because maybe that rule was only voted on in Feb 2014 after being suggested by either the property manager or your associate, and was NOT in any part of our governing docs AND the bank owned units had to FILE for the right to vote…….I digress and (should! ) give up for tonite. We have a valid amendment but who cares? Look how little we are paying!! Haha.