Subject: Re: New pedestrian gate. Also a question
From: Jim Thomas (jthomas@sun.soci.niu.edu)
Date: Sun Apr 16 2006 - 15:27:21 CDT
> I was actually wondering the same thing as Mary. My other question was
> what is with the special assessment if we are getting paid rent for the
> phone tower? Where is all that money going? why can't we use some of
> that money for some of the unforseen expenses?
I'm writing this in my PRIVATE capacity as an owner, NOT as new board
member.
Every year people ask where all the money goes. Every year, 1P sends
out the budget to everybody, and every year we all have the chance to
look at it to see where the money goes. I've suggested in the past
that people look at the budget, and if there are concerns, bring them
to the board. If you lost your copy of the budget, it's on the
vanguard homepage (http://www.vanguardlofts.com - scroll to First
Properties Communications) - or, go directly to it (and other documents)
at: http://venus.soci.niu.edu/~vg1/Docs/docs.html
Or, just go directly to the '06 budget:
http://venus.soci.niu.edu/~vg1/Docs/vgbudget06.pdf
You'll also see the Reserve Study done in '01. As Mary points out,
we don't seem to have put sufficient money into it over the years. This
will give an idea of the major expenses that we should anticipate in
coming years and budget accordingly.
The income from the communications tower on the roof, about $19K+ (see
the budget income line-item). Income from all sources is added to
assessment and other income to pay our expenses.
Many of these questions could be answered at Board meetings or by
reading the documents that are mailed/circulated or posted on the
homepage. My own concern in recent years has been the low reserves that
could hose us should an emergency arise.
Jim / 501
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