Subject: RE: East (rear) Service Elevator
From: Stankos, Brian (bstankos@CANNONDESIGN.COM)
Date: Thu Nov 29 2007 - 13:55:51 CST
Matt,
I just want to clarify the issue you raised concerning assessments and the level of debt the association currently has. Our most recent balance sheet, attached for reference, shows we currently have an outstanding loan of $4,883.91. Our balance sheet also shows total cash assets of $115,890.65 (in two reserve accounts and one operating account.)
The level of debt the association has is negligible, compared to the total amount of assets we currently have. Your statement that the "our association is in so much debt that ou(r) assessments are going to keep going up. . ." is therefore inaccurate, and should be withdrawn from this forum. Our assessments are rising due to other issues.
There are multiple factors related to the assessment increase for the coming fiscal year; rising costs for providing services, rising utility and insurance prices, building repairs/improvement projects to improve the quality, value, and security of the building, and an increase in the amount dedicated to reserves to cover future repair costs anticipated in the next 5-10 years. It is not caused by one issue, but is multifaceted, and it is our job as a board to balance these issues while keeping assessments competitive with other buildings. A study is underway to make this comparison, but from preliminary information I gathered, we are very competitive in terms of assessment levels, especially when you consider that our assessments cover hot water, while most other loft buildings have owners provide their own hot water service.
Regarding the USA Dish situation, a non-compliance letter was sent to USA Dish from our attorney last month in an effort to terminate their contract. A response was received from USA Dish on Monday, and our board is reviewing our legal options. When we know more information we will pass it along to residents for review. It might seem to an outsider like no action is being taken, but I can assure you that as a board member, I personally deal with the USA Dish situation at least once a week since I've been elected.
Brian Stankos, #513
Vanguard Lofts Treasurer
-----Original Message-----
From: vanguard-talk-bounce@venus.soci.niu.edu [mailto:vanguard-talk-bounce@venus.soci.niu.edu] On Behalf Of Matthew Loeffel
Sent: Thursday, November 29, 2007 12:47 PM
To: vanguard-talk@venus.soci.niu.edu
Subject: RE: East (rear) Service Elevator
If I remember correctly, we had a $11,000 "special assessment" 2 or 3 years
to fix the elevators!!! I know I'm not, but please correct me if I'm
wrong!!! The main issue is that our association is in so much debt that out
assessments are going to keep going up.
My question is for what?
I would understand our assessments going up if we had a door man, a work out
facility, a roof top deck, anything!!! We are paying for a maintenance guy
who is not even on site, for someone to keep our common space clean, and
debt, debt, and more debt!!! If the debt is not the reason then I'm
quitting my job and becoming the building maintenance guy.
I been an owner for about 5 years and the elevators have always been an
issue. My brother sold me the place for less then he paid because all he
wanted was out. This association sucks (vanguard and first properties).
Maybe if we had decent management from the get go this would have never
happened. But the real problem is it keeps getting worse, and worse.
I truly believe that unless you're dying or unit is on fire, they may call
you back if they have time. And don't even get me started with USA dish!!
What idiot signs a contract with a cable company; even worse when the
contract was signed USA dish had one employee? That's real smart, you have
one guy who has to service 60 or more units. It's not their fault, it's the
associations. They keep saying we can't get out of the contract, but are
they even trying. It doesn't take genius to figure this one out.
Best Regards,
Matthew T. Loeffel
Sales
Loeffel Steel Products, Inc.
Phone: 847-382-6770
Fax: 708-849-8008
matthew.loeffel@loeffelsteel.com
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-----Original Message-----
From: vanguard-talk-bounce@venus.soci.niu.edu
[mailto:vanguard-talk-bounce@venus.soci.niu.edu] On Behalf Of Kelly Cacioppo
Sent: Thursday, November 29, 2007 12:16 PM
To: vanguard-talk@venus.soci.niu.edu
Subject: RE: East (rear) Service Elevator
Maybe an issue bigger than the back elevator is First Properties... Don't we
pay them something like $25k a year to take care of these issues seemlessly
- I've put in numerous phone calls and not gotten a call back - sounds like
many others are having the same response...maybe another mgmt company would
be excited to get our business and do a better job
> Date: Thu, 29 Nov 2007 10:10:16 -0800> From: raffs23@sbcglobal.net>
Subject: Re: East (rear) Service Elevator> To:
vanguard-talk@venus.soci.niu.edu> > > I was actually just in the elevator
the repair guy and> he said he had no idea what he was fixing and that>
joseph wouldnt answer the phone or return his calls. i> told him the main
problem was that it gets stuck on> the first floor and needs a jump start.>
hope that helps.> > robin> --- christian.a.lattimer@jpmchase.com wrote:> > >
FYI... the following is from property management on> > 11/29/2007 11:34am >
> CST:> > > > "All-Types has scheduled a technician to be out on> > property
for 2 hours > > today to start a full diagnostic and mechanical> > review.
Tom will call me > > at the end of the day with a report. I contacted> >
Professional Elevator > > Services, Ken Masson. He will try to have someone>
> out either Friday or > > Monday to review the elevator issues. The
original> > telephone number > > supplied to me was a fax number."> > > > We
hope to have the elevator problems resolved soon.> > Please continue to > >
report all problems. Thank you for your patience.> > > > Best regards,> > -
Chris> > > > -----------------------------------------> > This communication
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