Meeting of the Board of Directors
September 21, 2011
7:30 p.m in The Plaza Room
Call to Order:
Don Pinkus called this meeting to order at 7:30
Roll Call:
Present were: Alan Goran, Sy Kessler, Don Pinkus, Robert Fisher, and Jose Sardiña
Absent Were:
Barry Lustig, Herb Shamlian, Homero Duque, and Johnny Pekats.
Reading of the Minutes:
Motion was waived to pass the reading of the minutes. They will be posted on the website.
Treasurers Report:
Condominium Association of Parker Plaza Estates, Inc.Treasurer's Report
August-11
INCOME RECEIVED AS OF AUGUST 31, 2011
Income Received / $ 537,629.59
Monthly Budgeted Amount / $ 13,466.69
YTD Income Received / $ 5,194,227.00
YTD Budgeted Amount / $ 4,754,253.59
EXPENSES PAID AS OF AUGUST 31, 2011
Actual Expenses / $ 411,686.16
Monthly Budgeted Expenses / $ 343,242.68
YTD Actual Expenses / $ 4,823,441.52 / $ 370,785.48
YTD Budgeted Expenses / $ 4,536,726.84 / $ 217,526.75
BANK BALANCES AS OF AUGUST 31, 2011
Wells Fargo Money Market / $ 250,881.97
Wells Fargo Special Assessment / $ 481,252.33
Wells Fargo Operating / $ 145,619.06
Suntrust Escrow (Rentals) / $ 102,953.24
Banco Escrow (Contractor) / $ 14,499.08
Banco Small Expense / $ 3,359.52
Banco Money Market OP / $ 19,373.43
Banco MM Escrow (Rentals) / $ 2,255.23
Suntrust Signature Advantage / $ 27,032.78
Banco Operating / $ 163,967.19
Banco Payroll / $ 1,503.92
Suntrust Money Market / $ 27,589.38
Suntrust Payroll / $ 33,561.23
Suntrust - Fire Sprinkler/Alarm / $ 175,423.02
City Nat'l Bank Money Market / $ 200,366.53
DELINQUENCIES AS OF AUGUST 31, 2011
$ 498,973.17
WRITE-OFF AMOUNT AS OF AUGUST 31, 2011
$ 31,211.58
Items to note:
Maintenance contract will include maintenance payroll
Expense Summary / YTD Expense / YTD Budget / YTD Variance
TOTAL ADMINISTRATIVE / 944,985.24 / 881,491.41 / (63,493.83)
TOTAL BUILDING MAINTENANCE / 313,811.59 / 198,550.00 / (115,261.59)
TOTAL FIXED CONTRACTS / 973,218.30 / 1,005,756.10 / 32,537.80
TOTAL PAYROLL, TAXES, BENEFITS / 348,179.71 / 325,174.89 / (23,004.82)
TOTAL SPECIAL PROJECTS / 495,602.57 / 372,954.55 / (122,648.02)
TOTAL UTILITIES / 868,229.17 / 888,799.89 / 20,570.72
TOTAL LOAN INTEREST / 631,126.46 / 664,000.00 / 32,873.54
TOTAL ADJUSTMENT (INS, ETC) / 248,288.48 / 200,000.00 / (48,288.48)
TOTAL EXPENSES / 4,823,441.52 / 4,536,726.84 / (286,714.68)
- / -
Notes: / Payroll - Maintenance is not a budgeted line item. However, to reduce expenses,
A / maintenance payroll has been added and the amount will reduce the maintenance
contract expense
Screening Committee:
1207 Sale Long to Leyzerenok $185,000
1007 Sale Green to Farian $230,000
2222 Lease Gerardi & Vite to Grichner & Altbregen 8/25/11-8/26/12
705 Lease Leon to Dominguez 8/1/11-8/2/11
1801 Lease Chetrit to Morales 10/1/11-9/31/12
Pool Report:
The pool was drained, repaired, and filled. We have ordered 15 new umbrellas for the season. We are also in the process of re-strapping chairs and we will order 15 more umbrella.
Landscaping Committee:
Nothing to Report
Social Club:
They are now featured on the website. They are opening the office to sell New Years Eve tickets. There is a limited amount, so please act fast. They are $49 each and include: cocktails, open bar, fabulous DJ. The party will include12-13 hors d'oeuvres per person, lamb chops, chicken wrapped in coconut. At midnight, there will be a champagne toast and crepes and sweets for desserts. On December 17, there will be a bazaar to buy unique Hanukah and Christmas gifts. Vendors that sell boutique gifts are still needed. On December 3, there will be a spa day in Plaza Room for men and women. Notices will be posted on all of the bulletin boards. The holiday party will be held on December 20 and is free of charge. It will include a chorus, candle lighting and lighting of a Menorah and Christmas tree. All residents are members of Club 2030.
Advisory Committee:
There will be a meeting next month. The date will be posted on the bulletin board.
Grievance Committee:
Nothing to report
In memoriam:
Janice Baskin of unit 726
Jules Selzer of unit 826
Robert Edison of unit 1621
The son of Arlene Lippel of unit 1605
Consideration of Proposed Budget:
Budget was approved for the 2012 fiscal year.
QUARTERLY MAINTENANCE PAYMENT SCHEDULE 2011-2012
OCTOBER 1, 2011~ JANUARY 1, 2012~ April 1, 2012~ July 1, 2012
UNIT TYPE / UNIT TYPE ENDING IN: / AMOUNT DUEA / 02-11-16-25 / $1935.00
B / 01-03-15-17 / $1977.00
C / 04-05-08-09-10-18-19-22-23-24 / $2104.00
D / 06-07-12-20-21-26 / $2137.00
E / 14-27 / $2336.00
Concrete and Landscaping:
We have started the grating, concrete restoration and landscaping of the front of the building.
Surface Water Well Project:
Drilling of the wells and installation of the well collection boxes is complete. We are starting the water flow directional pipe replacement for the surface water drainage in the garage. This should complete by late October or early November 2011. Some residents will be called to move their cars. They need to be moved so we can fix the pipes that are above some parking spaces. We have a jack, and will push the car out of the way. The cars will be unharmed.
Voting for Maintenance Escrow:
A voting ballot has been mailed to each unit owner asking the following question:
Do you want to amend our by-laws to read that all new buyers of units in our building are to deposit two quarters of maintenance in an escrow account to insure timely payment of their maintenance requirement. After five years, the money is returned less any unpaid maintenance. If the owner sells before five years, his money is returned, but the new owner must make the new deposit.
Some unit owners have questioned the motives of the Board; they said “what if the Board uses this money for the other projects or to cover shortfalls in the budget?”
An escrow account has a stated use and can not be invaded. It is disappointing that some people think so little of the individuals on the Board that they would make such a statement.
Criminal Case:
The latest information from Lisa Hermann is:
She spoke with assistant state attorneys, Don Tenbrooke and Al Guttman. The judge would like all parties to appear at the October hearing date, and the indication is that he will looking for a drop trial date where all the parties are available. (A drop date is a date definite for the trail)
Parking Access Control:
We are getting ready to install the traffic control arm in the front of the entrance gate to the garage. We must complete the electric work first and then install the traffic control arm. (The new concrete driveway is part of the new surface water well injection project).
Parking:
Once the new garage and our parking transponder system are operational and all cars are fitted with the new transponders and decals, the remote control units will be disabled. At the time any car is found in the unit owners parking area without ID or any unit owner have parked in other than their own space, it will be towed without notification. If a unit owner doesn’t use their parking space for their own car, they can rent it to another unit owner only. If they have an aide they can temporarily let the Association rent it to another unit owner and the aide can park in our valet area at no charge. If you’re not a unit owner you can not park in our garage or open area that is designated as exclusive use common areas.
Washing Machine Contract:
They have started to install the new front loading machines. This will be done on a floor by floor basis one side at a time. They will operate on Smartcards which will have a cash recharging station installed in the north mail room. Each unit owner will receive a card with $5.00 credit on it at no charge to the unit owner. The cards can be recharged in the mail room using $5.00, $10.00 or $20.00 dollar bills.
Financial Status:
We have 25 unit owners that have chosen not to pay the special assessment. We also have 19 unit owners who have not paid their quarterly maintenance. The total of all delinquencies is $129,011.08. An additional amount of $84,322.91 is a write-off amount for bad debts. For the FY 2011 it appears we will meet our budget. There will be a quarterly assessment in the amount of any delinquent maintenance payment to allow us to maintain a balanced budget.
Foreclosures:
The building now owns unit 317 and 1108, but there are mortgages against them.We are not paying the mortgages or taxes, but we have the units rented so we can recapture the unpaid maintenance. We are sandbagging the banks the someway as they did it to us for 18 months or more. We anticipate a recapturing of the fund we had to write-off due to the banks tactics. If the banks foreclose on the Association, we will let them have the units.
Chillers:
We need to be proactive and not reactive to the chillers that air condition our building. After 25 years they are tired and on their last leg and need to be replaced. If they fail in the summer we will be without air conditioning for about three to five weeks. We are getting prices for the replacement of a unit that will handle the whole building with energy savings that will pay us back in approx. 4.1 years. We have $200,000 toward the $400,000 cost. We will not assess for this, but arrange a two year payout or borrow the funds from ourselves.
Questions and Answers:
Q: If someone parks in the wrong spot in the garage, is that ok?
A: You must get written permission to park in that spot and have it filed with the office.
Q: What happens to the residents that only come a few times a year and owns a rental car?
A: They will receive a temporary tag with a transponder on it. If it is not returned, they will be charged $100.
- Arlene Lippel of unit 605
Q: The 25 units that didn’t pay the assessment, is there a way to not give them transponders because they haven’t paid they’re assessment?
A: They must have access to the building, use their parking space, and cannot use common areas.
- Rosalie Kaplan of unit 809
Meeting closed unanimously.
Respectfully submitted,
Sy Kessler