MANAGER'S REPORT

MANAGER’S REPORT December 16, 2009



Units for sale Units for rent



#505 $375,000 #301 $2,000 Unit #1404 under contract and

#803 $375,000 #305 $1,600-$1,800 in process of closing.

#1005 $350,000 #1006 $2,300

#1202 $295,000 #1101 $1,500

#1806 $649,000 #1803 $ ?



Administrative



1. Associations are required to fully fund reserve accounts unless a majority of the

membership waives full funding.

2. Common surplus = the excess of all receipts of the Association, including, but not

limited to Assessments, rents, profit and revenues on account of the Common

Elements, over the amount of the Common Expenses. If the association has been

organized as a corporation not-for-profit and the common surplus does not result

from excess funds from a special assessment, it cannot be returned directly to the



owners and an alternative disposition MUST be used. The excess funds can be

credited towards to next year’s budget OR can be allocated to the reserve accounts.

Funds remaining from a special assessment may either be returned to the unit

owners OR applied as a credit toward future assessments with membership approval.

3. Air Force contracted personnel removed their equipment from our rooftop on Tuesday. The Association is investigating their intentions and the status of our contract.

4. Roof Special Assessment: 86 owners paid full amount; 8 made two payments; one

paid half; one paid $800. Total collected: $221,200 of possible $244,800. We are

fairly sure of collecting 2 more or $4,800. The estimated roof costs are less than

$150,000. $800 could be returned to 86 owners ($68,800).

5. Unit 204 up for auction 12/17/2009. Units 502 and 1205 will likely be auctioned as

well.



Building and Property



1. Unit #1001 claimed at auction. Owners are remodeling kitchen. Units 1206 and

1801 still being remodeled. Unit #1702 may start remodeling in January.

2. No water leaks this period. The damage from suspended main wasteline cleaning

remains unresolved. Attorneys are involved with the matter. The Association had

level one cleaning done where possible in affected units.

3. The roof project started Monday, 12/14/2009 and halted due to bad weather after

two days. Work will probably carry into January.

4. South elevator has been an intermittent problem. Significant components replaced.

The latest problem diagnosed as low voltage to controller module. Schindler has

responsive in maintaining operational status.