residual"reconciliation"

[bogdan]

???I am on the Board of Directors and had no idea about this reconciliation till I got the letter this afternoon.

No motion was brought up for a vote at the Sept.1,2011 meeting and am not aware it was brought up at any other time.
The balcony project was completed in October of 2010 why is Board asking for more money 11 months later?

This letter doesn't address what the 55,000.00 is for.

According to the Condo Act Article VI 1.(b)(v)

"With respect to multi-year assessments not governed by items(iii)and(v),the entire amount or the multi-year assessment shall be deemed considered and authored in the first fiscal year in which the assessment is approved."

How the Board plans to close the books by December 2011?
We have units in foreclosure in the building and there are those who bought the units recently and the seller was responsible to pay any outstanding special assessments.
Can they be asked to pay now?

I think we ought to ask our Executive Board some tough questions

Where is the money going?

[bogdan]

Clarification;
President said we owe $55,000.00 to SAVEMAX in December 2011,the board is financing the roof project with special assessments collected for balcony and reserve fund.
The fact remains Condo Act does not have provision for "residual reconcilation"

Also I did not post Anonymous Letters on the buletin board as Mrs. Ingold has accused me doing I sign my name and stand by my word.

Bogdan

[Unhappy Owner]

Something doesn't sound right here - if the project was completed in October of 2010 why do we have a balance of $55,000 due in December of 2011? Shouldn't that amount have been due sooner? How many companies do you know that have payment due terms of 13 months?

We've been paying special assessments for the balconies since January of 2008 and based on the last letter we received from the office we've all "overpaid" the association what we owe for them because we can afford to put a new roof on without having to get financing. Why wasn't the money that was originally collected from us FOR THE BALCONY work applied to the Savemax balance and other comparable bids considered for the new roof vs. going with the most expensive proposal? I think we need to start asking questions and if we don't get answers then we need to keep pushing and find out what is happening with our buildings funds or we are going to be in a lot of trouble.

[5]

Just because the letter isn't signed it doesn't mean that the info. is false.
Anyway, Ingold, thanks for drawing attention to the letters

[confused]

On October 15,2008 board president distributed the 2009 operating budget.She informs the association that "Because of the unexpected deterioration of the existing balcony concrete and poor condition of the railings ,the cost will be more than originally estimated.We will inform you when the contractor has an updated estimate."

According to October 19,2011 letter from board president a motion was carried for additional $145,000.00 to SAVEMAX(balcony project) on November 14,2009.

Three years later I am asked to pay percentage of the $55,000.00 we owe to SAVEMAX but I never got the promised update.
Does anyone has the letter from the president regarding the update on the balcony project?Please share with me.

Ten days ago we had fire on our roof and some units and hallways have water damage.

Did we get an update from president on the roof project?

Last Sunday many units had no running water ,no emergency lights for more than24hrs,no light in the elevator for almost the same time.

Are we going to get an update? Should we collectively ask the management for a credit when services are not provided.
Comcast always does if you call them.I may try.