brentwood of palatine condominium association state of our property october 10, 2006
TRANSCRIPT
Brentwood of Palatine Condominium Association
State of our Property October 10, 2006
Where we were, are and want to be.
• September 28th Special meeting of the members – the results.
• September 29th Inspections of property begin.
• October 2nd The storm and it’s effects• On going remedial actions for the
improvement of our property.• What we see for the future.
Members meeting results
• Resignations• Removal by
unanimous consent• Elections of board
members
• Election results % ownership total– Patrick Plunkett (43.928)– Ramon Poblet (43.928)– Violetta Karolkiewicz
(43.175)– Michael Karan (42.566)– Atanas Ionchev (1.50)– Vedat Mourad (1.141)
Where We Were
CORPORATION FILE DETAIL REPORT
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Entity Name BRENTWOOD OF PALATINE CONDOMINIUM ASSOCIATION
File Number 63395617
Status DISSOLVED
Entity Type CORPORATION Type of Corp NOT-FOR-PROFIT
Incorporation Date (Domestic)
04/06/2004 State ILLINOIS
Agent Name JEFFREY E KOLODNY Agent Change Date 04/14/2005
Agent Street Address 6160 N CICERO AVE- STE 620 President Name & Address DIANE GOLIN (DI) 4005 WINSLOWE ROLLING MEADOWS 60008
Agent City CHICAGO Secretary Name & Address INVOLUNTARY DISSOLUTION 09 01 06
Agent Zip 60646-4395 Duration Date PERPETUAL
Annual Report Filing Date
00/00/0000 For Year 2006
LEGAL STATUS
Where We Were
• No Workman's Compensation Insurance
• No tax information provided
• No Licensing provided for contractors
• No proof of Liability insurance for contractors
Where We Were
• 87 lamps not working
• 4 Working sump pumps for 5 basements
• Circulator pumps in dire need of maintenance (mounts, bearings etc)
• Poor performance by contractors.
• One individual controlling ALL Association assets, making all decisions etc.
Financials as of 09/29/2006
• Beginning Operational account - $61,000
• Known invoices due - $30,000+
• Reserve account - $103,000
• Amount for flood remediation - $2,000+
• Actual books not turned over.
• Legal and Accounting resources brought into play.
As we know them
Primary issues of maintenance discovered
• 1453,57,61,65 roofs
Primary issues of maintenance discovered
• 1453,57,61,65 roofs continued
Primary issues of maintenance discovered
• 1453,57,61,65 roofs continued
Primary issues of maintenance discovered
• The effects of leaking roofs.
Primary issues of maintenance discovered
• The effects of leaking roofs.
Primary issues of maintenance discovered
• The effects of leaking roofs.
Primary issues of maintenance discovered
• Liability Issues.
Primary issues of maintenance discovered
• Liability Issues.
Run Video
Primary issues of maintenance discovered
• Flood prevention inadequacies 1455.
Primary issues of maintenance discovered
• Flood prevention inadequacies 1467.
Primary issues of maintenance discovered
• Flood prevention inadequacies 1473.
Remedial Actions Taken Since 09/28/06
• 2 new sump pumps & valves installed in 1457 basement Cost $275
Remedial Actions Taken Since 09/28/06
• Broken outflow cast iron pipe temporarily sealed. Cost $10
Remedial Actions Taken Since 09/28/06
Remedial Actions Taken Since 09/28/06
Remedial Actions Taken Since 09/28/06
Remedial Actions Taken Since 09/28/06
• 1489 concrete Slab removed and new slab poured. Cost $650
Remedial Actions Taken Since 09/28/06
• 1489 concrete Slab continued.
Roofing Issue
• Estimates for repairing– $2000 to $4000 per roof
• Estimates for replacing– $16000 - $32000 per roof
• Get through the winter.
Where We Want to Go from here
• Collective decisions by entire Board
• Committees for largest budget items
• Multiple responsibility for finances
• A growing, adequate reserve fund
• Strategic plans for the future of our property, our investments and our community
The First Critical Steps
• Collection of Documents
• Immediate maintenance concerns
• Financial Audit
• Reserve study for large capital expenditures
• Rules and Regulations
• Budget for 2007
Thank you for Participating
From your Board of Directors