Now that urgent and immediate building repairs and maintenance have been addressed, which was discussed in the Budget Meeting earlier this month, we can now begin to focus on other areas to keep you abreast of your Association and be transparent to you, our resident, with regard to financial year-end reports, etc.
I also included the comparison for the last five years which demonstrates that your Board of Directors has addressed building neglect over the previous number of years and urgent repairs to the building such as replacing the roof and securing the building from the fire. If you will recall, the building, for almost two years, had plywood on the unit which had been destroyed by fire (through two hurricane seasons). Additionally, the second floor railing cement was falling apart and had to be restored.
Also, during this time, we endured a recession referred to now as the GREAT RECESSION in which we had a large number of vacant, deserted and delinquent units and unit owners. Not only was the Board of Directors able to make the above urgent repairs to the building, but do so fiscally responsibly and avoided having to implement large special assessments , what many condo associations had to do, in order to meet general operating items.
Not only has all the above been done, but the building is now well maintained to the level in which it was when many of you first moved into Hillcrest 11. And, it has now become a beautiful place we all enjoy coming home too.
I’m happy to report that there are now no bank owned units now in Hillcrest 11 or units in bank foreclosure. As you may know, anytime a unit in our building was foreclosed on, it depressed the property value of all our units. Units now on the market have been upgraded and many haven’t remained on the market for long. Also units have been selling for asking price.
That being said, to be more transparent to our residents, we will begin to post year-end financial statements on this site. Additionally, to make our financial statements less confusing, we will work with the IRS to have our financial accounting changed from the accrual methodology to the cash basis methodology which is the standard with under 50 unit Associations.
We will put more archive financials on the site and then continue to add year-end statements going forward.
To access this page, please go to the RESIDENT section on the main menu or click this link -> Year End Financial Reports
However, should you have any questions, please do not hesitate to contact me as I’ll be happy to discuss “our” Association with you.
E. Jeffrey Ladner,
President, Hillcrest Building 11