Financial Records Archive

accountant

Dear Residents,

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.

Regards,

E. Jeffrey Ladner,

President, Hillcrest Building 11

 

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MONTHLY MAINTENANCE

Dear Hillcrest 11 Residents,

As you are aware, being an owner in a condominium building means you are a cooperative owner, along with the other residents in the building.  Your monthly maintenance payments  pay bills for the building: electric, water/sewer, waste collection, cable TV, elevator service, landscaping and janitorial, to name a few.

There are also annual bills such as, certification and inspection of  fire alarms and extinguishers, the elevator, as well as building insurance.  Each year these costs are presented and approved during an annual budget meeting and incorporated into your monthly maintenance payment based on your percentage of common ownership.  When an owner of our building does not pay, or fails to pay their monthly maintenance in a timely manner this causes an unfair situation to the remaining residents of our building.

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BUDGET MEETING RECAP

For residents who were unable to attend the Annual Budget Meeting on Monday March 2, 2015, here is a recap of topics and points discussed:

Clubhouse #2 is new meeting location for Hillcrest 11.

Quorum was achieved, the vote to waive funding the reserve account by doubling HOA dues for this year was passed.  But that reserve will be needed when disaster hits, residents should consider saving up anyway to cushion for when the inevitable hike in HOA dues does arrive.

Payment of a special assessment will begin May 1 and paid within 6 months. The assessment will be calculated using 15% and is intended to cover electrical refitting involving the fuse box in each unit.  Residents have until April 1st to make final payment on last year’s special assessment.

The Board proposed a quote of $15,000 for the electrical refitting task.  A resident requested  competing quotes.  The Board will do the homework as it is expected that major expenses have 3  contractor quotes before a final decision.  The sole quote presented is from the electrician who has completed several tasks at Hillcrest 11.

A resident on the 3rd floor reported discourteous conduct by some who do not remove their lint after using dryer.  And someone is using too much detergent or soap that is not branded with the HE logo.  Your money bought this laundry equipment, your money will pay to repair it if we all don’t abide by those guidelines posted in all laundry rooms.  If reading English is challenging, just ask someone for assistance, it will save us money in the long run.  Or perhaps bilingual signs will become the new normal soon.

Residents raised the issue of residents placing litter on the property and not contributing to pick up litter.  A resident recounted observing litter remain untouched for two days.  We all  should chip in to pick up litter that may blow or wash on to Hillcrest 11 or be left by visitors.  This helps manage the cleaning expense for common areas.

The Board announced all meetings will be in ClubhoDCIM100GOPROuse #2 (see photo above) and  Clubhouse #3 (immediately behind Hillcrest 11) is transitioning to a fitness center (see photo, right).  Access to the fitness center is yet to be determined, there will be an annual fee of $52 or more to cover upkeep.  Access to the gate to each pool will be changed to electronic access using a wob.

Parking permits have been ordered, distribution will be announced.   It was emphasized that residents are not allowed to park in guest spaces.  Board introduced a new rule: residents with more than 2 cars must arrange to park off-site.  A resident with a 2-bedroom unit and sometimes 3 cars expressed outrage.  The Board plans to hire a company to monitor the parking courtyard to enforce rules and use of permits.  At first, this expense seems excessive for a 42-unit building already on a tight budget, really!

The campaign to reduce our water bill is still in play, residents are asked to avoid letting faucets run excessively and to trade-up old toilets.  A rebate may still be available from the City of Hollywood.  The Board suggests there might be a leak in the main pipe causing our bill to be more than Building #2 which has about 60 units and water bills averaging $2000 per month.  To inspect for leaks in the main, water must be shut-off.  Will the City reimburse if a leak is found?  Stay tuned for update.

Hillcrest Country Club

Insights on pros and cons of the development proposals for Hillcrest were shared and residents were encouraged to visit: HILLCRESTINFORMATION.com and attend an information meeting in Hillcrest Country Club.  Read the flyer, click there >> PROS & CONS.  Government ID is required to cast your vote at the Hillcrest Country Club.  PLEASE NOTE: IF YOU DO NOT VOTE, YOU ARE IN FACT VOTING FOR THE OLD PLAN.

Residents should have received a mailing announcing the process for Election of HOA Board at the Annual Membership Meeting on Monday, April 27, 2015 at 6:30 p.m. in Clubhouse #2 at 1151 S. Hillcrest Court.  Anyone interested in volunteering to be a Board Member should submit their candidate information sheet by March 18th.

 

This report was updated March 9th @ 12.45 pm.   Previous post stated that residents parking a third car at Hillcrest 11 would be fined.

WASTING WATER COSTS MONEY

The water you waste costs you money.  It’s that simple.

thThat leaky toilet you forget to fix, running water when you’re not using it, and the water you don’t recycle show up in our monthly water bill.

Please notify a Board member if you notice a water leak or the toilet in your unit continuously runs as if the tank is still filling long after it was flushed.

Fixing a leaky toilet saves HUNDREDS OF GALLONS OF WATER a day, and that saves money. A leaky, running toilet wastes more water than a dripping faucet.

Building water bills are our biggest expense.  Remember, each of us is responsible for paying building bills through our monthly maintenance payment.  If building bills increase that can hike up your monthly maintenance dues.

A handy tipsheet that was delivered to your door to help get you into the GOOD HABIT of SAVING WATER and keeping our water bills reasonable.  No one wants higher HOA dues, so stop flushing money down your toilet.

CONSERVE WATER & SAVE MONEY

  1. Take shorter showers; baths use more water.Water Pressure
  2. Don’t run water while shaving or brushing teeth.
  3. Only run laundry machine and dishwasher with full load.
  4. Replace old toilets, shower head and faucets with water-conserving fixtures.
  5. Don’t leave faucet running while soaping dishes or rinsing fruits/veggies.
  6. Recycle old water by using it on plants instead of throwing it down a drain.

Give yourself an applause if you already practice 4 or 5 of these tips every day or encourage neighbors to get hooked on these good habits.

Saving water to lower our bills is everyone’s responsibility and should be taken seriously when you consider the high cost for wasting water.

LATE DUES LATE FEE

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A notice was posted on every occupied unit and  the community bulletin board by the HOA Board President regarding a change in our late fee assessment.

The notice stated:

Our bookkeeper will assess a $25 late fee if the full amount due on account is not paid during the current month.   For example: If a resident has a past due amount of $50, then  mail just their regular monthly payment, the bookkeeper will apply $50 of that towards their old balance, and then post a $25 late fee on the current month as it was not technically paid in full.

Previously, the bookkeeper would post $25 to the current month if not received by the grace period and if a unit owner did not pay the late fee, this would remain on the books.  The change should encourage residents to pay the full amount due on their account timely.

The notice delivered to each unit expressed that payment must be POSTED which means  RECEIVED by the 10th of the month.  Some residents have been mailing it on the 10th.  If the payment is not posted by the 10th, then on the following day, the $25 late fee will be assessed.

*** END OF NOTICE DISTRIBUTED ***

Our by-laws state the grace period as only five days.  This is something we can review in the future.  This recurring late fee will begin to be assessed on May 1st.  We will review this during the upcoming Budget Meeting.

Currently there are five unit owners with a small outstanding balance. Don’t let a mound turn into a mountain, contact the bookkeeper for Hillcrest Bldg. #11  at (954) 983-1221 ASAP to settle your debt and avoid the growing burden and liability of late fees.

FINANCE TIPS for SENIORS

(Courtesy FDIC Consumer News — USA.gov)

1. Decide if you need financial help from an expert, and then choose wisely. A financial advisor could help answer questions such as how quickly to take money from savings and how to invest in your later years.

But FDIC Community Affairs Specialist Ron Jauregui cautioned that “before images-13you follow the advice of a supposed ‘expert’ who claims to have special credentials for advising seniors, research what that title may or may not mean and the advisor’s background.”  According to a report by the Consumer Financial Protection Bureau (CFPB), the training, standards and regulatory oversight for more than 50 senior designations used by financial advisors can vary significantly.

To learn more about professional designations and for tips on choosing an investment advisor, the Financial Industry Regulatory Authority has a Web site at www.finra.org/Investors/ToolsCalculators/ProfessionalDesignations/DesignationsLookup.

2. Prepare for the possibility that you may become unable to handle your finances. Consider writing down a list of your financial institutions and account numbers and keeping it in a safe place that would be accessible by your loved ones in an emergency.  An attorney can help you decide if you should have a legal document known as a power of attorney (POA), which would allow one or more people you designate to make key decisions with as much or as little of your financial or personal life as you choose.

Note that a “durable” POA takes effect when you sign it and remains effective if you become incapacitated, while a “springing” POA generally becomes effective only if and when you have beenimages declared incapacitated. (The laws governing POAs vary from state to state, so consider consulting with an attorney who is knowledgeable about such matters.)

You can also add a co-owner to a deposit account, but that person has the ability to conduct transactions, including withdrawing money from a checking or savings account, without your prior approval.  Your banker or attorney may be able to help you identify other possible alternatives, but you still must think carefully about who you give access to your money.  Also, if your co-owner owes a debt and cannot pay it, the funds in your account may be taken to pay the debt.

Spending Money

3. Develop a spending plan for your retirement. Having a plan for your money and limiting expenses in retirement is important. Consider new ways to cut costs, such as by letting your auto insurer know you no longer drive your car to work. “Consider continuing to put some of your income into savings, especially for short-term goals such as holiday gifts, because that can help you avoid a large, sudden withdrawal from your retirement investments,” added Luke W. Reynolds, Chief of the FDIC’s Outreach and Program Development Section.

Read More, Click There  >>  FDIC Consumer News – For Seniors: 15 Quick Tips for Protecting Your Finances.

CARE FOR YOUR NEW LAUNDRY

CONGRATULATIONS homeowners at Hillcrest 11, you are the owners of straight-from-the-factory, commercial SpeedQueen laundry machines.

Our community invested $3,800 in three new electric washing machines and three dryers, which were installed yesterday.  We did not renew our lease with MacGray.  But their contract granted MacGray first right of refusal upon review of competitive bids for the purchase of laundry equipment.

Your payment to use laundry machines will be reinvested in repairs and pay our water and electric bills to operate six laundry machines.  By unanimous Board vote machine use charge was reduced to $1 per use.

It is important that we all chip-in to maintain the machines by properly handling them.  Each laundry room has a big notice posted with guidelines.  The inside lid of each washing machine has operating instructions.  Please read them.

PLEASE DO NOT WASH SNEAKERS, SANDALS, SHOES AND RUGS IN OUR MACHINES.  ALSO, THESE MACHINES ARE NOT BIG ENOUGH TO PROPERLY WASH BED COMFORTERS.

The stainless steel tub of the washing machines are deeper than previous machines, but the water level is lower than the previous machines.  Watch where the water tops off before you leave the laundry room so you do not overload washers.

The ‘NORMAL’ setting on the dryer offers the hottest temperature.  The other two settings on the dryer are cooler.

Do not sit or rest heavy baskets on machines, that will off balance them and make them non-operational.  We need to avoid unnecessary repair calls.

Funds collected from machines will be done so monthly by two Board members, one serving as witness, then tallied, recorded and submitted to our accountant.  That tally record of monthly deposits shall be available for review by current homeowners by contacting/visiting Jackie at USA Management Services, 6915 Taft Street, Hollywood, Fl.  Same can be done to review any expenses approved by the Board with community funds.

SUMMER YARD SALE SIGN-UP

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Annual HILLCREST 11 Summer Yard Sale

Please note, you must provide the table(s), rack(s), seating and ground coverageyou require to properly display the items you put out for sale.hillcrest11clubroom_6296

Clothing, appliances, decorations, books, art, housewares … got stuff in good condition, bring it out and make a buck for passing it to folks who can get more use from your stuff.

Winning certain sales might require some bargaining, so bring your best haggling skills.  Recreation room #3 (pic at right) will provide shelter from rain and sun.  The greenspace at Building #11 (pic at top) can be used to display items that will attract traffic to your stall.

YardSaleAd

By signing up here you help us properly prepare this event and accurately estimate how many  residents are participating, kindly complete the following form:

TOILET REBATE PROGRAM

toiletrebate

Toilets older than 1992 use 3 gallons or more of water per flush.  The City of Hollywood has budgeted $250,000 toward a rebate program that pays $100.00 per eligible toilet upgraded, maximum 2 toilet rebates per residence/unit.  That equates to 2,500 toilet replacements.  Each unit owner’s rebate will be applied as a credit to the condo building’s master-metered water account and will be issued to the property management.   Hillcrest 11 HOA will pay forward each rebate received from the City to homeowners who successfully qualified for rebate(s).  The program operates on a first come first serve basis.  Here’s what you need to do to get paid to save water:

  1. Purchase and install a new WaterSense labeled toilet in a master-metered building.  Toilets purchased prior to February 6, 2013 are not eligible.

  2. Complete the Multi-Family Toilet Rebate Application (to download, click there –> City of Hollywood.)

  3. Submit an original application (not a copy) with a copy of the most recent water bill, a photo of the installed toilet, and the original receipt for the newly purchased toilet(s) to the original application.

Read the rebate document, to download click there –> Toilet.Rebate.PDF

JANUARY UPDATE

Dear Hillcrest 11 Residents,

Let me take this opportunity to wish each of you and yours a very happy, healthy and prosperous New Year!!

We have two very important meetings scheduled which we encourage eery resident to attend.  One will be the budget meeting in which the Board will approve the 2013 annual budget, and then give the residents the opportunity to waive the reserve requirement.  In order to waive reserves, we need a quorum of the residents and then 51% of those in attendance or by proxy must vote to waive or else reserves, per state law, will be collected.  Also, residents will be voting on two proposed amendments to our by-laws which require approval by 75% of all residents in order to pass.

The Annual meeting in March will be to elect members to the Board.  When you get the packet, please indicate if you wish to serve on the Board.  A few residents have been involved, but our community needs more people to become involved.

Packets will be mailed to all residents.

hillcrest11permitpark_1867

Cars parked inappropriately will be towed without notice and at owner’s expense.  Reserved handicap parking is NOT for residents parking.  Have your guest(s) park in designated parking spaces only.

This is your home.  Please don’t throw trash on common grounds, overfill trash containers or leave items outside around trash collection containers.  Let’s take pride in where you live and keep the building clean for your neighbors and guests to visit.

2013 MEETINGS

The following meetings will be held in Meeting Room #3 next to pool:

Budget & Reserves: February 12, 2013 @ 6.30 p.m.

Annual Meeting: March 28, 2013 @ 6.30 p.m.

Capital Improvement Projects

  • Second floor railing restoration is in permitting process and will begin once the permit is issuedhillcrest11security_1807 by he City of Hollywood.
  • Quotes have been obtained for a camera security system and bid will be awarded and cameras installed on the property for security and surveillance.
  • Quote to be obtained for elevator improvements to ceiling, lighting and control panel.
  • Meet with company regarding parking lot improvements.  City of Hollywood regulations are having to be obtained with regarding to improvement and Board attempt to increase parking spaces if allowed.  Once completed, the bidding of parking lot improvements will begin.  Hoping this project can begin late spring or early summer.
  • Automatic closures will be installed on security gates to ensure they close properly.