Victorian Court Condo Association Annual Meeting

Victorian Court Board:John ScotMary DiPietroStephen PetrangeloDawn CummingsSuma Mathai www.victoriancourtri.com

AGENDACall Meeting to OrderOld Business: 1. Notes of Y/E 2013 MeetingNew Business: 1. Repair and Maintenance Projects

2. Ice Dam Presentation 3. Budget Analysis for 2014 4. Present 2015 Budget 5. 2014 Year End Assets 6. Appointment of Officers/ ElectionsOpen ForumAdjourn Meeting

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Maintenance & Repair Projects

2014 Completed Projects

RePaved and striped parking lotNew decks on 200 and 100 bldgLandscaping and stonework along main drivewayRemoved diseased and dying bushes in front of 100 Bldg and replaced with small flowering bushesReplaced dumpster enclosure Vented all bathroom fans to flow hot air out of attic

2015 Upcoming Projects

Landscaping around shed and fenceRepaint shedStain decks and fencingRemove damaged bushes along side of Unit 101

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Ice Dams

What are Ice Dams:

It’s a build of ice at the edge of the roof which does not allow water to flow off the roof as snow and ice melts.

Causes of Ice Dams:

Ice Dams are caused when the snow freezes on the roof form temperatures outside, and is

melted from the bottom up caused by a warm roof from the heat inside the house

Ice DamsHow do you Prevent Ice Dams: There are several schools of thought on preventing Ice Dams. One

thought is to properly vent the attics, we completed this and still had problems. Another is heat coils, we tested this on 2 Units and still had Ice Dam formations. There is a thought that air conditioning the attics to keep them cold so the roof stays cold from the bottom up will prevent Ice Dams since the Dams form from the warm roof causing the ice and snow to melt bottom up and stay frozen on top…seems logical, but costly. We will be meeting with builders, roofers and engineers over the upcoming months to research this further. We will also install roof guards as a test on one r two units, the design of these should help ease the formation of ice dams by preventing a snow slide towards the front of the roof.

2014 Budget Analysis2014 Budget 2014 ACUTUAL

Revenue 4 Mos @ $240, 8 Mos @ $250 4 Mos @ $240, 8 Mos @ $250Association Fees    $82,880.00     $82,880.00 

Late Fees Fees    Expenses    

Tax Prep    $1,200.00     $1,500.00 Bank Fees    $40.00     $40.00 

Exterminator    $825.00     $875.00 Gutter Cleaning    $3,000.00     $400.00 

Insurance    $10,451.00     $11,999.00 Landscaping    $13,115.00     $17,343.00 

Lawn Chemicals    $1,300.00     $1,300.00 Legal Services    $500.00     $500.00 

Management Fees    $6,000.00     $6,000.00 Miscellaneous    $800.00     $3,035.00 

Postage/Office Expense    $150.00     $782.00 Repairs & Maintenance    $7,000.00     $7,000.00 

Snow Removal    $8,500.00     $8,322.00 Electric (Utilities)    $1,050.00     $1,503.00 

Waste Disposal    $3,900.00     $3,200.00 PowerWashing      $2,350.00 

      

Reserve Funds    Special    $6,703.00     $6,420.00 Paving    $18,346.00     $11,750.00 

   

SUB TOTAL:

 $-   $82,880     $84,319 

Net 2012 Profit    TOTAL:   $82,880.00   $84,319.00

$(1,439.00)

2015 Budget Association Fees  $84,000.00 

Tax Prep  $1,500.00 Bank Fees  $40.00 

Exterminator  $600.00 Gutter Cleaning (EOY)  $-   

Insurance  $11,528.00 Landscaping  $15,000.00 

Lawn Chemicals  $1,300.00 Legal Services  $500.00 

Management Fees  $6,000.00 Miscellaneous  $2,000.00 

Postage/Office Expense  $400.00 Snow Removal  $8,500.00 

Electric (Utilities)  $1,500.00 Waste Disposal  $3,300.00 

PowerWashing (EOY)  $-   Loan Payment  $18,852.00 

Subtotal $71,020.00

Budgeted Savings Checking  $-   

General Savings  $2,980.00  Incidentals  $3,000.00 

Projects/Maintenance  $7,000.00  Reserve Fund  $- 

TOTAL BUDGET $84,000.00

Victorian Court Assets

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ACCOUNT TYPE  ACCOUNT ID#  BALANCE NEW ACCOUNT NAME

Checking Account  $3,548.70 Checking Savings 1263  $6,577.61 General Savings

Repairs (PAVING) 1264  $888.73 Incidentals Siding Savings 1265  $6,742.11 Projects/Maintenance

Special Reserve Savings 1267  $54,600.20  Reserve Fund    

Total Assets $72,357.35

**Balances accurate as of 04/01/2015