The following report was prepared by Larry Hirschman, Gates Hudson Vice President of Operations for the ECA Board Meeting held February 23, 2016.
The Elizabeth Condominium
Financial & Transition Report
February 23, 2016
1. The January 2016 monthly financials have not yet been
received from prior management, we have been told they will be available by the
end of this month. Upon receipt they
will be reviewed by me and the Gates Hudson CFO Carty Massey and a report will
be generated for the association.
2. Upon receipt of the January financials, I will prepare
a draft budget for review by the Budget & Finance Committee. This draft
budget will include monthly funding to the replacement reserves, increased
property insurance expense, loan payment expenses and a review of cost savings
opportunities. Additionally, we will also prepare a replacement reserve budget
for anticipated and future capital improvement projects.
3. Gates Hudson will be preparing a financial plan for
review by the Board of Directors. Again,
this plan will be focused on building replacement reserves, funding options for
future capital expenditures and an overall plan for building financial health
for the association.
4. Upon meeting with the Budget & Finance Committee,
Gates Hudson will have the monthly financials available one week prior to the
regularly scheduled monthly committee meeting.
This will enable the committee ample time to review the financials in
advance of the meeting. We will also
provide sample financial statement formats for review by the committee in an
easier to read format.
5. The audit report for FYE 2015 has not been
completed. The audit firm is awaiting
information from prior management. I
have reached out to the audit firm and asked that they forward me the
outstanding items in an effort to assist in obtain this information. I will keep you updated on the progress.
6. Gates Hudson Services will be conducting an extensive
property walkthrough/inspection within the next 30 days. This will include an assessment of all
mechanical systems and recommendations for the future.
7. Owner account balances have been received from prior
management and balance confirmation letters have been sent to owners. Should you have a credit balance on your
account and would like to request a refund please bring you letter to the
onsite office and your request will be processed. These instructions are also contained in the
letter you received.
In
an effort to save the association mailing expenses, I will hand deliver the
refund checks to the office and they will contact you upon arrival so that you
may pick up your check. The onsite
office will mail refunds directly to offsite owners.
8. I have received emails and telephone calls from owners
who expressed concern that they mailed payments to the lockbox in January and
they had not been cashed. The lockbox
was not active until February 1st as this is the commencement date
of the management agreement and therefore checks received at the lockbox were
held and created a delay in depositing the funds. Future payments will be
deposited as received; this is all part of the start up process.
9. Overdue insurance claim reimbursement requests have
been processed and hand delivered to those owners.
10. Email addresses for General Manager (ecagm@elizabethcondo.com)
and Assistant General Manager (ecaagm@elizabethcondo.com
have been established.
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