Windward Passage
President/Treasurer Report
2013 Annual Meeting
SPECIAL REPORT
Financial
The Association experienced another good year financially. We were awarded title of Unit 603 and during the past year able to recoup and collect $27,275 of delinquent fees for the Association. This, in addition to the transfer of the boat slip last year to Unit 303 which brought $55,800, has increased our cash balances for the association for a total earnings for the Association of $83,075
Cash balances as of Sept 30th are $747,229 in total, of this $437,337 is restricted and held in reserve funds. The Association has a positive fund balance or net worth currently of $232,783 which places our association in a strong financial position. Year to date, through September, the Association carries a positive net bottom line of $79,458. We are on target with meeting the current 2013 budget by year end and will be able to cover the insurance renewals due in December of approximately $110K.
Maintenance Projects Completed 2013
- Upgraded entrance gate system.
- Replaced Fire Pipe Leaks.
- Installed 50 new Curb Stops in parking garage. Had manufacturer install for a savings of Approx. $650.
- Converted the pool from Chlorine to Saltwater.
- Purchased and installed two pool heaters. Approx. Savings $7,000.
- Dropped pool company -( Dan Graff became a licensed pool technician) - Yearly Savings of $3,600
- Dropped Floor Cleaning company and Purchased Floor Scrubber for ($4,800). - With Dan Graff doing the hall and lobby floors, we will save $4,200 yearly.
- Hired a new Landscaping company with savings of $3,000 yearly, with better service and reliability.
- Enhanced front of building with New Awnings, Painted Medallions, Spruced up TWP sign and landscaping.
- Replaced all Fire Extinguishers.
- Purchased and installed new landscaping mulch, savings of $1,200 by Dan doing the work.
- Purchased and installed plants and Lava rocks in pool area. Labor done in-house.
- Repaired and maintained all landscape lighting and power transformers. All labor done in-house.
- Dan Maintained Unit 603, the Associations rental unit (Savings unknown)
- Hired an independent tree trimming company to trim the 11 Medjool palms and saved $600 over contracted landscaper.
- Installed hallway door corner guards.
- Purchased and installed emergency light fixtures in the hallways, OCR and main lobbies. Work done in-house, saving over $4,000 in labor cost..
- Through months of research on Unit dryer moisture issues, installed new speed controllers on roof top exhaust fans. Saved money on in-house installation and obtained over $3,000 from builder. (Builder did not meet code regulations)
- Installed floor drain by Unit #309 to relieve water buildup in the hallway
- Purchased and installed new dock ladders
- Maintained HVAC system in lobbies and all maintenance done in-house, saving money.
Other Savings
Flood Insurance - Since 2011, TWP has been realizing a huge savings Annually due to the change of Flood Zone ratings. Reducing our insurance cost, allows us to pay the annual premium upfront, without financing it, and putting the saved funds into our bottom line. Savings of $196,200/yearly not including yearly raises in premiums.
Building Liability Insurance - In 2012, our Liability coverage and Premiums were reviewed by the Board. Even after increasing coverages in several areas, we are currently realizing an annual savings of approximately $16,000/yearly based on changing insurance companies.
Review
Due to a very active Board, the Grounds Committee and a highly motivated Maintenance Supervisor, (Dan Graff), we were not only able to keep our HOA dues reduced, because of all the savings from shopping new contractors and taking on a lot of the task usually performed by outside contractors...we also earned money for the Association through creative concepts.
Total Savings:
One-Time: $14,850 - Plus, additional work performed by Dan Graff not included.
Yearly: $223,600
Total Earnings: $83,075
Report By Debra Taddeo, President and
Trina Fisk, Treasurer
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