The audited financial statement was recently distributed to all shareholders and
discussed at our open shareholders meeting on May 1st. Based on actual results through
December 31, 2012 our surplus in 2012 and the balanced budget for 2013 were a result
of an increase in our transfer fee activity.
In an effort to reduce our reliance on this line item and use these funds primarily for our
reserve fund which funds future capital improvements, the transfer fees will be phased out from our operating budget over the next few years.
To compensate for this realocation, the Board has approved a 1.50 % maintenance increase, effective September 1, 2013.
The Board’s primary objectives are to maintain all aspects of our building, and to
protect and enhance its financial security as well as the individual owner’s value in our
building. We thank you for your understanding and if you have any questions or
suggestions, please do not hesitate to contact a Board member.