Board of Directors Report Modern Confectionery Lofts...
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Board of Directors Report Modern Confectionery Lofts Turner Properties LLC December 2013 Community Management Accounting All bills received to date have been paid All Association bills are current Key Dates Next BOD Meeting TBD Annual Meeting TBD Reserve Study Update April 2014 Regenesis Budget Review Feb 2014 Fiscal Year 4/1 - 3/31 Insurance Expiration 11/27/2014 CAU FHA Expiration N/A Rules Violations None Owner Accounts over 60 days None Collection Accounts None Maintenance and Repairs Dryer vent being replaced with louvered cover John Turner, Association Manager Melissa Lappin, Association Coordinator
Transcript of Board of Directors Report Modern Confectionery Lofts...
Board of Directors Report
Modern Confectionery Lofts Turner Properties LLC
December 2013 Community Management
Accounting
All bills received to date have been paid
All Association bills are current
Key Dates
Next BOD Meeting TBD
Annual Meeting TBD
Reserve Study Update April 2014 Regenesis
Budget Review Feb 2014 Fiscal Year 4/1 - 3/31
Insurance Expiration 11/27/2014 CAU
FHA Expiration N/A
Rules Violations
None
Owner Accounts over 60 days
None
Collection Accounts
None
Maintenance and Repairs
Dryer vent being replaced with louvered cover
John Turner, Association Manager
Melissa Lappin, Association Coordinator
Dec 13
Ordinary Income/ExpenseIncome
Electricity Reimbursement 1,542.13Interest 5.34Monthly Dues
Unit 1 1,110.69Unit 2 307.00Unit 3 254.58Unit 4 400.58Unit 6 546.58Unit 7 718.83
Total Monthly Dues 3,338.26
Total Income 4,885.73
ExpenseOPERATING EXPENSES
ADMINISTRATIVEBank Charge 36.00Insurance 4,808.00Licence/Permits/Taxes 50.00Management 250.00Postage and Mailing 6.30
Total ADMINISTRATIVE 5,150.30
MAINTENANCEGeneral Maintenance 280.77Landscape Maintenance 183.50
Total MAINTENANCE 464.27
RESERVE TRANSFERS4500 Checking to Reserves 500.00
Total RESERVE TRANSFERS 500.00
UTILITIESElectricity 311.83Garbage 60.65Telephone 211.99
Total UTILITIES 584.47
Total OPERATING EXPENSES 6,699.04
Total Expense 6,699.04
Net Ordinary Income -1,813.31
Other Income/ExpenseOther Income
RESERVE RECEIPTS4800 Monthly Reserve Transfer 500.004910 *Pass-thru Reserves Debits -23,000.00
Total RESERVE RECEIPTS -22,500.00
Total Other Income -22,500.00
Net Other Income -22,500.00
Net Income -24,313.31
3:58 PM Modern Confectionery Lofts Condominiums02/17/14 Income StatementCash Basis December 2013
Page 1
Type Date Name Memo Paid Amount Balance
Electricity ReimbursementInvoice 12/3/2013 1 - Veber, Gayle & Carol 7/30/13-10/7/13 1,025.59 1,025.59Invoice 12/30/2013 6 - Michaels, Rod 516.54 1,542.13
Total Electricity Reimbursement 1,542.13 1,542.13
InterestDeposit 12/31/2013 Interest 5.34 5.34
Total Interest 5.34 5.34
Monthly DuesUnit 1Invoice 12/3/2013 1 - Veber, Gayle & Carol Monthly Dues 167.19 167.19Invoice 12/3/2013 1 - Veber, Gayle & Carol Monthly Dues 750.06 917.25Invoice 12/27/2013 1 - Veber, Gayle & Carol Monthly Dues 193.44 1,110.69
Total Unit 1 1,110.69 1,110.69
Unit 2Invoice 12/12/2013 2 - Bullock, Kevin J. Monthly Dues 307.00 307.00
Total Unit 2 307.00 307.00
Unit 3Invoice 12/1/2013 3 - Thomas, Roxanne Monthly Dues 9.79 9.79Invoice 12/9/2013 3 - Thomas, Roxanne Monthly Dues 244.79 254.58
Total Unit 3 254.58 254.58
Unit 4Invoice 12/1/2013 4 - Goetze, Caryll & Barbara Monthly Dues 400.58 400.58
Total Unit 4 400.58 400.58
Unit 6Invoice 12/1/2013 6 - Michaels, Rod Monthly Dues 546.58 546.58
Total Unit 6 546.58 546.58
Unit 7Invoice 12/2/2013 7 - Ellis, Regina 718.83 718.83
Total Unit 7 718.83 718.83
Total Monthly Dues 3,338.26 3,338.26
OPERATING EXPENSESADMINISTRATIVE
Bank ChargeCheck 12/4/2013 Service Charge -36.00 -36.00
Total Bank Charge -36.00 -36.00
InsuranceBill 12/15/2013 *CAU Insurance Down Payment -4,808.00 -4,808.00
Total Insurance -4,808.00 -4,808.00
Licence/Permits/TaxesBill 12/15/2013 *Turner Properties Managem... Reimburse for Renewa... -50.00 -50.00
Total Licence/Permits/Taxes -50.00 -50.00
ManagementBill 12/15/2013 *Turner Properties Managem... -250.00 -250.00
Total Management -250.00 -250.00
Postage and MailingBill 12/15/2013 *Turner Properties Managem... -6.30 -6.30
Total Postage and Mailing -6.30 -6.30
Total ADMINISTRATIVE -5,150.30 -5,150.30
3:57 PM Modern Confectionery Lofts Condominiums02/17/14 Income Statement DetailCash Basis December 2013
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Type Date Name Memo Paid Amount Balance
MAINTENANCEGeneral Maintenance
Bill 12/15/2013 *Marshall Gardens LLC Concrete Container -32.00 -32.00Bill 12/15/2013 Caryll Goetz Light bulbs 2/13/2013,... -248.77 -280.77
Total General Maintenance -280.77 -280.77
Landscape MaintenanceBill 12/15/2013 *Marshall Gardens LLC -183.50 -183.50
Total Landscape Maintenance -183.50 -183.50
Total MAINTENANCE -464.27 -464.27
RESERVE TRANSFERS4500 Checking to Reserves
Bill 12/15/2013 *Transfer to Reserves -500.00 -500.00
Total 4500 Checking to Reserves -500.00 -500.00
Total RESERVE TRANSFERS -500.00 -500.00
UTILITIESElectricity
Bill 12/15/2013 *PGE 15631 -276.04 -276.04Bill 12/15/2013 *PGE 15649 -35.79 -311.83
Total Electricity -311.83 -311.83
GarbageBill 12/15/2013 *Gruetter Sanitary Service, Inc. -60.65 -60.65
Total Garbage -60.65 -60.65
TelephoneBill 12/15/2013 *CenturyLink -64.76 -64.76Bill 12/20/2013 *CenturyLink -147.23 -211.99
Total Telephone -211.99 -211.99
Total UTILITIES -584.47 -584.47
Total OPERATING EXPENSES -6,699.04 -6,699.04
RESERVE RECEIPTS4800 Monthly Reserve TransferDeposit 12/15/2013 Deposit 500.00 500.00
Total 4800 Monthly Reserve Transfer 500.00 500.00
4910 *Pass-thru Reserves DebitsCheck 12/10/2013 -23,000.00 -23,000.00
Total 4910 *Pass-thru Reserves Debits -23,000.00 -23,000.00
Total RESERVE RECEIPTS -22,500.00 -22,500.00
TOTAL -24,313.31 -24,313.31
3:57 PM Modern Confectionery Lofts Condominiums02/17/14 Income Statement DetailCash Basis December 2013
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Dec 13 Budget Apr - Dec 13 YTD Budget Annual Bud...
Ordinary Income/ExpenseIncome
Electricity Reimbursement 1,542.13 125.00 1,790.41 1,125.00 1,500.00Interest 5.34 10.83 60.26 97.47 130.00Monthly Dues
Unit 1 1,110.69 943.50 8,419.08 8,491.50 11,322.00Unit 2 307.00 307.08 2,739.40 2,763.72 3,685.00Unit 3 254.58 254.58 2,271.64 2,291.22 3,055.00Unit 4 400.58 400.58 3,574.44 3,605.22 4,807.00Unit 5 0.00 572.83 6,213.80 5,155.47 6,874.00Unit 6 546.58 546.58 4,877.26 4,919.22 6,559.00Unit 7 718.83 718.83 6,414.19 6,469.47 8,626.00
Total Monthly Dues 3,338.26 3,743.98 34,509.81 33,695.82 44,928.00
Total Income 4,885.73 3,879.81 36,360.48 34,918.29 46,558.00
ExpenseOPERATING EXPENSES
ADMINISTRATIVEAudit/Tax Prep 0.00 372.48 300.00Bank Charge 36.00 36.00Insurance 4,808.00 864.25 9,143.00 7,778.25 10,371.00Legal Services 0.00 8.33 472.80 74.97 100.00Licence/Permits/Taxes 50.00 6.25 75.00 56.25 75.00Management 250.00 250.00 2,250.00 2,250.00 3,000.00Postage and Mailing 6.30 1.25 37.60 11.25 15.00Reserve Account Study 0.00 0.00 400.00
Total ADMINISTRATIVE 5,150.30 1,130.08 12,386.88 10,170.72 14,261.00
MAINTENANCEAlarm Service Quarterly 0.00 78.33 449.10 704.97 940.00Elevator Maintenance 0.00 333.33 4,032.46 2,999.97 4,000.00Fire System & Backflow 0.00 100.00 1,015.00 900.00 1,200.00General Maintenance 280.77 125.00 3,721.76 1,125.00 1,500.00Janitorial Service 0.00 195.00 2,580.00 1,755.00 2,340.00Landscape Improvements 0.00 83.33 356.50 749.97 1,000.00Landscape Maintenance 183.50 183.50 1,835.00 1,651.50 2,202.00Pest Control 0.00 5.00 0.00 45.00 60.00Pressure Washing 0.00 63.75 0.00 573.75 765.00
Total MAINTENANCE 464.27 1,167.24 13,989.82 10,505.16 14,007.00
RESERVE TRANSFERS4500 Checking to Reserves 500.00 500.00 4,500.00 4,500.00 6,000.00
Total RESERVE TRANSFERS 500.00 500.00 4,500.00 4,500.00 6,000.00
UTILITIESElectricity 311.83 398.42 3,993.89 3,585.78 4,781.00Garbage 60.65 61.17 537.83 550.53 734.00Telephone 211.99 173.58 1,745.00 1,562.22 2,083.00Water & Sewer 0.00 435.00 4,128.67 3,915.00 5,220.00
Total UTILITIES 584.47 1,068.17 10,405.39 9,613.53 12,818.00
Total OPERATING EXPENSES 6,699.04 3,865.49 41,282.09 34,789.41 47,086.00
Total Expense 6,699.04 3,865.49 41,282.09 34,789.41 47,086.00
Net Ordinary Income -1,813.31 14.32 -4,921.61 128.88 -528.00
3:57 PM Modern Confectionery Lofts Condominiums02/17/14 Profit & Loss Budget PerformanceCash Basis December 2013
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Dec 13 Budget Apr - Dec 13 YTD Budget Annual Bud...
Other Income/ExpenseOther Income
RESERVE RECEIPTS4800 Monthly Reserve Transfer 500.00 500.00 4,500.00 4,500.00 6,000.004900 *Pass-thru Checking Credit 0.00 23,000.004910 *Pass-thru Reserves Debits -23,000.00 -23,000.00
Total RESERVE RECEIPTS -22,500.00 500.00 4,500.00 4,500.00 6,000.00
Total Other Income -22,500.00 500.00 4,500.00 4,500.00 6,000.00
Other ExpenseRESERVE EXPENSES
4950 Painting Project 2013 0.00 21,375.00
Total RESERVE EXPENSES 0.00 21,375.00
Total Other Expense 0.00 21,375.00
Net Other Income -22,500.00 500.00 -16,875.00 4,500.00 6,000.00
Net Income -24,313.31 514.32 -21,796.61 4,628.88 5,472.00
3:57 PM Modern Confectionery Lofts Condominiums02/17/14 Profit & Loss Budget PerformanceCash Basis December 2013
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Dec 31, 13
ASSETSCurrent Assets
Checking/SavingsReserve Account
US Bank Reserves MM6717General Reserves 41,481.61Reserves FY 2008-2009 5,000.04Reserves FY 2009-2010 5,000.04Reserves FY 2010-2011 5,500.08Reserves FY 2011-2012 5,500.08Reserves FY 2012-2013 1,375.02US Bank Reserves MM6717 - Other -19,747.36
Total US Bank Reserves MM6717 44,109.51
Reserve Account - Other -19,422.23
Total Reserve Account 24,687.28
US Bank Checking 3,919.22
Total Checking/Savings 28,606.50
Accounts ReceivableAccounts Receivable -1,911.87
Total Accounts Receivable -1,911.87
Total Current Assets 26,694.63
Other AssetsBuilding Improvement 38,078.50
Total Other Assets 38,078.50
TOTAL ASSETS 64,773.13
LIABILITIES & EQUITYEquity
Opening Bal Equity 63,169.98Retained Earnings 44,774.76Net Income -43,171.61
Total Equity 64,773.13
TOTAL LIABILITIES & EQUITY 64,773.13
12:17 PM Modern Confectionery Lofts Condominiums02/14/14 Balance SheetCash Basis As of December 31, 2013
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Type Date Num Memo Due Date Aging Open Balance
1 - Veber, Gayle & CarolInvoice 10/7/2013 820 10/7/2013 85 1,025.59
Total 1 - Veber, Gayle & Carol 1,025.59
TOTAL 1,025.59
12:18 PM Modern Confectionery Lofts Condominiums02/14/14 Open Balances
As of December 31, 2013
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