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Brentwood of Palatine Condominium Association

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					 Brentwood of Palatine
Condominium Association




    State of our Property
     October 10, 2006
 Where we were, are and want
           to be.
• September 28th Special meeting of the
  members – the results.
• September 29th Inspections of property
  begin.
• October 2nd The storm and it’s effects
• On going remedial actions for the
  improvement of our property.
• What we see for the future.
     Members meeting results
• Resignations         • Election results %
                         ownership total
• Removal by
                          – Patrick Plunkett (43.928)
  unanimous consent       – Ramon Poblet (43.928)
• Elections of board      – Violetta Karolkiewicz
                            (43.175)
  members
                          – Michael Karan (42.566)
                          – Atanas Ionchev (1.50)
                          – Vedat Mourad (1.141)
                         Where We Were
                                      LEGAL STATUS
CORPORATION FILE DETAIL REPORT

  Entity Name            BRENTWOOD OF PALATINE        File Number                63395617
                         CONDOMINIUM ASSOCIATION



  Status                 DISSOLVED


  Entity Type            CORPORATION                  Type of Corp               NOT-FOR-PROFIT


  Incorporation Date     04/06/2004                   State                      ILLINOIS
 (Domestic)

  Agent Name             JEFFREY E KOLODNY            Agent Change Date          04/14/2005


  Agent Street Address   6160 N CICERO AVE- STE 620   President Name & Address   DIANE GOLIN (DI) 4005
                                                                                 WINSLOWE ROLLING
                                                                                 MEADOWS 60008

  Agent City             CHICAGO                      Secretary Name & Address   INVOLUNTARY
                                                                                 DISSOLUTION 09 01 06


  Agent Zip              60646-4395                   Duration Date              PERPETUAL


 Annual Report Filing    00/00/0000                   For Year                   2006
 Date


 Return to the Search Screen
            Where We Were
•   No Workman's Compensation Insurance
•   No tax information provided
•   No Licensing provided for contractors
•   No proof of Liability insurance for
    contractors
          Where We Were
• 87 lamps not working
• 4 Working sump pumps for 5 basements
• Circulator pumps in dire need of
  maintenance (mounts, bearings etc)
• Poor performance by contractors.
• One individual controlling ALL Association
  assets, making all decisions etc.
     Financials as of 09/29/2006
               As we know them
•   Beginning Operational account - $61,000
•   Known invoices due - $30,000+
•   Reserve account - $103,000
•   Amount for flood remediation - $2,000+
•   Actual books not turned over.
•   Legal and Accounting resources brought
    into play.
Primary issues of maintenance
          discovered
      • 1453,57,61,65 roofs
Primary issues of maintenance
          discovered
     • 1453,57,61,65 roofs continued
Primary issues of maintenance
          discovered
      • 1453,57,61,65 roofs
        continued
Primary issues of maintenance
          discovered
     • The effects of leaking roofs.
Primary issues of maintenance
          discovered
     • The effects of leaking roofs.
Primary issues of maintenance
          discovered
     • The effects of leaking roofs.
Primary issues of maintenance
          discovered
     • Liability Issues.
Primary issues of maintenance
          discovered
     • Liability Issues.
Run Video
Primary issues of maintenance
          discovered
     • Flood prevention inadequacies 1455.
Primary issues of maintenance
          discovered
     • Flood prevention inadequacies 1467.
   Primary issues of
maintenance discovered
  • Flood prevention inadequacies
    1473.
 Remedial Actions Taken Since
           09/28/06
• 2 new sump
  pumps &
  valves
  installed in
  1457
  basement
  Cost $275
Remedial Actions Taken Since
          09/28/06
• Broken
  outflow cast
  iron pipe
  temporarily
  sealed. Cost
  $10
Remedial Actions Taken Since
          09/28/06
Remedial Actions Taken Since
          09/28/06
Remedial Actions Taken Since
          09/28/06
Remedial Actions Taken Since
          09/28/06
• 1489
  concrete
  Slab
  removed and
  new slab
  poured. Cost
  $650
Remedial Actions Taken Since
          09/28/06
• 1489
  concrete
  Slab
  continued.
             Roofing Issue
• Estimates for repairing
  – $2000 to $4000 per roof
• Estimates for replacing
  – $16000 - $32000 per roof
• Get through the winter.
     Where We Want to Go from
              here
•   Collective decisions by entire Board
•   Committees for largest budget items
•   Multiple responsibility for finances
•   A growing, adequate reserve fund
•   Strategic plans for the future of our
    property, our investments and our
    community
      The First Critical Steps
• Collection of Documents
• Immediate maintenance concerns
• Financial Audit
• Reserve study for large capital
  expenditures
• Rules and Regulations
• Budget for 2007
Thank you for Participating

  From your Board of Directors

				
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posted:6/19/2011
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