Perhaps if one repeats a lie over and over people will start believing it?
And I believe that is Mrs. Ingold’s modus operandi. It has worked for how many years?
Every year at the annual meeting of the Association we are assured by the president, Mrs. Ingold, that our property is financially strong.
Not really, if you look closer at the financial report (even with all the omissions).
We have no reserves to speak of and in the event of an emergency, we have less than $30,000.00. Please keep in mind the following projects that are in the pipeline:
- Roof replacement approximately $350,000.00
- Elevators modernization approximately $200,000.00 each
The cost of operating an aging building is rising every year, as is the cost of energy and the recent state tax increase. These costs are passed on to us consumers. However, our president Mrs. Ingold never saw a need to increase our reserves. Other (worse managed) associations in Chicago have increased their reserves on average by 5% annually to meet rising costs on the market. The board did see a need to raise the office salary and I have to add they are very generous. I wish I was gainfully employed by TBN.
The board voted repeatedly to hire Savemax to be an exclusive contractor and the contractor did such a fine workmanship that we are now in court for building violations with the City of Chicago.
Should someone check the quality of work performed before sending a check?
Should the property manager inquire or visually inspect the project being worked on?
We are now facing additional expenditures to correct the problems as you are all aware with the additional increases in assessments.
Do we have a board of directors who really focus on the welfare of the unit owners or…
One thing is certain, we have no reserves to cover any future emergency when it emerges… and you know what that means… did I hear someone say “Special Assessments”?