INCOME
MAINTENANCE FEES $ 205,344
GRAPES $ 1,500
LAUNDRY $ 5,000
STORAGE $ 4,800
VEHICLE STORAGE $ 1,000
H/O REPAIR $ 1,000
MISC. $ 2,000
APARTMENT RENTAL $ 6,300
RENTAL PROGRAM $ 6,000
INTEREST CD $ 1,000
INTEREST MM $ 100
INTEREST CHECKING $ 50
TOTAL INCOME $ 234,094
EXPENSES:
DONATIONS/DUES $ 500
EMPLOYEE MILEAGE $ 1,300
H/O REPAIR $ 1,000
INSURANCE LOSS DED. $ 2,500
MISC. $ 500
OFFICE SUPPLIES $ 2,000
OFFICE EQUIPMENT $ 0
POSTAGE $ 800
TAXES- STATE $ 200
TAXES- FEDERAL $ 100
TOTAL ADMINISTRATIVE $ 8,900
FEES:
ACCOUNTING $ 1,000
ATTORNEY FEES $ 1,000
INSURANCE $ 35,000
TOTAL FEES $ 37,000
UTILITIES:
ELECTRIC $ 13,000
REFUSE REMOVAL $ 4,100
SNOW REMOVAL $ 2,500
TELEPHONE $ 2,600
CABLE $ 200
WATER $ 13,000
WWTP $ 8,000
TOTAL UTILITIES $ 43,400
MAINTENANCE AND REPAIR:
BUILDING MAINTENANCE $ 10,833
CLEANING $ 300
GROUND MAINTENANCE $ 7,000
MACHINE $ 2,500
POOL EXPENSES $ 2,000
SOCIAL AND RECREATION $ 500
ROADS $ 4,500
TOTAL MAINTENANCE & REPAIR $ 27,633
PAYROLL:
OFFICE STAFF $ 27,225
MAINTENANCE $ 24,936
EXTRA MAINTENANCE $ 20,000
IRA- COMPANY CONTR. $ 1,000
HEALTH INSURANCE $ 2,000
PAYROLL TAXES $ 9,000
TOTAL PAYROLL $ 84,161
RESERVES:
(recommended projects)
TOTAL RESERVES $ 33,000
TOTAL EXPENSES: $ 234,094
WHEREAS, Section 12 of the By-Laws of the Edgewater Condominium Association
states that “the Board shall have all powers, and may exercise those powers, granted to
it under the Condominium documents. The Board of Managers shall exercise its
powers and duties in accordance with the provisions of the Declaration.”
WHEREAS, Section 12-g states that the Board can “make or amend the rules and
regulations respecting the use and operation of the property, but not inconsistent with
the Declaration.”
WHEREAS, Article XVI of the Declaration states that “each unit owner shall be governed
by and shall comply with the terms of the Condominium documents, regulations,
resolutions, and decisions adopted pursuant thereto as they may be amended from
time to time. Failure to comply with any of the same shall be grounds for an action to
recover sums due, for damages or injunctive relief or both maintainable by the Board of
Managers on behalf of the unit owners, or in a proper case, by an aggrieved unit owner.
In any case of flagrant or repeated violation by a unit owner, he may be required by the
Board of Managers to give surety or sureties for this future compliance with the By-laws,
rules, resolutions, and decisions.”
WHEREAS, Article XVI Section 2 further states “Each unit owner shall be liable for the
expense of any maintenance, repair or replacement necessary by this [sic] act, neglect
or carelessness to the extent such expense is not met by the Board of Managers”; and
WHEREAS, the Association believes that Article XVI Section 2 provides for the payment
by an individual unit owner of the Association’s insurance deductible as a result of
property damage; and
WHEREAS, the Association wishes to clarify and specify the individual unit owner’s
responsibility regarding the Association’s insurance deductible;
NOW THEREFORE, BE IT RESOLVED that the following requirements are hereby
adopted regarding the Edgewater Condominium Association’s insurance deductible:
1. On or before April 15, 2007, each and every unit owner should contact his or her
insurance company and make them aware of this resolution and shall make necessary
modifications to their insurance coverage so that in the event of a property damage claim
in their unit, that their insurance company will cover the Associations’ deductible,
currently $2,500. Proof of this coverage must be given to Edgewater on or in advance of
the coverage date.
Failure to comply with the terms of this Resolution shall result in a fine of One Hundred
Dollars ($100.) per month assessed against the unit owner for each month of
noncompliance, from April 15, 2007.
3. Any unit owner who does not carry insurance will still be held responsible for the
Edgewater Condominium Association’s deductible or the cost of damages up to
$2,500. A notorized letter assuming this risk will be required in lieu of proof of insurance.
Resolution Regarding: Association Insurance Deductible
This resolution duly adopted at a meeting of the Board of Managers of the Edgewater
Condominium Association held on this ____13___ day of _____January_______, 2007.
smoke detector to
make sure it is
functioning
properly!
RECREATIONAL VEHICLE PARKING RESOLUTION
WHEREAS, Section 12 of the By-Laws of the Edgewater
Condominium Association states that “the Board shall have all
powers, and may exercise those powers, granted to it under the
Condominium documents. The Board of Managers shall exercise
its powers and duties in accordance with the provisions of the
Declaration.”
WHEREAS, Section 12-g states that the Board can “make or
amend the rules and regulations respecting the use and operation
of the property, but not inconsistent with the Declaration.”
WHEREAS, Article XVI of the Declaration states that “each unit
owner shall be governed by and shall comply with the terms of the
Condominium documents, regulations, resolutions, and decisions
adopted pursuant thereto as they may be amended from time to
time. Failure to comply with any of the same shall be grounds for
an action to recover sums due, for damages or injunctive relief or
both maintainable by the Board of Managers on behalf of the unit
owners, or in a proper case, by an aggrieved unit owner. In any
case of flagrant or repeated violation by a unit owner, he may be
required by the Board of Managers to give surety or sureties for this
future compliance with the By-laws, rules, resolutions, and
decisions.”
WHEREAS, the Association and individual owners have expressed
concern over the current parking arrangements of boats and
recreational vehicles; and
WHEREAS, the Association deems it necessary for the boat and
recreational vehicle parking area to be relocated to the “west road”;
and the current parking area near the pool building changed into a
more aesthetically appropriate setting;
NOW THEREFORE, BE IT RESOLVED that the following
requirements are hereby adopted regarding boat and recreational
vehicle parking:
No later than May 31, 2007, each owner of a boat and/or
recreational vehicle must park in the newly assigned parking area
on the “West Road”, or remove the boat/vehicle from Edgewater
property.
Prior to that time, the new parking lot will be prepared by
maintenance staff with gravel and stakes marking the area.
As always, Edgewater is not responsible for vehicles parked on the
property.
Failure to comply with the terms of this Resolution shall result in a
fine of Fifty Dollars ($50.) per month assessed against the
homeowner for each month of noncompliance, from May 31, 2007.
Resolution Regarding: Boat/Recreational Vehicle Parking
This resolution duly adopted at a meeting of the Board of
Managers of the Edgewater Condominium Association held on
this ____13___ day of ____January ________, 2007.
