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| EDGEWATER BUDGET FOR 2007 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 |
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| INSURANCE LOSS DEDUCTIBLE 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, 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. |
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| Please test your smoke detector to make sure it is functioning properly! |
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| BOAT and 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. |
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