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The Point, August 31, 2010, Page 1 of 9 ©2010, East Point Condominium Association

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The Point, August 31, 2010, Page 1 of 9 ©2010, East Point Condominium Association August 31, 2010 Publisher & Editor: Tom Fraser 16A, Chairman, Communications. ([email protected]) Contributing Writers: Any owner or staff member. Board Meets Writers’ comments do not imply endorsement by the Association, which retains all editorial rights. The East Point Board of Directors conducted a regular meeting on Thursday, Content: Articles, comments, suggestions and August 26th. During this session, the directors questions effecting East Point, its owners and staff. approved (a) the Section 22.1 Certification Writers may request Not for Attribution. Anonymous, under the Illinois Condominium Property Act, libelous or defamatory statements and personal attacks will not be considered for publication. attesting to the Association’s compliance with certain documentary, capital expenditure, and Advertising: While the Board retains its absolute financial condition and information disclosures, discretion to accept, edit or reject any advertising (b) a waiver of the Association’s right of first entry, the publication of any such entry shall not be refusal for the sale of Unit 24D, (c) the funds to deemed an endorsement or promotion of, affiliation repair the garbage chute by Kohlman Chutes, with, or approval for, the content or subject matter of (d) the funds to replace the elliptical machine in the entry (including entries received with errors). the athletic room by The Fitness Connection, (e) the funds for maintenance of the main driveway surface by Pave Man, (f) the funds for a President’s Comments – Election Time residential-hallway redecorating and design plan by Keevan Sadock and, (g) changes to section As you know, Marge Hanson has 6.4 of the remodeling rules for washers and volunteered to be the 2010 chairperson for the dryers. Nominating and Election Committee. Marge has a wealth of knowledge and experience Secretary organizing and conducting this major and important effort on behalf of the members of the East Point Condominium Association. Treasurer’s Report We look forward to everyone’s attention As of July 31, 2010, our Total Assets to her informative communications on the were $1,108,596. Our fully-insured Reserve upcoming board candidate application process, Fund accounts totaled $744,819, while our fully- the absentee balloting procedures, scheduling of insured operating cash was $165,720. This is the candidates forum and, finally, the annual after our monthly payment for the elevator meeting and election. modernization project. The monthly Tom Fraser contribution to the reserve fund was $24,326. The Point, August 31, 2010, Page 1 of 9 ©2010, East Point Condominium Association For the period ending July 31, 2010, present the first draft to the Budget and Finance operating income was $135,605 and operating Committee. expenses were $97,200 before reserve funding. After reserve funding, net income was a East Point Website. Residents positive $14,079. can now view the monthly Board Meeting Agenda in the East Point Website on the The Reserve Fund consisted of (a) our Residents’ page under “Documents.” Also, Max Safe account totaling $412,698.17, (b) a under the “Budget and Finance” section of the $246,073.06 CD, maturing 9/10/10 and earning “Documents” page, you can now find the a 1.32% APY, and (c) a money market account recently approved 2009 Audit. Finally, of $86,047.97. Each of these accounts is especially if your are planning installation of a fully insured. washer or dryer in your unit, the changes to Rule 6.4 of the Remodeling Rules will appear Due to the extremely low rates of soon under the “Rules and Regulations” section. interest for short-term investments, it appears prudent to reinvest expiring CD’s in money HD Television Credits. If any USA market funds, which currently are paying us 1%. Wireless HD customers did not receive the first At the present time, locking up our funds in of your six $10 credits for HD service, please longer-term CD’s would not yield satisfactory email your name and account number to USA returns, and would limit our flexibility with Wireless at [email protected]. regard to near-term access to our reserve funds. Homeowner’s Insurance. It is each With some minor monthly variations in homeowner’s responsibility every year to several expense line items, the aggregate provide management with a current copy of your operating expenses are under budget for homeowner’s insurance reflecting a liability limit the year to date. Significant contributions to of at least $300,000. Please note that adding that favorable position are the electricity and the East Point Condominium Association as an water cost components, which are presently “additional insured” on your policy will allow $31,425 under the year to date budget. your insurance carrier to automatically send a Overall, year to date, income exceeds expenses copy to management every year at renewal by $20,427. time. Management A copy of the monthly Financial Statement may be reviewed in the management office during business hours. If any owner desires to see other financial issues discussed in the Treasurer’s Report, please make this known to Neal Shaughnessy. Treasurer Manager’s Report Pool Closure. This is a reminder that the 2010 pool season at East Point will end the evening of Monday September 6th because the delayed 2010 Façade repairs will begin on September 7th. Finance Committee Report Budget Schedule. Management is st already working on the 2011 budget and will On September 1 the Committee will commence its work on reviewing draft >>> The Point, August 31, 2010, Page 2 of 9 ©2010, East Point Condominium Association components of the 2011 East Point Budget in Pedestrian Crossing Sign. The an attempt to get an early start on planning in committee will confer with Management and order to assist the new Board when making its Garage staff on the relevance of adding a recommendations to the Association’s members “Caution: Pedestrian Crossing” sign to alert in November. drivers who enter or exit the garage. Finance Committee Garage Committee Landscape Update Architectural and Engineering Update The committee has initiated various The Elevator Modernization, Elevator efforts improving the maintenance and Recall and Voice Communications systems appearance of the landscaping, preparing for the upgrades continue to be on schedule. The new budget process, and protecting the plants committee appreciates your patience and and trees in the area. consideration, especially as we approach Landscape Committee inclement weather later this year. ASCO Presidents’ Meeting Report The committee recommended reporting out to the Board a proposal to patch and fill-in As scheduled, on August 3rd , ASCO various cracks and to refurbish the topcoat of hosted a meeting of presidents of associations the driveway. The repairs are expected to be from the ASCO member buildings. done by this fall. The primary course of the meeting The 2010 Exterior Façade work has been consisted of three parts: (A) a presentation by rescheduled to start on September 7th, at Mike Chrzastowski, Geologists with the Illinois which time the pool will be closed for the State Geological Survey, about long-term season. protection of the lake shore given its complex natural and man-made environment, (B) a The committee recommended reporting presentation by Paul Boyd, Board of Directors out to the Board changes to Rule 6.4 of the member with Friends of the Parks, about Construction and Remodeling rules relating to community engagement in discussions related to the use of washers and dryers. the Last Four Miles plan, and (C) a Round- Architectural Committee Table Discussion that also included questions and answers for each of the presentations. Garage Committee Update Garage Capacity. The current capacity of the garage is 166. There are 159 registered cars and 18 units currently without a car. At this time, no additional second cars from the waiting list will be approved. Car Wash Schedules. In order to provide better service during the evening rush hours, the Garage Committee will be working with Management and the Garage Supervisor to alter the period during which cars may be washed to prevent impacting the evening rush hour for car parking. Mr. Chrzastowski’s primary point, which didn’t relate specifically to any particular lake The Point, August 31, 2010, Page 3 of 9 ©2010, East Point Condominium Association shore plan, was that the change in historic In order to help minimize the chances beach sand movement, lake level variations and that birds during their migration period may underwater activities create a very complex repeatedly circle or collide with your building, it environment for the lake shore in Chicago and, is recommended that you turn off exterior it is best that its citizens get engaged in lighting and turn off interior lighting (or close understanding the related issues and exercise your blinds): (A) if your are at the top of the their options to help protect a valuable asset building, from 11PM to daylight, and (B) for that belongs to the citizens of the state. other floors, from 4AM to daylight. Chicago Audubon Society Mr. Boyd’s primary point was that the Last Four Miles plan is an important part of the “voice of the people” interest-group efforts of Fire Emergencies Friends of the Parks and it continues to encourage homeowners to get involved and join In its July-September 2010 issue of the discussion during this “consensus building” Across The Board, Lieberman Management stage of the planning. He reminded us that Services has these reminders about fire safety: there are going to be numerous building-specific issues on which each building may want to take Be sure that all your smoke alarms are a position and about which different buildings working by testing them once a month. Replace may have different opinions.
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