To All Gold Coast Condominium Homeowners: November 8, 2013
Re: Proposed 2014 Budget & 2013 Annual Meeting Notice
On Tuesday 10/15/13 the Board of Directors voted to approve the draft of the 20134 budget. You may find the draft of the proposed 2014 budget on our Association’s website at www.71eastdivison.com. You will need to set up an account on the website and you will need your account number which is located on your statement. This website will allow all owners to get documents (i.e Rules, Dec’s, Minutes, Budget) see what is going on in our building, post notices that you may have and receive notices via email. If you would like a hard copy of the 2013 proposed budget please let me know and I will print one out for you, or email one to you.
The Board of Directors has reviewed the operations of the building thoroughly and approved the distribution of the budget to unit owners for review.
Over the past year the operating expenses have been kept within the budget, however, The Board of Directors believes that it is important to continue to fund the replacement reserves at a level to avoid potential special assessments in the future.
The Association will be facing many projects over the next five years. Some of the projects include but are not limited to; redecorating the hallways, new pool area fencing, in addition to ongoing building façade items. It is important that we plan for these projects without an undue burden on the membership. For this reason the Board is proposing a 2% increase in monthly assessments. This increase will enable us to continue to fund the reserves in a sound fiscal manner.
A Board meeting will be held on Tuesday, December 10th, at 6:00PM before the Annual Meeting to formally adopt the proposed 2014 budget.
2013 Annual Meeting Notice:
The Annual Membership Meeting and Board of Directors Election will be held on Tuesday, December 10, 2013 at 6:30 PM in the exercise room on the third floor following the 6:00 PM Board of Directors meeting and pursuant to your By-Laws. We will be holding the Annual Holiday Party immediately following the Annual Meeting. In preparation for this meeting we are looking for volunteers to serve on the Board.
The success of any Association rests in the hands of the elected Board of Directors. The election of a Board is the most important decision made by the Association membership. An Association has a fiduciary duty as imposed by case law and by statute, to seek out and retain qualified individuals to maintain the building in a first class fashion and to prudently manage association funds. If you have the following traits, you should consider being part of the governance of your Association.
- You have the ability to use prudent, sound business judgment
- You care about property values, resale and appreciation
- You are not afraid to make decisions
- You are not narrowly focused on a “single” issue
- You have the right temperament, experience and philosophy for business
- You are able to attend all board meetings
The owners will be electing Four (4) board members. To be eligible to serve on the board you must be an owner of record. If there are multiple owners of a single unit, only one of the owners shall be able to cast the vote or serve on the board at any one time.
If you are interested in serving on the Board you may pick up a form at the front desk you can call or email me and I will send you a Candidate Form, or you may find the form on our website. Please fill out and return to onsite office, mail, email or fax to:
Candidate Forms must be received no later than November 22, 2013 by 5:00PM to provide ample time to distribute to the membership. Your participation is vital to the success of your Association.
If you have any questions, comments, or concerns please do not hesitate to contact me at 312-266-7711 or email me at AJames@LNchicago.com
We are looking forward to assisting the Association in this election process.
As always, we welcome your input.
Amy James, CMCA
Legum & Norman, Mid-West
An Associa member company
The Gold Coast Condominium Association- 71 East Division