March 11, 2025
Old Board vs New Board
Naper Place News
Dear Customer,
Comparison: OLD BOARD vs NEW BOARD
BANK ACCOUNTS
| Item | OLD BOARD | NEW BOARD |
|---|---|---|
| Board status | Left association with | As of December 2024 |
| Reserves | $144,000 in reserves | $15,351.73 in reserves |
| Operating account | $55,000 in operating account | $24,928.63 in operating |
| Vendors/contractors | All vendors and contractors paid in full!!! | Behind on payments, took out loan |
FINANCIALS
| Item | OLD BOARD | NEW BOARD |
|---|---|---|
| Assessments | Minimal assessments increases, with multiple years of 0% | Increased assessments 15% in 2 years |
| Loans | No loans taken | Borrowed $300,000 to cover operating cost |
| Equipment | Bought pick up truck and bobcat | Sold truck and bobcat to cover operating cost |
| Condominiums | Bought 2 condominiums | Trying to sell condos to cover operating cost |
| Rental income | Rented both condominiums for profit | One unit remains un-rented for over 2 years |
| Laundry income | Collected annualized $60K for laundry | Collected $15K annualized for laundry |
| Compliance | Resolved code violations w/ village | — |
PROPERTY IMPROVEMENTS
OLD BOARD
- All roofs replaced
- Siding replaced on 4 story buildings
- Soffits, facia gutters added on all buildings
- All building received new carpet
- Paving and asphalt redone
- Drainage issues fix in multiple areas
- Installed new intercoms
- Painted 10 buildings
- All common and unit doors replaced
- All mailboxes replaced
- All light fixtures in hallway replaced
- Concrete replacement/repairs
- Garage building new roof and tuckpointing
- Fence around retaining wall
- Fence by Old Tavern
- Multiple laundry rooms remodels
- Video cameras in 4 story building
- Video cameras and entrance system for pool
- Old trees cut throughout
- Multiple new trees planted
NEW BOARD
- Painted one floor of 4500 Beau Monde
- Paid to repair Board member units with Association money
OPERATING EXPENSES / EXTRA COSTS
| Item | OLD BOARD | NEW BOARD |
|---|---|---|
| Maintenance | Onsite full time maintenance | $164,100 in outsourced repairs |
| Management | Onsite management in clubhouse | $14,200 extra fees and no onsite management |
| Snow removal | In house snow removal | $32,000 paid outside vendor |
| Pool maintenance | In house pool maintenance | $9,100 paid outside vendor |
| Loans/interest | No loan | $71,600 in interest fees |
| DRF | Seeking $84,000 in damages from DRF | Paid over $84,000 to DRF for no work done |
| Legal | Resolved lawsuits, got $125,000 from Home Depot | Over $300,000 in attorney fees for lawsuits |
| Misc. | — | Paid board member’s tenant $100,000 |
NOTES
Numbers do not lie. Just in December the Board voted to pay $1,200 for Christmas lights and over $13,000 in scanning/copying costs. Naper Place News