FAC Owners Forum

The Financial Advisory Committee conducted an Owners Forum on September 22, which was attended by 22 people representing 19 units. The most recent reserve study in 2015 was based on IRS depreciation schedules rather than industry asset life estimates, and the FAC is hopeful that a new reserve study will be conducted in 2020. Information was also shared about the 2019 budget and reserve fund. The meeting concluded with a brainstorming session to identify and prioritize needs.

Items identified by participants, in order of preference, were:
–Increase annual contributions to the reserve fund
–Keep condo fee increases to no more than 5% for the next 3 years
–Create gathering area(s) in common space
–More exterior lighting in dark areas
–Replace older wooden (brown) decks
–Improve handicapped access with curb cuts to sidewalks
–New reserve study
–Roof replacements, units 6-9
–Explore solar panels/renewable energy for owners
–Maintenance schedule published in advance
–Improve landscaping, trim pear trees
–Make website more useful and user-friendly
–Yearly evaluation of management company

Two items were noted for which owners may be responsible:
–Bay window replacement
–Clean outside skylights