Money related
🇺🇸 English | 🇪🇸 Español Once again, our board president — who already increased the 2026 legal budget by 66% — has involved our association in yet another lawsuit. This is not a small matter. Litigation affects sale prices, mortgage approvals, and buyer confidence because lenders and purchasers will ask about pending lawsuits and the…
English Español As promised, this is the second half of the report on the meeting. Half Million Dollars Past Due When an owner asked about the half million dollars in past-due balances, Board President Olena Biletska responded: “The thing is, it’s not really such a problem because we saved a lot of money from last…
🇺🇸 English | 🇪🇸 Español Let’s try to understand this logically. Imagine a car manufacturing plant asking investors to stay confident…while proudly announcing that only 2 out of 6 assembly lines are operating. Not because the others can’t run —but because management has decided it’s better to limit usage than actually solve the underlying problem….
🌐 Read this article in: English Español 3 Key Takeaways $1,053,515 Insurance Over-Budget Insurance was over-budgeted in 2024 and 2025 by more than one million dollars combined. $495,169 Unpaid Owner Dues Nearly half a million dollars in assessments remain uncollected. Budget Question Insurance Dropped in 2026 Insurance costs fell by $366,260 in the 2026 budget,…
(A continuation of: “You Need to Know”) Key Takeaways The association’s wind insurance includes a $20 million sublimit, which may be far below the building’s true insurable value of $118 million. The Association was advised that coverage did not meet lender requirements and chose not to increase it due to premium cost. This insurance gap…
Key Takeaways A mortgage refinance was declined due to questions about the association’s master insurance coverage. Multiple lender requests to management went unanswered for weeks. This type of delay can impact any owner trying to refinance or sell to a buyer who needs a mortgage. Timely and complete responses to lender inquiries are essential to…
