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Writer's pictureWhiteman House

Letter from The Treasurer, Alan Makovsky

At the most recent open board meeting an important topic was brought up. It was a question of why there is an inclusion of contributions to the Capital Reserve Fund in the monthly maintenance. Over the past 16 years, or so, the Whiteman House Condominium Association, Inc. has come from a tenuous bankruptcy to a reasonably stable financial condition. The current financial stability and the ability to keep expenses manageable has fortunately allowed us to avoid raising fees for the last 3 years. With the turn of the investment market, we do not anticipate the need to raise fees this year. 


That said I would like to present some perspective. With the generally expected rise in materials and labor, the previous management company suggested a 3 percent increase in the budget which would need to consider a possible small increase in the maintenance schedule. If you have friends in other buildings see if they have had that suggested increase. 


Last year, 2023, we needed to use $77,892.47 from the Capital Reserve Fund. This is more than 3 months' worth of money put into the fund. The expenses included a partial carryover from 2022, the conversion of light fixtures in the common areas to LED-compatible fixtures, the creation of a necessary/required second fire escape from the mid-level garage, the replacement of the mid-level garage door, and the water pump repair/replacement to get water to the upper floors with the appropriate pressure. Had we not had what might appear to be a lot of money, these repairs would have required an assessment. 


In the same way that the previous board was more concerned about esthetics, they may have been negligent in other issues such as the rampant mold in the sauna area and pool and structural leaks that were sent back to owners. I am only one member of the Board. However, the five of us have tried to start a constructive and responsible change leading to community and betterment of our Association.


Thank you.


Alan Makovsky

Treasurer

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