|
Condo Fee |
|
Condo Fee |
|
Condo Fee |
|
Year |
Monthly Fee |
|
Year |
Monthly Fee |
|
Year |
Monthly Fee |
|
1995 |
TBD |
|
2000 |
$ 165.00 |
|
2005 |
$ 242.00 |
|
1996 |
$ 110.00 |
|
2001 |
$ 191.00 |
|
2006 |
$ 276.00 |
|
1997 |
$ 120.00 |
|
2002 |
$ 170.00 |
|
2007 |
$ 289.00 |
|
1998 |
$ 130.00 |
|
2003 |
$ 188.00 |
|
2008 |
$ 292.00 |
|
1999 |
$ 165.00 |
|
2004 |
$ 208.00 |
|
2009 |
TBD (10/2008) |
|
|
|
|
Condo Fee Breakdown |
|
Administrative |
|
Accounting and
Auditing - the cost to prepare the audit and the Federal and
State Tax returns. |
|
|
|
Federal Tax Deposits - the
estimated tax payment for the coming year (this is paid quarterly),
which is based on the auditor's preparation of the previous years
taxes. |
|
|
|
State Tax Deposits -the
estimated tax payment for the coming year (this is paid quarterly),
which is based on the auditor's preparation of the previous years
taxes. |
|
|
|
Non-Insurance Losses - the cost
of deductibles for insured losses and losses that are not insured by
the Master Insurance Policy. Losses are budgeted where the
Association would have to pay the deductible. |
|
|
|
Insurance - the cost of the
Directors and Officers, the Fidelity Bond, and the Master Insurance
Policy. These policies cover the Board of Directors and the building
respectively. |
|
|
|
Legal - the cost of the retainer
fee and other legal services that the association requires. |
|
|
|
Management Fee - the cost of a
property management company to maintain and manage the property's
finances, legal issues, building and ground maintenance, and
homeowner issues. |
|
|
|
Office Supplies and Coupons - the
costs for envelopes, labels, file folders, condo fee coupon books,
etc. |
|
|
|
Postage and Copies - the cost for
mailing letters, bills, correspondences and the cost to make copies
of information for the associations files, notices that are posted,
budget, etc. |
|
|
|
Secretarial - the cost for long
distance telephone charges, processing late fees, bounced condo fee
payments, check charges, community mailings, faxes and return check
notices. |
|
|
Utilities |
|
Electricity - the cost of
electricity used in all the building (e.g. stairwell lights). |
|
|
|
Gas - the cost of natural gas
used on the property for outdoor lighting. |
|
|
|
Telephone Security - the phone
company's cost to provide service for the fire safety system
monitoring telephone lines. |
|
|
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Water and Sewage - the cost of
water and sewer use. |
|
|
Expenses - Maintenance |
|
Electrical Repairs - the cost to
maintain the common area interior and exterior lighting. |
|
|
|
Equipment Repairs - the cost for
repair to equipment such as doors, locks, lighting, sump pump, etc. |
|
|
|
Fire Prevention - the cost to
maintain the fire extinguishers, and other fire safety systems each
year as well as annual and quarterly inspections. |
|
|
|
General Maintenance - funds set
aside for the cost for building maintenance not covered by a budget
item. |
|
|
|
Landscaping - the cost of
flowers, bushes, trees, etc. that the Association purchases and
installs. |
|
|
|
Irrigation Maintenance - the cost
of maintenance and repairs, including season startup and closure of
the lawn irrigation system. |
|
|
|
Painting - the cost of repainting
of common elements (e.g. decks, metal railing, fake windows, door
trim) |
|
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Plumbing - the cost to maintain
common area plumbing lines. |
|
|
|
Roof Repairs - the cost to
inspect, clean, and repair leakages areas where necessary. This is a
preventative maintenance items and does not cover replacement costs. |
|
|
|
Sprinkler System Maintenance -
the cost for repairs to the fire monitoring and sprinkler systems. |
|
|
|
Electrical Supplies - the cost to
purchase light bulbs, ballasts, etc form an electrical supply house. |
|
|
Contracts |
|
Extermination - service contract
with an exterminating company to control cockroaches, ants, other small
insects, rats, and mice. |
|
|
|
Grounds Maintenance - service
contract with a landscaper for cutting the grass, trimming the
bushes, applying fertilizer, weed killer, etc. |
|
|
|
Janitorial - service contract
with a cleaning company to vacuum landings, sweeping
walkways, and removing |
|
|
|
Sprinkler Monitoring - service
contract with a company that monitors the fire sprinkler
system. |
|
|
|
Snow Removal - service contract
with a snow removal company for plowing snow from parking lots,
shoveling walkway and steps, and sprinkling salt/sand mixture when
needed. |
|
|
|
Trash Removal - service contract
with a disposal company to remove trash, recycling, and bulk and
special pickups twice a week. |
|
|
Replacement Reserves |
|
The amount of money that is contributed
to the reserve fund. The reserve fund covers items in and around the
building that have to be replaced in the future. Some items in the
reserve fund include− replacement of the roof, parking lot asphalt,
doors, sidewalks, concrete, grounds items, lighting, etc. |
