Newsletter #185 Acrobat file Return to archive Newsletter #187
350 BLEECKER STREET CO-OP NEWSLETTER #186
December 20, 2005
The board met on December 13, 2005. Among the topics discussed:
HAPPY HOLIDAYS
There was a small party in the lobby on December 16, 2005 at 7:00 PM. We decorated the lobby and served wine and other refreshments.
350 Bleecker is fortunate to have dedicated and caring staff. At this time of year, many shareholders give tips to our staff. Our staff members are:
Rifo Otovic, super since 1989
Jerry Rawls, part-time porter and doorman since 1963
Armando Sanchez, doorman since 1989
Geoff Merrill, weekend doorman since 1993
Jaroslav "Yarrick" Drozd, porter since 2005
Anes Otovic, part-time doorman since 2005
NEXT YEAR'S MAINTENANCE
As mentioned in the last newsletter, the board voted to keep this year's increase minimal - only $0.15/share (2.7%) - for a total of $5.65/share. The 2.7% maintenance increase will go into effect as of the January bill.
In addition, the real estate tax abatement will be "taken-back" and credited to the building. This will be shown on your maintenance bill in two line-items: the abatement and a corresponding "assessment" identical to the abatement, resulting in no additional out-of-pocket cost to residential shareholders. The abatement will appear on the February or March bill, when the co-op receives it.
LATE FEES LOWERED
The board decided to begin charging interest on late payments. As of January 2006, there will be no late fee of $50.00. The board believed this was an excessive rate of interest. The new interest charged will be 24% per annum for any outstanding debt, which amounts to about $14.69 for a one-bedroom apartment that missed one month of maintenance.
LOBBY RENOVATION
The board will begin the lobby renovation after the drawings are displayed to the shareholders in the lobby. The board welcomes the comments of all shareholders on the new look of the lobby.
LIBRARIANS WANTED
The library in the gym has hundreds of books which need to be organized. We need volunteers to help organize the shelves. Please contact any board member if you're interested in lending a helping hand.
350 Bleecker Street Apartment Corporation
January thru November 2005 Spending vs Budget
(unaudited)
| Jan thru | |||
| Nov | |||
| Jan thru | 2,005 | vs annual | |
| Nov | Budget | Budget | |
| Income | |||
| Commercial Rent | 78,833 | 91,337 | 86% |
| Laundry Income | 12,240 | 9,988 | 123% |
| Transfer Fees (2% of sales price) | 11,440 | 57,415 | 20% |
| Maintenance | 1,040,403 | 1,137,312 | 91% |
| Bike Room | 3,475 | 3,120 | 111% |
| Interest and dividends | 3,113 | 1,000 | 311% |
| Late fees | 900 | 1,500 | 60% |
| Lockers | 13,912 | 10,808 | 129% |
| Repair charges | 674 | 2,888 | 23% |
| Sublet fees | 12,816 | 4,000 | 320% |
| Application Fees & Misc income | 2,269 | 2,000 | 113% |
| Subtotal other income | 37,159 | 25,316 | 147% |
| Total Income | 1,180,076 | 1,321,368 | 89% |
| Expenses: | |||
| Real Estate Tax | 425,598 | 463,057 | 92% |
| Mortgage Interest & Principal | 229,465 | 250,325 | 92% |
| Other Taxes | 4,168 | 6,000 | 69% |
| Subtotal taxes and interest | 659,231 | 719,382 | 92% |
| Insurance | 64,591 | 63,934 | 101% |
| Management Fee (Tudor) | 40,757 | 44,462 | 92% |
| Legal Fees | 6,344 | 5,000 | 127% |
| Accounting | 9,607 | 10,000 | 96% |
| Bank charges | 2 | 10 | 20% |
| Dues and subscriptions | 2,422 | 2,748 | 88% |
| Internet site | 0 | 500 | 0% |
| Licenses, permits, and violations | 0 | 1,500 | 0% |
| Misc | 715 | 3,000 | 24% |
| Phone | 1,040 | 1,500 | 69% |
| Postage/Delivery | 713 | 1,200 | 59% |
| Printing | 889 | 2,323 | 38% |
| Security system | 0 | 270 | 0% |
| Subtotal all other | 5,781 | 13,051 | 44% |
| Total Administration | 127,079 | 136,447 | 93% |
| Medical + dental insurance + ADP fees | 36,188 | 35,046 | 103% |
| Payroll (incl Worker's Comp) | 199,996 | 228,793 | 87% |
| Subtotal labor | 236,184 | 263,839 | 90% |
| Cable TV | 357 | 322 | 111% |
| Electricity + gas for cooking | 33,726 | 24,918 | 135% |
| Gas for steam heat + hot water | 47,118 | 53,200 | 89% |
| Water and sewer | 29,560 | 19,360 | 153% |
| Subtotal Utilities | 110,762 | 97,800 | 113% |
| Architect + engineer + inspection + consulting | 2,136 | 1,200 | 178% |
| Boiler, Plumbing, Compactor, A/C Repairs | 8,364 | 6,000 | 139% |
| Electrician | 178 | 1,000 | 18% |
| Elevator | 12,630 | 10,445 | 121% |
| Exercise Room | 0 | 250 | 0% |
| Exterminator | 2,757 | 3,000 | 92% |
| Janitorial supplies | 15,340 | 20,000 | 77% |
| Landscaping | 10,976 | 12,000 | 91% |
| Other Repairs | 7,449 | 10,000 | 74% |
| Tenant Repairs | 3,132 | 3,000 | 104% |
| Uniform cleaning | 68 | 500 | 14% |
| Subtotal Maint & Repairs | 63,029 | 67,395 | 94% |
| Contingency | 0 | 20,000 | 0% |
| Capital Projects | 51,183 | 184,000 | 28% |
| Total Expense | 1,247,467 | 1,488,863 | 84% |
| Tax rebate for 2004 | 76,193 | 75,000 | 102% |
| Net Income/(Loss) | 8,802 | -92,495 | -10% |
Footnotes:
At the end of November 2005, the co-op had $420,507.02 in cash.
Newsletter #185 Acrobat file Return to archive Newsletter #187
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350 Bleecker Street Apartment Corp.
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