Brentwood of Palatine Condominium Association

Brentwood of Palatine Condominium Association

State of our Property October 10, 2006

Where we were, are and want to be.

• September 28th Special meeting of the members – the results.

• September 29th Inspections of property begin.

• October 2nd The storm and it’s effects• On going remedial actions for the

improvement of our property.• What we see for the future.

Members meeting results

• Resignations• Removal by

unanimous consent• Elections of board

members

• Election results % ownership total– Patrick Plunkett (43.928)– Ramon Poblet (43.928)– Violetta Karolkiewicz

(43.175)– Michael Karan (42.566)– Atanas Ionchev (1.50)– Vedat Mourad (1.141)

Where We Were

CORPORATION FILE DETAIL REPORT

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 Entity Name BRENTWOOD OF PALATINE CONDOMINIUM ASSOCIATION

 File Number 63395617

 Status DISSOLVED

 Entity Type CORPORATION  Type of Corp NOT-FOR-PROFIT

 Incorporation Date (Domestic)

04/06/2004  State ILLINOIS

 Agent Name JEFFREY E KOLODNY  Agent Change Date 04/14/2005

 Agent Street Address 6160 N CICERO AVE- STE 620  President Name & Address DIANE GOLIN (DI) 4005 WINSLOWE ROLLING MEADOWS 60008

 Agent City CHICAGO  Secretary Name & Address INVOLUNTARY DISSOLUTION 09 01 06

 Agent Zip 60646-4395  Duration Date PERPETUAL

 Annual Report Filing Date

00/00/0000  For Year 2006

LEGAL STATUS

Where We Were

• No Workman's Compensation Insurance

• No tax information provided

• No Licensing provided for contractors

• No proof of Liability insurance for contractors

Where We Were

• 87 lamps not working

• 4 Working sump pumps for 5 basements

• Circulator pumps in dire need of maintenance (mounts, bearings etc)

• Poor performance by contractors.

• One individual controlling ALL Association assets, making all decisions etc.

Financials as of 09/29/2006

• Beginning Operational account - $61,000

• Known invoices due - $30,000+

• Reserve account - $103,000

• Amount for flood remediation - $2,000+

• Actual books not turned over.

• Legal and Accounting resources brought into play.

As we know them

Primary issues of maintenance discovered

• 1453,57,61,65 roofs

Primary issues of maintenance discovered

• 1453,57,61,65 roofs continued

Primary issues of maintenance discovered

• 1453,57,61,65 roofs continued

Primary issues of maintenance discovered

• The effects of leaking roofs.

Primary issues of maintenance discovered

• The effects of leaking roofs.

Primary issues of maintenance discovered

• The effects of leaking roofs.

Primary issues of maintenance discovered

• Liability Issues.

Primary issues of maintenance discovered

• Liability Issues.

Run Video

Primary issues of maintenance discovered

• Flood prevention inadequacies 1455.

Primary issues of maintenance discovered

• Flood prevention inadequacies 1467.

Primary issues of maintenance discovered

• Flood prevention inadequacies 1473.

Remedial Actions Taken Since 09/28/06

• 2 new sump pumps & valves installed in 1457 basement Cost $275

Remedial Actions Taken Since 09/28/06

• Broken outflow cast iron pipe temporarily sealed. Cost $10

Remedial Actions Taken Since 09/28/06

Remedial Actions Taken Since 09/28/06

Remedial Actions Taken Since 09/28/06

Remedial Actions Taken Since 09/28/06

• 1489 concrete Slab removed and new slab poured. Cost $650

Remedial Actions Taken Since 09/28/06

• 1489 concrete Slab continued.

Roofing Issue

• Estimates for repairing– $2000 to $4000 per roof

• Estimates for replacing– $16000 - $32000 per roof

• Get through the winter.

Where We Want to Go from here

• Collective decisions by entire Board

• Committees for largest budget items

• Multiple responsibility for finances

• A growing, adequate reserve fund

• Strategic plans for the future of our property, our investments and our community

The First Critical Steps

• Collection of Documents

• Immediate maintenance concerns

• Financial Audit

• Reserve study for large capital expenditures

• Rules and Regulations

• Budget for 2007

Thank you for Participating

From your Board of Directors