FINANCIALS 2013-2025 Edit page

1- From 2013-2019 Common Charges (Maintenance) Was $700

2- In 2014 ESTATES ll HAD $825,930 IN THE BANK FOR RESERVE

Hiring TCM in 2016 reduced  management costs by 50%. Instead of paying the in-house manager $170,000, Estates ll pays TCM $85,000 annually. This strategic decision has resulted in a significant cost savings of $720,000 over the 9-year period from 2016 to 2025.

Year      Common             Maintenance          Operating Cost        SURPLUS

              Charges               Revenue 

2013      $700.00         $ 1,500,055         $1,253,881          + $ 249,014   

2014       $700.00         $ 1,502,895         $1,325,891         + $ 177,005     

2015       $700.00          $ 1,497,063        $1,353,092          + $143,971

2016       $700.00          $1,499,267         $ 1,303,641         + $195,626

2017       $700.00          $1,516,678          $ 1,373,222        + $143,456

2018       $700.00          $1,503,229         $ 1,312,732         + $190,497

2019       $700.00          $1,540,870         $1,314,352          + $226,518

2020       $800.00         $1,714,350          $1,466,076         + $248,274

2021        $800.00          $ 1,712,566        $ 1,591,878        + $120,688

2022       $800.00          $1,739,780          $1,655,247          + $84,533

2023       $800.00          $1,716,535          $1,600,204          + $116,331

2024       $850.00           $1,815,600                 ?                        ?  

2025       $950.00           $2,029,200                ?                        ?   

It's crucial to recognize that, until recently Estates ll had a remarkable track record of fiscal management. For over 40 years, since 1981, Estates ll operated without a single assessment, while accumulating and wisely utilizing over $9 million in savings. This prudent approach enabled us to maintain low common charges, a testament to our community's financial stewardship. However, it's concerning that the current situation has led to perceived exploitation. The numbers speak for themselvs. We must take a closer look at the role of management and the board's oversight to ensure that the best interests of the community are being prioritized.

2013 through 2023 Estates ll had a surplus of: $1,895,912

Hiring TCM in 2016 reduced  management costs by 50%. Instead of paying the in-house manager $170,000, Estates ll pays TCM $85,000 annually. This strategic decision has resulted in a significant cost savings of $720,000 over the 9-year period from 2016 to 2025.

Starting first quarter of 2016 we received extra income for the reserve = $500,000  

Two recent capital assessment charges = $747,600   

Since 1981, our community has successfully maintained a low-maintenance, assessment-free approach. During this time, we've achieved numerous significant accomplishments, including:

* Replacing driveways multiple times
* Replacing roofs once
* Reconstructing roads twice
* Installing Belgium block
* Building a clubhouse, pool, gym, and gate

Notably, we've invested over $9 million in these projects without imposing a single assessment on our residents. This feat is a testament to our community's prudent financial management and commitment to enhancing our living environment without burdening homeowners with additional costs.

As a reminder, Estates ll has maintained low maintenance costs and no assessments since 1981. During this time, Estates ll had successfully replaced driveways multiple times, roofs once, and roads twice, in addition to installing Belgium block, a clubhouse, pool, gym, and gate. The total expenditure for these projects exceeds $9 million, all without imposing assessments on our residents.

A simple calculation suggests that we should have a significant amount in our bank account. If we subtract the cost of the clubhouse, tennis, and pool ($450,000) from the total amount we should have, we get $4,688,842. However, this is not the case.

The question remains: Where is the money?   It's notable that the large assessments of $534,000 and $213,000 occurred after TCM became involved with the community.

Estates ll urgently needs a **forensic accounting investigation** to uncover the truth about the financial situation.

In 2016, TCM charged Estates ll $81,000 per year to manage the condo. Fast forward to 2025 and their annual fee has increased to $83,000 or $85,000. However, what's troubling is that a significant portion of this fee goes towards paying the onsite property manager's salary, benefits, payroll taxes, and potential bonus. This leaves very little room for profit for TCM Corporation. It's puzzling to understand how managing Estates II can be beneficial to TCM when it appears they're not generating any substantial revenue from it, given that most of the fee is allocated towards covering the property manager's expenses.

A review of our gas bills reveals a disturbing pattern. Prior to TCM's involvement, the annual gas bills averaged $3,500 to $4,000. However, since 2017, TCM placed the Estates ll gas account on auto deduct  resulting in excessive charges of over $250,000, compared to the expected $25,000. When Mike Friedlander discovered one of these errors, he simply asked TCM to investigate rather than taking decisive action.  

Residents demand answers and transparency. It's time for a change.