2017 BUDGET LINE ITEM SUMMARY June 14, 2017 · 2017 BUDGET LINE ITEM SUMMARY June 14, 2017 ... NOTE: elevators should have a smoke detector in the ceiling of the elevator shaft. ELEVATOR

2017 BUDGET LINE ITEM SUMMARY

June 14, 2017

Page 1 of 12 last updated on 6/14/2017

INCOME

I. ASSESSMENT OPERATIONS [GL: 500]

a. 2017 Assessments based on ownership from 101 owners; Receive $120,595 quarterly. Reserves

are 27% of the operating budget.

i. Operations: $1,079,592

ii. Reserves $ 363,202

b. Delinquent units:

i. Currently have three

II. REGISTRATION FEE [GL: 502]

a. This line item used for the registering guests

III. OWNER LATE FEE [GL: 504]

Per Governing Document Bylaw 8.9

• Late fees are calculated at $25.00; received from owners paying after the 15th of the

month the quarter assessment is owed

• Interest of 18% is charged which is maximum allowed

IV. LAUNDRY INCOME [GL: 506]

Washer and dryers : Laundry lease agreement of ___washers and ___dryers for monthly fee of

$34.99 each. All equipment is leased and serviced by WASHCO. A seven-year automatic

renewal lease was signed on _______2017. Washco pays the sales taxes. It is noncacancellable

except upon mutual consent of both parties. (Still in process)

V. RENTAL PROGRAM INCOME [GL: 507]

a. Miscellaneous; background checks and estoppels

VI. INTEREST INCOME-OPERATING [GL:508]

Interest received from operating monies

VII. INTEREST INCOME-RESERVES [GL:509]

Interest received from reserve monies


June 14, 2017


VIII. INCOME ~ OTHER [GL: 510]

IX. SALES TAX CREDIT [GL: 511]

X. REIMBURSED EXPENSES [GL: 512]

Expenses incurred by unit owners and reimbursed to Association

EXPENSES

I. ACCOUNTING [GL: 701]

• Cavanaugh & Company monthly bookkeeping fee of $375.00.

o RNS reconciliation

o Association Bank accounts reconciliation

o ADP Payroll

• FINANCIAL REPORTS ~ ‘AUDIT’

CPA, audits the accounting records and files the income tax returns. A condominium

association that operates with fifty (50) or more units, with Association revenue of $500,000 –

and above- excluding reserves, shall prepare an “Audit Financial Statement” of annual receipts

and expenditures. Owners may access these reports on our website under the private financial

tab. A 2016 full ‘Audit’ is currently being done by Cavanaugh.

II. ADVERTISING [GL: 703]

• Annual Siesta Key Fireworks ($1,500)

III. AUTO EXPENSE-GAS / REPAIRS / MILEAGE [GL 704]

IV. BANK SERVICE CHARGES [GL: 705]

V. COMPUTER & INTERNET [GL: 707]

• IT 24/7

• Real Tech $285.00 monthly ~ allocated 100% Rental


June 14, 2017


VI. CONTRACT LABOR [GL: 709]

VII. CREDIT CARD CHARGES [GL: 711]

Rental credit card charges due to Vacation Rental

VIII. CABLE TV [GL: 713]

Comcast cable: 5-year contract signed 10/01/2012 with fees of $38.59 per unit until 1/1/2013

$24.95 per unit with no more than 4% annual increases.

$38.59 x 101 units = $1,913.45 (until

1/1/2013) then it will be $24.95 x 101

= $2,519. 85 per month

$2,519.95.45 x 12

months =

$30,239.40

Plus annual tax of $170.00

$30,239.40 plus $170.00 = 30,409.40

There will be a 4% increase every year from 2013-2017

2014: $30,239.40 x 4% = $ 1,209.57 = $31,448.97

2015: $31,448.97 x 4% = $ 1,257.95 = $32,706.92

2016: $32,706.92 x 4% = $ 1,308.27 = $34,015.19

2017: $34015.19 x 4% = $ 1,360.60 = $35,375.79

$35,375.79 / 101 units (then divided by 12 months) = $29.18 per unit

IX. DEPRECIATION [GL: 721]

2016 depreciation was in the amount of $8,798

X. DUES & SUBSCRIPTIONS [GL: 723]

Siesta Key membership and dues


June 14, 2017


XI. ELECTRICITY [GL: 731]

Account: 35659-45759

a. Address: 757 Beach Road

HOUSE 1 Meter KL68872:

Our rates are as follows:

Fuel Actual cost of the fuel used to produce and deliver

electricity.

$0.028200 per kWh

Non-fuel Includes all costs of producing and delivering electricity ~

except fuel.

$0.024750 per kWh

Demand Cost to provide the maximum power used during the

billing period.

$10.00 per kW

b. Account: 15929-41726

Address: 797 Beach Road

c. HOUSE 2 Meter KL68871


electricity.

$0.028200 per kWh


except fuel.

$0.024750 per kWh

d. Account: 25869-043736


HOUSE 3 Meter KL68870


electricity.

$0.028200 per kWh


except fuel.

$0.024750 per kWh

e. Account: 25119-43785


PUMPS Meter KLL0814


electricity.

$0.028200 per kWh


except fuel.

$0.063890 per kWh

f. Account: 25109-45757


REC Meter KU32216


electricity.

$0.028200 per kWh


except fuel.

$0.024750 per kWh

Demand Cost to provide the maximum power used during the

billing period.

$10.60 per KW


June 14, 2017


XII. ELEVATOR MAINTENANCE [GL:733]

NOTE: elevators should have a smoke detector in the ceiling of the elevator shaft.

ELEVATOR CONTRACT [GL: 60035]

• FLORIDA ELEVATOR Maintenance Agreement:

o A five (5) year agreement with Florida Elevator Company, Inc. was effective on

_________. A maintenance contract fee is paid in one lump sum of $________ in August.

There are a total of three hydraulic elevators and one handicap (in lobby area). Five-year

load test was done in ______. As per Florida Statute §399.15; a lock box, accessible by

master key issued to the fire department, and contain the keys to all elevators in the

building. Annual inspections are performed.

o Five year contract does NOT automatically renew. Emergency monitoring is part of the

maintenance contract.

o Five year full-load test done on ________ by Frank Pather (will be due 2017).

o ADA Compliant:

▪ (work in process) ???Our emergency telephones are owned by ______ and meet the

requirements of the Americans with Disabilities Act and all state Accessibility

Codes, allowing easy access and usage by people who are physically, visually,

hearing or speech impaired.

BUILDING & GROUNDS MAINTENANCE [GL: 735]

BUILDING MAINTENANCE [GL: 735.10]

BOOSTER PUMP

• Pumps are monitored annually for operational function

• Contract with KW Water Pump {Kendall Wilson} $300 PER YEAR

BACKFLOW PREVENTER

g. Replaced on 07-13-2010

i. 3” Wilkins 975-OS&Y “USA made” OS&Y-RW Clow-Fire valves

• Installed on ________ by ___________

• Installed a 3” Wilkins 975-OS&Y backflow preventer with “USA Made” )OS&Y-RW CLOW-

FIRE valves

• Warranty items: all replaced parts two-year warranty (expires _____) and one year certification

Cost $________ at the time of install.

DOORS

• Rubecham used for greasing hinges

• Lobby and Banquet room doors replaced _________

FIRE DOORS (FIRST FLOOR)

a. (work in process)


June 14, 2017


GENERATOR ~ TAW (wired to service fire pump, three elevators, and lights in both stairways)

• Lease contract with ______________________ for use during emergencies

• 3 – 200 amp

• 1 – 100 amp 3 phase manual transfer switches wired deownt o a multi tap buss bar in a weather

proof wire way.

HVAC Maintenance

• Wentzel Air Conditioning inspects and services all common area air conditioners

HOT WATER TANKS

• Location: Clubhouse (one in the janitors area, one in the men’s locker room; one in the kitchen;

one in the the fitness center)

LOCATION YEAR BRAND GALLONS SERIAL # MODEL #

Womens Locker

Men’s Locker

FIRE ALARM MONITOR CONTRACT

• Dehart Alarm Monitoring, Inc. monitors the 777 building fire panel

FIRE SPRINKLERS

• ______________ Sprinklers inspects the fire sprinklers on an annual basis

PLUMBING

• Plumbing repairs done by licensed and insured subcontractor

• Clearing out blockages

TRASH CHUTES

• the trash chute opening is _______________

Surveillance Cameras

GROUNDS MAINTENANCE [GL: 735.20]

LANDSCAPING

• Brightview Landscape Service

• Flanders gas for grills

• Signs


June 14, 2017


BUILDING & GROUNDS MAINTENANCE

PARKING LOT [GL: 735.03]

Pavement repairs

ROOF [GL: 735.04]

MANSON ROOFING

XIII. INSPECTIONS [GL: 737]

FIRE EXTINGUISHER

• Annual extinguisher inspections by Gulf Coast Fire & Safety (941)

• We have _____ total. 7 are on a 12-year maintenance rotation which are recharged..

• The fee to inspect is $_______ annually

XIV. INSURANCE GENERAL [GL: 741]

Current Broker/Agent: Insurance Services of Sarasota; Erica

EXPENSE FOR 2016-2017

SUMMARY for 2016-2017

Property $ 71,095.99

Equipment Breakdown $ 642.00

General Liability $ 4,937.00

Crime / Fidelity $ 822.00

Directors & Officers $ 1,992.00

Umbrella $ 2,481.57

Flood: 777 Beach Road $ 21,639.00

757 Beach Road $ 19,639.00

797 Beach Road $ 19,680.00

Office / Rec Bldg $ 5,514.00

Pump House $ 815.00

Maintenance Bldg $ 933.00

Workers Comp $ 712.00

TOTAL $ 157,276.56

a. Health insurance provided as a monthly stipend to employees $350 per month


June 14, 2017


INSURANCE APPRAISAL (done on March 7, 2016 by Chapman & Associates, Alan Major

Florida Statute 718.111 (11) INSURANCE

(a)Adequate property insurance, regardless of any requirement in the declaration of condominium

for coverage by the association for full insurable value, replacement cost, or similar coverage, must

be based on the replacement cost of the property to be insured as determined by an independent

insurance appraisal or update of a prior appraisal. The replacement cost must be determined at least

once every 36 months.

RESERVE STUDY :

Reserve specialists provide estimates of replacement costs and remaining useful lives of

common area components, the deferred maintenance expense or replacement costs of which

exceeds $10,000. Karins Engineering provided a reserve study in _______________ and will

continue to update as this format is the basis of the Reserve Schedule used each to determine

reserves.

XV. INSURANCE WORKERS COMPENSATION [GL: 743]

XVI. INTEREST EXPENSE [GL: 745]

XVII. LEGAL & PROFESSIONAL [GL: 749]

a. Attorney opinions for legal guidance and other professional fees

b. Legal documents regarding liens and foreclosures

XVIII. LICENSES & PERMITS [GL: 750]

a. Corporate Annual: A filing with the Division of Land Sales, Condominiums and Mobile

Homes for the purpose of remitting the annual fee required by the Condominium Act.

The amount of the annual fee is based on the number of residential units that the

association operates. The annual fee is $4.00 per residential unit. The fee must be paid

on or before January 1st of each year. F.S. 718.501 For Crescent Royale that

calculates 101 units x $4.00 = $440.00

b. Not-for-Profit Corporation annual: $62.00

c. Annual permits for the three elevators $75.00 each [total $225.00]; in addition to annual

inspections $250.00 for three.

d. Pool: County Health Department annual permit of $400.00 (53,200 gallons)


June 14, 2017


e. Membership Fee: This is used for membership fees to Community Associations

Institute (CAI)

XIX. MAIDS & LINEN SERVICE [GL: 751]

• Ameri-Chem Janitorial

• Washco

• M & P Cleaning

• 5 Star Cleaning

• Palm Coast Linens

• Housekeeping carts

XX. MISC / NON-RECURRING EXPENSE [GL: 752]

One time event: reimbursement to owners who were charged inadvertently

XXI. OFFICE SUPPLIES & EXPENSES [GL: 753]

This line item is used for office organization, i.e. binders, paper, office machines, software,

computers, fax, print cartridges, computer repairs, electronic equipment, tech support.

• Office Depot / Max

XXII. MEALS & ENTERTAINMENT [754]

XXIII. STAFF MEETINGS [GL: 756]

XXIV. POSTAGE & DELIVERY [GL: 758]

a. Postage: Mailing membership meeting notifications. Association utilizes the website

and emailing to help alleviate added postage.

b. Printing: ________________ prints our mass mailings, and other pertinent items for

distribution

c. Printing of code compliant signage requirements

d. Pitney Bowes machine


June 14, 2017


PAYROLL EXPENSE

XXV. OFFICE SALARIES [GL: 760.10

XXVI. MAINTENANCE WAGES [GL: 760.20]

XXVII. PAYROLL SERVICE FEES [GL: 760.30

PAYROLL TAXES

XXVIII. FICA [GL: 762.10]

XXIX. MEDICARE [GL: 762.20]

XXX. FUTA [GL: 762.30

XXXI. SUTA [GL: 762.40]

XXXII. PENALTIES & FINES [GL: 764]

• Accident

• Credit Card late fees

XXXIII. PEST CONTROL – BUILDING [GL: 766]

NaturZone: Monthly service $415.00

XXXIV. PEST CONTROL – UNIT OWNERS [GL: 766.50]

POOL REPAIRS / SERVICE / SUPPLIES

XXXV. SERVICE [GL: 768.10]

POOL CONTRACT

a. Escape Pool’s provide chemicals. John is the certified pool tech.


June 14, 2017


XXXVI. SUPPLIES [GL: 768.20]

POOL SUPPLIES

a. Pool Furniture repairs

a. Pool heater and pump repairs {Gas heater and Steiner pumps}

b. Supplies for the pool and spa

FILTER CARTRIDGE

c. Last replaced on ______________________

XXXVII. REPAIRS [GL:768.30]

POOL AREA TECO GAS (gas heater)

a. Gas heat used to heat pool

XXXVIII. RENTAL COMMISSION EXPENSE [GL: 722]

XXXIX. REPAIRS & MAINTENANCE (REIMBURSABLE) [GL: 774]

• Paid 100% to CR from RNS

XL. SECURITY [GL: 778]

CAI Access Gates

XLI. SEMINARS & PROFESSIONAL ADVERTISING [GL: 779]

XLII. TAXES – INCOME [GL: 780]

a. Each condominium association, whether organized for profit or not-for-profit, is

required to file an annual income tax return with the Internal Revenue Service. A

corporation not-for-profit organized under Chapter 617, F.S., is neither tax-exempt, nor

exempt from the filing of an annual tax return. The Internal Revenue Service Code

allows condominium association’s special treatment for some of the activities,

including the retention of reserve accounts, but proper accounting for these funds and

the filing of an income tax return are annual requirements for each condominium

community. This is due by March 15.

b. Line item used for payment of taxes


June 14, 2017


XLIII. TELEPHONE [GL: 781]

• 7 dedicated phone lines:

Elevator (Frontier) (941) 346-7655

Internet Phone (Frontier) (941) 349-3539

Verizon Cell Phones: 1) 941-809-8546 2) 941-809-8548 3) 941-809-8550 4)

941-894-2607 5) 941-894-2595

Fax (941) 349-8960

XLIV. TRASH COLLECTION [GL: 782]

a. WASTE (garbage trash) AND RECYLCE Account # 4-30176-62004

1. Waste Containers: We lease three (3) 2-yard containers and three (3) 4-

yard containers. Fees to pick up trash on Monday, Wednesday and

Friday is $190.00 monthly.

2. Cardboard / Paper 2 yard Container: Pick up for Cardboard / Paper

ONLY is on Tuesdays (Service Agreement with Waste Management as

of _________ will renegotiate from $______ to $_____ monthly for the

2-yard container lease)

3. Recycle (Waste Management): There are ______ leased containers for

glass / plastic / aluminum. Sarasota classifies us as “multi-family” and

subcontracts to Waste Management the recycle ($____ x 101

units=$_________ monthly); picks up on Tuesdays

XLV. WATER & SEWER [GL: 783]

I. WATER / SEWER

a. WATER: Sarasota County Utility meter number:

• Meter # 08564206 ~ $2.83 per 1,000 gallon

b. SEWER: Sarasota County Utility meter number:

• Meter # 08503554~ $7.54 per 1,000 gallons

II. RECONCILIATION DISCREPANCIES [GL: 890]

Documents

2017 BUDGET LINE ITEM SUMMARY June 14, 2017 · 2017 BUDGET LINE ITEM SUMMARY June 14, 2017 ... NOTE: elevators should have a smoke detector in the ceiling of the elevator shaft. ELEVATOR