After years of increasing maintenance fees, BPM was hired to help improve the financial situation at a large condominium. It was discovered that the cause of the problem was overspending on problems such as balcony membranes, roof leaks, and masonry, without addressing the root causes. Basically, the corporation was overspending, and raising fees to balance the budget. BPM brought in engineers to assess the problems so that a permanent solution could be found, and worked with Reserve Fund engineers to create a plan that worked for the owners of the building. The results were a decrease in maintenance fees (instead of a proposed increase), fewer leaks and other problems for owners, and a Reserve Fund that actually increased over the next few years!
Average Common Element Fees
Actual 2010: $588
Actual 2011: $642
Actual 2012: $666
Proposed 2013: $678
Actual 2013 – 2016 (BPM): $617
Actual 2017: $629
Reserve Fund
2010: $430,000
2011: $370,000
2012: $690,000
2013: $1,250,000
2014: $1,430,000
2015: $1,270,000
2016: $1,350,000