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Hampton Commons Condominium Association
Budget of Revenues and Expenses
January 1, 2004 through December 31, 2004
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REVENUES:
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Notes:
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| Maintenance Fees
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$820,800
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Based on the amounts budgeted for all of the line-items, maintenance fees will be raised to $228 per unit/per month.
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| Late/Legal Fees
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$30,000
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Income received from unit owners who have paid late plus income received from unit owners from legal fees due to collection matters.
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| Resale/Membership Fee Working Capital
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$25,000
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Based on membership fees of $750 per unit upon a unit closing.
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| Interest Income
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$600
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Interest on Capital Reserve Account.
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| Township Reimbursement
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$4,000
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Reimbursement for snow removal.
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| Surplus Cash Carry Forward
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$12,000
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| Miscellaneous Income
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$1,100
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Clubhouse and treadmill key replacement, and parking permits.
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| Sewer Agreement
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$25,000
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As per agreement with developer from Lowe’s.
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| Clubhouse Rental Income
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$1,000
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Based upon clubhouse rental being increased to $30 per rental fee.
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| TOTAL REVENUES
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$919,500
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EXPENSES:
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OPERATING EXPENSES:
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Utilities:
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| Electricity
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$10,500
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All common element electric usage for entire complex.
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| Gas
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$2,500
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Budget line includes gas usage for the clubhouse.
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| Sewer Charges
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$103,000
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Sewer charges estimated for 300 units.
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| Water
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$2,000
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Clubhouse and other common element costs.
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| Telephone
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$500
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Clubhouse office phone.
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| Subtotal:
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$118,500
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Utilities
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General Building Maintenance:
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| Repairs and Maintenance
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$35,000
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Monthly maintenance to include all normal common area repairs and maintenance including roof repairs and building supplies.
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| Sewer Line Repairs
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$3,000
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| Speed Bumps and Signs
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$1,500
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| Exterminating Services
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$5,100
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| Landscaping
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$98,000
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Complete landscaping contract for the entire 2004 season.
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| Tree Spraying
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$5,000
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Spraying of trees in case of infestation of insects.
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| Mulching
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$10,000
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| Tree Pruning
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$3,500
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| Snow Removal
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$29,000
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Includes snow removal, salting, sanding and labor costs.
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| Pond Treatment and Maintenance
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$4,232
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| Pond Fountain
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$5,000
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| Gutters
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$4,000
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For cleaning and maintenance of gutters.
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| Playground Maintenance
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$2,000
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Mulch and maintenance on the playground.
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| Subtotal:
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$205,332
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General Building Maintenance
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Recreation Expenses:
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| Clubhouse Cleaning and Supplies
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$3,000
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| Clubhouse Maintenance
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$5,000
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For maintenance of the building, furnace and air conditioning system.
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| Pool Contract
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$18,000
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Pool management contract (lifeguards).
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| Pool Maintenance
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$5,000
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Expenses for maintenance and repairs of pool.
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| Equipment Maintenance
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$7,000
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I.D. program, gym equipment maintenance, pool furniture.
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| Subtotal:
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$38,000
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Recreation Expenses
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Administrative Expenses:
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| Management Fees
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$65,200
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Contract amount with Sussex Community Management.
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| Audit
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$3,200
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Cost for preparation of 2002 audit and income tax returns.
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| Legal Fees- Operating
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$25,000
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| Legal Fees- Litigation
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$25,000
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| Office Expenses
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$5,500
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Costs pertaining to postage, copying, and miscellaneous administrative fees.
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| Welcoming Committee
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$250
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| Website
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$250
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| Architectural & Landscaping
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$14,968
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| Buildings & Grounds
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$5,000
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| IRS: Income Taxes
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$800
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| Social/Adult
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$500
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| Children/Recreation
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$500
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| Subtotal:
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$146,168
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Administrative Expenses
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General Expenses:
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| Insurance & Deductibles
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$55,000
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Premiums paid for package policy, umbrella policy, Workman’s Compensation and allowance for deductible with Community Association Underwriters of America Insurance Company.
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| Allowance for Bad Debt
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$10,000
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Costs which offset unit owners in arrears and lost revenues.
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| Contingency Reserve
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$500
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Unforeseen expenses.
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| Subtotal:
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$65,500
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General Expenses
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| TOTAL OPERATING EXPENSES:
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$573,500
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RESERVE EXPENSES:
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| Capital Reserve Funding:
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Amount of funds to be allocated monthly to an interest bearing account to be used for capital replacement items such as; paving, curbing, roofs, pool equipment, etc. An engineering study has been done this year and has dramatically increased our funding requirement not previously addressed.
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| Roofing
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$173,000
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| Siding
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$58,000
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| Belgium Block Curbing
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$20,000
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| Subtotal:
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$251,000
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Capital Reserve Funding
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| Deferred Maintenance Funding:
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Represents painting, powerwashing, staining, deck repairs and sealcoating, and touch up painting of buildings.
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| Powerwashing/staining/repairs of deck
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$47,500
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| Garage door painting
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$10,000
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| Touch-up painting
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$10,000
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| Driveway repairs and sealcoating
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$18,000
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| Tennis court resurfacing
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$9,500
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| Subtotal:
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$95,000
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Deferred Maintenance Funding
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| TOTAL RESERVE EXPENSES:
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$346,000
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| TOTAL EXPENSES:
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$919,500
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TOTAL CASH REQUIREMENT
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See the spreadsheet in Microsoft Excel format.
See the explanation in Microsoft Word format.
This web page was last updated on August 31, 2006.
Please contact the
management company
for the latest information about Hampton Commons.
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