Useful Information

It will once again be at the Christian Life Church, 25550 Canal Road, Orange Beach, the same location as last year.   It begins at 10:00 am. 
Don't remember how to get there, click here.

 Welcome aboard Valerie!!!!!!!!!!!!!

The Good - Our insurance premium has declined from the $475,000 we paid last year to $275,000.
 
The Bad - The premium still has to be paid and as agreed at the annual meeting it is all being paid by a special insurance assessment.  Last year part of the insurance premiums were a budgeted item.  Because the insurance premium is now totally off budget, i.e, none of it is included in the budget, that is why the insurance assessment is not significantly reduced from last year.     

The insurance special assessment due February 1, 2008, by unit size is as follows:

Unit 100	$ 436.00
Efficiency	$ 855.00
1 Bedroom	$1,343.00
2 Bedroom	$1,762.00
3 & 4 Bedroom	$2,686.00

You will shortly be receiving a letter officially transmitting this information.  The assessment is due February 1, 2008.

To see the draft minutes click here.   Note this have not yet been officially adopted.

        

  The sand dunes and sea oats play a vital role in protecting the beach and the buildings behind them.  Please don't walk on them.  This increases beach erosion and is a factor in the destruction of the dunes.

Click here to view copies of Sugar Beach's financial reports.  Note updated reports for 2008 will be posted as soon as I can delete private information.   As of August 31, 2008 we had cash on hand of $567,121.80.  Note this is an 6.65% increase from January's $531,767.52 but a 11.29% decrease from the $639,265.57 on hand in August of 2007.    See table for monthly cash on hand figures.  Note much of the cash on hand is needed to pay outstanding obligations,e.g, the SBA loan, maintenance for the complex, repainting and sealing the building (which is not covered by any pending special assessment), etc.   It is the exclusion of these items that has resulted in the revised totals. 

January	$531,767.52
February	$610,626.67
March	$636,483.85
April	$614,248.03
May	$573,337.67
June	$597,213.98
July	$663,442.29
August	$567,121.80
September
October
November
December

This does not include assessments receivable, i.e, money owed the Association, which came to $ 95,380.29 in June, 2008. 

January	$212,939.60
February	$141,433,27
March	$121,860.22
April	$108,024.59
May	$107,047.13
June	$ 95,380.29
July	$ 95,056.64
August	$ 94,530.75
September
October
November
December

In August, assessments receivable have declined 55.60% from January of 2009 and there has been a 22.43% decline from the $121,863.82 receivables in August of 2007!

We continue to work on collecting the remaining delinguent dues owed the Association. 

In August  2008, the Association earned $ 1,248.60 in interest.   See table for earlier figures

January	$   689.20
February	$   784.28
March	$   939.79
April	$   788.48
May	$   679.34
June	$ 4352.31
July	$   602.29
August	$ 1248.60
September	$
October	$
November
December

Interest income has fallen significantly in 2008.  For example in 2007 through August, we collected $29,616.64 in interest compared to $10,084.20 through August 2008, a drop of almost 65.95%.

Owners and guests should not dispose of bulk items at the dumpsters.  That means don't dump your old tables, chairs, sofas, etc. at the dumpster.  The rule of thumb is if it does not fit through the dumpster opening, it SHOULD NOT be left at the dumpster.  If you have such bulk items to dispose of, contact Elizabeth, the property manager, on how to dispose of them. 

Elizabeth needs updated keys/codes to all units. This is very important for 3 main reasons.
If you know Elizabeth doesn't have a key to your unit, then please get her 2 copies as soon as possible.
 

The Condominium Association took 3 significant actions at the October 7th meeting.
1.  The Association overwhelmingly voted to pay off the SBA loan according to the terms of the loan. 
2.  The Association voted to pay any insurance costs over and about the $150,000 currently budgeted by a special assessment.
3.  The Association recognized the need for an increase in condominium dues. 

As a result of these actions, all Association owners will be receiving in December, a letter stating that there will be a special assessment for increased insurance costs in the amount of $275,488 due February 1, 2007 and a 10% condominium dues increase beginning February 1, 2007.  Click here for a copy of the letter.

The following individuals were elected to the Board:
Reelected:  Robert Stuart, David Dyar, Dan Gantt, and Allen Summerlin

As you know, Sugar Beach has worked hard to make the financial impact of IVAN and KATRINA on owners as painless as possible.  That is why owners have the option of paying off the 2005 special assessment over a 2 year period, i.e, with 8 quarterly payments.  However some owners are not current with their payments.  Some owners have made no payments or only 1 or 2 payments.   A notice will shortly go out informing all owners that if they are not current with their payments liens will be placed against their units.  This is not a step we take lightly.  We are well aware of the financial hardship imposed by the special assessment.  But it is also unfair to other owners who are making timely payments. 

Your Board requests that owners not place aluminum foil in the hallway windows of their units.  The property manager will be checking windows for this practice and contacting owners that are not compliant with the standard window treatments.  Standard window treatments are blinds, shutters, curtains, drapes, and sheers.  Whatever you use, the surface showing in the hallway should be white or off white.  Many owners use mini-blinds or plantation-blinds.  Note if you chose to use blinds, considerable savings can be had if two standard size blinds (side by side) are used in place of one large blind that usually must be custom ordered.