Activity Highlights for February 2018
https://ambassador2.com
Monday, February 12, 2018
A quorum was not met this month, so no Board meeting was held. The following are highlights of activity the last two months. There was no meeting scheduled for January.
Treasurer’s Reports
For period ending January 31, 2018
Bank, Savings and Investment Accounts
Checking: $41,400.09
Washington Federal Replacement / Special Assessment Reserve: $225,703.91
Sound Credit Union Savings: $227,529.31
Umpqua Bank 17-month CD: $239,113.12
Petty Cash: $100.00
Total Assets: $733,846.43
For period ending December 31, 2017
Bank, Savings and Investment Accounts
Checking: $24,661.11
Washington Federal Replacement / Special Assessment Reserve: $347,710.72
Sound Credit Union Savings: $127,513.24
Umpqua Bank 17-month CD: $238,842.11
Petty Cash: $100.00
Total Assets: $738,827.18
600 Howell Project
No change to the status of the construction project across the alley.
Security Update
Continued burglaries of residential garages and mail. No vehicle break ins reported in the last 2 months. There have been 2 incidents of package theft in the past few weeks. As previously advised, you should have package delivery made to a secure location. Packages left in the lobby for more than a couple days almost always “disappear”.
Rules
Recycling reminders: Our rules are identical to the City of Seattle’s recycling rules. Easy to read reminders are posted near the trash room door. Recycling is picked up Tuesday and Friday.
Ongoing issues
Repairs from water damage in an upper x09 unit are nearly complete.
Water damage repairs are complete in a lower x12 unit and the hallway/stairwell.
New Issues
To pay for the water damage, we borrowed $30,000 from Reserve Funds. This amount will need to be returned to the Reserves in the next two fiscal years (2018-2020) per RCW 64.34.384 as this damage is not part of a scheduled repair. This will be budgeted as a surcharge to the Reserve Replacements line item. We may need to borrow more. Also, Reserve funds were moved between accounts to stay within FDIC insurance limits.
The Ambassador I window replacement project is underway. They have not been forthcoming in keeping us informed of those parts that affect our shared areas. We are posting information in the lobby as we are made aware of relevant details.
Our long serving Board Member, Shaun Ross, has resigned from the Board and moved out of state. We are seeking a volunteer to serve out his term. Meetings are the second Monday of the month.
We will begin gathering bids to scaffold the -04 stack in the courtyard for inspection, repairs, and resurfacing. Project to begin in the Spring. Funding will be from Reserves.
Our Annual Replacement Reserves review has begun. The final report will be available on our website.
Our insurance policies were renewed. As expected, there was a substantial premium increase for our earthquake insurance. As you may know, “earthquake insurance” is in fact a major disaster policy that covers only specific disasters. Earthquake in our case, but the same re-insurers also cover wildfires and floods, which are increasing nationwide.
A leak between units in the upper levels of the x12 stack was caused by a failed toilet tank. Unit owners insurance to cover. We once again remind all owners that toilets with the “Crane” label are likely original to the building, obsolete, and prone to cracking. They should be replaced.
The Board is investigating a drain overflow issue in one of the units that occurred this date to determine responsibility.
Property taxes are due April 30th. The King County Assessor says property taxes this year will average 17%. This will result in even higher dues increase in the coming fiscal year. Estimating property taxes is the most difficult part of creating our budget.
Next Board meeting is scheduled for Monday, March 12, 2018 at 6:30pm in Unit E108.
Ambassador II Condominium Homeowners Association:
506 E Howell St, Seattle, WA 98122 (not our mailing address)