Why this matters now

Before the Feb 19 election, owners should have a clear, document-based view of the roof/parapet project costs and the records still missing from owner production. This summary relies on financial statements, reserve studies, contracts, special assessment notices, and vendor proposals already obtained by owners.

1) Expected vs Actual: The variance is severe

Owners have seen multiple cost anchors across official documents:

• 2022 Reserve Study: roof replacement estimate approximately $419,290 with roof measurement referenced around 230 squares / ~23,000 sq ft.

• 2024 budget materials: roof costs appear materially lower (owners have seen figures around $328,670 in budget documentation).

• 2025 reality: owners were assessed and/or informed that the roof/parapet total reached $1.5M–$1.7M levels.

When a project moves from ~$419k planning to $1.5M+ execution, owners should receive a clear scope narrative and a clean financial reconciliation. That has not occurred.

2) Contracts and special assessments owners are being asked to fund

Based on the documents in hand:

• Phase I roof special assessment approval around $1,021,312, with a major roof contract (Upgrade) around $845,820.

• Phase II additional special assessment of $350,000, tied to change orders and SurTreat TPS II, including a Stonewood acceptance document for $250,000.

• Separate parapet wall work in 2024 with a contract price around $149,469.

3) Timing mismatch: “additional funds needed” after major payments

General ledgers owners reviewed indicate large vendor payments occurred earlier in the year, while the “additional funds needed” special assessment was imposed later. If true, owners need:

• a dated payment schedule,

• a dated assessment collection schedule, and

• bank statements showing the cash movement.

If the association cannot show a clean sequencing, the project cannot be independently verified.

4) Missing records: the non-negotiables

To verify costs and protect owners, the association should produce:

• Invoices for every roof/parapet/SurTreat payment

• Full change order backup (scope, pricing, approvals, justification)

• Proof of competitive bidding and vendor license verification

• A single project reconciliation tying contract + change orders = paid to date + remaining obligations

Ledger totals alone are not an audit trail.

5) Insurance proceeds and parapet work

The 2024 audit references insurance proceeds related to a prior pipe break and indicates application to parapet-related expenses and certain roof-related costs. Insurance offsets do not eliminate the need for:

• invoice production,

• scope verification,

• change order justification, or

• clean reconciliations.

Owner actions before Feb 19

1. Request a one-page roof/parapet reconciliation (contract(s) + change orders + payments by date/check + remaining).

2. Request invoices and change order backup for all roof/parapet/SurTreat vendors.

3. Vote with financial control and transparency as the deciding criteria.

No voting instructions are provided in this post. It is an accountability notice and a request for verifiable records.

Disclosure: Owners Informational Communication; NOT Affiliated with the Association Board or its agents . A