4. How Much Are Our 2008
Total Assessments? (million dollars)
“LWV Finances 101”
$93.58
03/27/08 Residents Voice 4
5. Where Does The Money Come
From ?
United Mutual 6323 Manors
Third Mutual 6102 Manors
Towers 311 Manors
Total 12736 Manors
03/27/08 Residents Voice 5
6. What is Included in the
2008 Total $93,582,525 ?
• Taxes – United Mutual Only
• Mortgage – United Mutual Only
• Food – Towers Only
• Basic Costs (All Mutuals):
– Direct Mutual Operating (DMO) Costs
– GRF Costs
03/27/08 Residents Voice 6
7. What If We Exclude Taxes/Food/Mortgage
= 2008 Basic Costs ? (million dollars)
$13.34
$80.24
Tax & Food Basic
03/27/08 Residents Voice 7
8. 2008 Basic Costs by Mutual ?
(million dollars)
Towers Tax/Food/Loan
$3.16 $13.34
Third Mutual
$39.00
$38.08
United Mutual
Tax & Food United Third Towers
03/27/08 Residents Voice 8
9. Third Mutual United Mutual
$532.62/mo x $501.88/mo x
12mo x 6102 Personal Savings 12mo x 6323
Monthly Basic GRF Account
Assessments
$38.08M/yr Where does
it GO ?
$39.00M/yr
03/27/08 Residents Voice 9
10. What money is in this GRF Account ?
03/27/08 Residents Voice 10
11. Who Should Control Payments
From This Account ?
• The United Board – Yes !
• The Third Board – Yes !
• The Towers Board – Yes !
• The GRF Board – Yes !
03/27/08 Residents Voice 11
12. Who Does Monitor Payments
From This Account ?
• The United Mutual Treasurer – No!
• The Third Mutual Treasurer – No!
• The Towers Treasurer – No!
• The GRF Treasurer – No!
03/27/08 Residents Voice 12
13. How Did This Happen ?
Over the Past 30 years the Boards
and PCM have evolved into the
current means of Financial Control.
The Board Treasurers do not review
justification for most charges
against the mutual.
03/27/08 Residents Voice 13
14. If This Was Your Personal
Checking Account, Would YOU:
• Combine monies with multiple users into
one account ?
• Fail to Review all invoices for accuracy ?
• Not personally sign the checks ?
• Allow others to write checks on your
account ?
03/27/08 Residents Voice 14
15. How Did We Get Here ?
Where Are We Going ?
2003 vs 2013 (manor/month)
2003 2008 2013 %
Change
United Mutual $ 372 $ 501 $ 675 34.68
Third Mutual $ 387 $ 532 $ 732 37.43
Towers $ 673 $ 847 $ 1066 25.78
Tax/Fd/Mtg $ 92 $ 87 -5.64
Total w Tax/Fd/Mtg $ 479 $ 612 27.67
03/27/08 Residents Voice 15