$98,019.00

Financial Statements generally are difficult to decipher for many of us. In the past maintenance budget lines were clearly delineated. One could see at a glance what we were paying for new flooring, interior painting, etc. Included in that budget were our maintenance contractor's fees. We've only had one staff member over the years and that was (is) the Office Co-ordinator. So, it came as a shock to me to see that $98,019.00 was budgeted for 'Salaries and benefits' for 2010. What on earth does this mean? Is this the Office Co-ordinator's salary, or are our maintenance contractor's fees included in this figure? A figure of $135,229 is budgeted under 'Maintenance - grounds and units'. What does this cover? Are the maintenance contractor's fees included in this line? Flooring, appliances and furnaces are included under Capital Expenses. Are we, therefore, paying $135,229.00 solely for our maintenance man's fees? If so, the $98,019.00 would be the Office Co-ordinator's salary. There are other veiled entries in the Financial Statements. Members will never know, for instance, where the budget line is for the numerous long distance taxi fares our Office Co-ordinator incurs.

What is clear is our Vacancy Loss for 2010 - $80,035.00, down from $122,196.00 for 2009. Perhaps some of that $98,019.00 should be re-allocated to repair units, in order to cut our vacancy losses.