Management Report Monthly June 2019

MONTHLY MANAGEMENT REPORT

ASSOCIATION NAME: Iconbrickell Condominium No. Two

MANAGER NAME: Astrid Mota MONTH OF: June 2019

DISTRIBUTION: TITLE METHOD

Mario Rivero President E-mail
Jonathan Goldberg VP E-mail
Basil Marcelline Secretary E-mail
Dr. Ryan Grider Director E-mail

Louis Pincus Regional E-mail
Director

Method of distribution: Fax (F), E-mail (E), Mail (M), Hand Delivered (H)

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I. FINANCIAL REPORT: MONTH OF: May 31, 2019
➢ Operating Cash:
1,104,398
Prior Balance (107,849)
Increases or (Decreases)
Current Balance 996,549
➢ Receivables:
18,591
Maintenance Assessments Receivable Amount: N/A
Special Assessments Receivable Amount:

➢ Budget Expense Variance/Net Income: 5,264
20,232
Current Month Expense Variance 125,387
Year to Date Expense Variance
Year to Date Net Income (Loss)

Cash Position as of May 2019 $ 113,215
$ 1,442,210
Cash Money Market- Metropolitan $ 2,551,974
Wokring Capital-Metropolitan
Total Operating Cash $ (52,123)
$ 2,499,851
Less Prepaid Assessments
"Current period" Cash

Less Accounts Payables $-
Less Accrued Expenses $ (183,129)
Less amounts due to Reserves/Sec Dep, etc $ (4,988)
Less 1 Month of Insurance Payable $ (32,030)
NET Cash Available $ 2,279,704

Month Maintenance assessments $ 292,500
2 Months Recommended $ 585,000
Surplus/(Shortfall) $ 1,694,704

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Working Capital $ 1,198,188
Prior Month balance
Deposit of 558 settlement
Increases / Decreases funds between May 8-15th:
Total Working Capital Cash Total $213,308
Reserves / Restricted Funds $ 224,021
Prior Month Balance $ 1,422,209

Increases / Decreases $ 3,446,344

Monthlyreserves transfer and
$ 52,325 $3,993 in interest
$ 3,498,669

This schedule is for the purpose of estimating the cash position of the association relative to the cash
derived from current periods for management purposes only. This is not an absolute figure or definitive
analysis.

➢ Explanation of Line Items with Significant Variance to Budget

Line Item Budget Variance Explanation
Accounting Fes (11,766)
the audit agreement, the fees for these services are
based on the actual work required, however, the
estimate for the services is $15,000 for the audit
and $1,00 for the tax returns, plus out of pocket
expenses.
This years’ variance is partially due to billing for
“consulting services” i.e. conference call and
correspondence with Treasurer and legal counsel
re: settlement proceeds and revenue ruling, and
mid-year consulting findings ($2,109.50),
correspondence with management & board
regarding required number of bank accounts,
reserve funds, income tax alternative and
accounting treatment of settlement ($ 635),
“additional procedures”, i.e. Documentation on
settlement proceeds, correspondence with
management re: mid-year consulting engagement
findings ($2,451.75).

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Line Item Budget Variance Explanation
Legal Fees Assoc 7,169
Legal Fees 558 YTD positive variance, due to lack of
Social Events (22,257) communication with counsel. Billing for June 2019
Electricity (11,507) will include conference all
Water & Sewer 16,060 Fees related to 558 litigation. Settlement agreement
Security Services have been reached, therefore expenses related to
5,222 this line item are expected to conclude soon.
Salaries- Office 17,280 YTD Variance due to unbudgeted coffee supply
expenses $22,979 as of 7/1/19.
28,851 Expense based on consumption. We expect the
warmer months July- Sept to reflect higher billing
that the first quarter of the year.

Expense based on consumption.

Allied has been unable to properly staff building,
YTD positive variance due to lack of staffing.
YTD positive variance due to lack of manager for
the first quarter of the year. A monthly variance of
$5,238 due to pay gap between current and
previous manager.

➢ List of Delinquent Accounts as of May 31, 2019

90 days $5,132.43
60 days $3,381.81
30 days $9,426.13
Under 30 days $651.00

Total $18,591.37

Unit 2107,5707 and 2101 are currently at the attorney for collection. The total of maintenance
due amongst the three units is $11,891.98.

The administration team on a monthly basis contacts owner with outstanding accounts to
ensure that payment is submitted and the accounts don’t remain delinquent for extended

periods of time.

II. FINANCIAL NOTES:

• Reserve Account Analysis:
As of May 2019, there is a total of $3,446,344 in reserves account.
• Security Deposit Account Analysis:
As of May, there is a total of $980,109 in security deposits. There is a variance of $24,666
An onsite audit of the records will be conducted in the third quarter of the year.

• Accountant Items:

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The 2018 Final Audit was distributed to the Board of Directors on 6/21/19. Treasurer
reviewed and moved to approved the approval of the audit. Awaiting, president signature
on the representation page.
• Utility Variances:
For all utilities, in the month of there is a positive variance of $21,826.

III. ADMINISTRATION:

• Correspondence received and/or mailed:
Pet Registration email reminders from T2 to the following units: 1510, 2903, 4405, 2703,
3307, 3308, 3602, 2204, 2609, 1203, 801, 5710, 5505, 3707.

• Distributed Mass communication to the building regarding: Board of Directors Meeting,
01 Riser Repair notice during 401 issues and June Newsletter.

• Violation
• 4407 regarding noise
• 5410 Pet off leash
• 4609 Pet off leash & registration
• 2707 Pet off leash and first-time warning regarding relieving itself in market.
• Tax Appeal email – only the 05- & 07-unit qualities
• Unit 3404 leak originating on 5/20/19. Email communication 5/20,5/22,5/31,6/25.

• Architectural Modifications:
• 5701 – Pending closing permit for expansion of living room.
• 5705- Partial application submitted; pending owner signature.
• 1020- Bathroom demo and remodel application submitted.

• Sales/Leases:
• Six (6) sales in the month of June:5202, 4209, 4304, 2904, 502, 1511.
• Eight (8) new leases (4 completed orientation): 2907, 2907, 3706, 4907, 4110, 1109,
3110 ,3305, 1706.

• Landlord Eviction of unit 802.

• In anticipation of the annual meeting in Novembers, the Management Office is auditing
the Unit Owner Roster with the recorded deeds in the MDC Clerk of Courts. The audit
found the following units had filed a quit claim deed with no record in the office 3706,
2204, 3401. Management is contacting each owner for the appropriate documentation.

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• Committees:

The Grievance Committee met on 6/25/19 and held its organization meeting. Laura
Berreti was appointed as Chairwomen; Carlos Abril was appointed as Secretary and the
third member is Paul Ramirez.

• Legal Issues:

June 14, 2019 Attorney Opinion regarding drywall repair:

Management solicited clarification from the Associations attorney with regards to its
responsibility to repair or replace damaged drywall. A brief excerpt of Evonne opinion is
gathered bellow:

In accordance with Section 3.2(b) of the Association’s Declaration to the
extent that damaged walls are drywall or gypsum board, the Unit
boundaries shall be deemed the area immediately behind the drywall
and/or gypsum board, so that for all purposes the drywall and/or gypsum
board shall be deemed part of the Unit. Additionally, Section 7.1 of the
Association’s Declaration provides that all maintenance to interior
nonstructural walls and all interior surfaces of the Unit shall be performed
by the Owner of the Unit at the Unit Owner’s sole cost and expense.

The Florida Statute referenced by the upstairs Unit Owner’s insurance
adjuster does not relieve the Unit Owner of its repair responsibilities
under the Association’s Governing Documents. Florida Statue
718.111(11), does not place the repair responsibility for drywall upon the
Association and only speaks to the portions of the Condominium which the
Association has to insure. There is a difference between the
responsibility to insure and the responsibility to repair. The
responsibility for the maintenance, repair and replacement of an item due
to a non-insured event is governed by the condominium documents. It is
not until an insured catastrophe occurs (hurricane) that responsibility
changes from the direction given by condominium governing documents to
direction given by the Florida Statutes regarding insurance policies.

It is Evonne’s opinion that the drywall is the repair responsibility of the Unit Owner. This is
important as the Association manages resident expectations with a number of leaks.

• Unit 5705 Wall Divider
Unit owner removed the partition and is in the process of submitting the architectural
modification for approval.

• Eviction Rights Conference call with T1/Master and Legal Counsel
Discussion with T1/Master and legal counsel regarding the Association’s legal right
to evict tenants who are non-compliant with Association Rules & Regulations.

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Iconbrickell Settlement Breakdown

IV. PROJECT UPDATE AND STATUS:
• Administrative Projects: Please see attached action list.

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• Package Room

# of YTD #

Parcels of Projected % increase Budgeted
Budgeted Labor 2019 Supplies Total Budget Cost Per Package
2018 Parcels for 2019 from 2018

14.4%

48,330 23,042 55,300 increase $ 117,000.00 $1,985 $ 118,985.00 $ 2.15

*# of Parcels as of May 31,2019.

• Maintenance Projects:
“Special Project Team” continued the carpet cleaning currently on floors 39- 37th.

Freshly painted the ground level elevators

Maintenance and housekeeping department deep cleaned wash and clean the 15-floor tile

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- Cleaned the kitchen riser on the 4th floor. This is a building main which caused damaged inside of unit
4501 and 501 which required remediation services.

V. BIDS AND PROPOSALS:

• Recommendations for Board Review:
Submitted proposal to Mario, for a security assessment of T2 in the amount of $2,700. Onesta
Consulting is the security contractor that T1 and the Master are moving forward with to provide a
base & recommendation on the update to access control (i.e. biometric system).

VII. BOARD ACTION ITEMS:

• Approval of audit representation letter.
• Confirmation of next Board meeting date August 12th.
• Review of BOD minutes 6/17/19.
• Meeting with Association engineer to review 558 projects (BOD meeting in August).

VIII. SCHEDULED EVENTS:

• Meetings attended this month:
• Weekly Management Meetings Held every Thursday 10:00 a.m. – 12:00 p.m.
• Buildinglink Manager Training 6/4
• DAS System Discussion with Hotwire 6/5’

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• T1 BOD Meeting 6/12/17
• WM Staff Training on Recycling 6/19
• Fire System Training 6/20
• Meeting with Commissioner Russel Office to discussion 1) Airbnb 2) Mary Brickell Park

improvements 3)Scooter Safety.
• ONR onboarding training 6/24
• 6/25 Mario meeting with Tower Staff
• 6/25 Grievance Committee Meetings
• 6/25 Resident Yappy Hour/Pet event on the Bay walk
• 6/26 Meeting with Allied Universal to discuss current burden rate on all employees
• 6/28 2020 Budget Planning session with Master and T1
• 6/29 Ronald McDonald Adpot-A-Meal Event
• Meeting Dates:
Next Board of Directors Meeting August 12th.

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