Update report. January, 09

Proxies collection:
Manager adjourned budget meeting as not all required proxies were collected by then and will notice and reconvened such meeting in 14 days. Manager compiled logged and organized proxies needed to waived statutorily required reserves. The results to date as follows: 33 and 1/3 of 379 total proxies required (=127 proxies), 128 received, 99 proxies FOR waiving reserves, 29 proxies AGAINST. Reserves have been virtually waived by TOG membership pending official meeting.

meeting

Transition to the Kravetz Realty Group:
Contract with Kravetz Realty Group (KRG) start to be effective from January 1, 2009

As all of you know, KRG has been working tirelessly alongside Bottom line to ensure a smooth bookkeeping transition. A few weeks ago Board made the decision to extend Bottom Line another few weeks longer to make sure Nelson and Julie were properly assisted with the transition. Based upon the willingness and capabilities of the new KRG employees, we feel it is now time to hand over the bookkeeping operations to KRG. We have been paying Bottom Line a worthwhile expense up to this point but we feel KRG is ultimately ready to take over and handle the bookkeeping operations. We communicated to Bottom Line that they have always been valuable additions to the Turnberry family and we have ended the relationship on a positive note. If there is ever any need for their services in the future, we are sure that they would have no reservations about returning.

All personal and financial data was transferred and converted from TOP’s  software (used by Association) to YARDI software (used by KRG).  Also, all data backup was done properly on the electronic format as well as on hard copy reports.  This process was under President’s personal control to insure this. Unit owners’ financial history was delivered to KRG IT department.

KRG provided the Board of Directors with a presentation on how to use KRG web site. At the time of presentation, all questions from Board members were answered by a professional programmer.

Gregory Arzumanov
President

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