Major Operational Cost-Savings

Turnberry on the Green’s Cost-Saving Initiatives Pay Off

  1. The progressive Board of Directors at Turnberry on the Green has taken major steps to save money for property owners by implementing in-house services. One significant change was bringing valet service in-house, eliminating the need for outside vendors, which resulted in savings of over $100,000 per year.
  2. Furthermore, for the past 12 years, the Board has successfully provided self-management services that comply with Florida Statute, Section 718.111 and 718.112, saving unit owners approximately $140,000 each year. Over a dozen years, this self-management approach has accumulated savings more then $1.6 million for the unit owners.
  3.  Additionally, the Board took on the responsibility of managing the front desk, security, and concierge services. This move not only increased efficiency and improved service quality for unit owners and renters but also saved the association more than $90,000 annually.

That’s an impressive achievement by the Turnberry on the Green Board! It showcases a strong commitment to financial efficiency and responsible management, benefiting all the unit owners significantly.

The financial efficiency and savings achieved through self-management should be clearly reflected in the Profit and Loss (P&L) statements or Income Statements as reduced expenses or increased net income over the years. Additionally, these savings would contribute to a healthier balance sheet by potentially increasing retained earnings or cash reserves, ultimately enhancing the overall financial stability and equity of Turnberry on the Green.

The total estimate savings per year is: $330,000

Gregori Arzumanov
behalf of Board of Directors

 

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