The Edge at Reno 2015 Budget

The Edge at Reno 2010 - 2015 Approved Operating Budgets are now online.  

http://edge-reno.com/Budget

The Edge at Reno
200 Talus
Reno, Nevada 89503
(775) 358-6527

The Edge at Reno~Board of Directors Mission Statement~~http://edge-reno.com/missionstatement.html

The Edge at Reno received the "Best in Reno-University Housing" award for 2011, 2012, 2013, and 2014.  For more Information contact Sara Sharkey at (775) 786-6133. 

President’s State of the Association to Members

President’s State of the Association to Members

The Edge at Reno Condominium AssociationNovember 25, 2014 

After being the Edge at Reno Treasurer for nine months, I have experienced the budget and audit process for the Homeowners at the Edge at Reno.   Working with Incline Property Management plus Hilburn and Lein, CPA’s, The Board of Directors has been able to release strong financial statements reflecting that for the fiscal year ending December 31, 2015, the Edge at Reno is at 186% of the Nevada mandated reserves.

With remodeling scheduled to begin in May 2015, The Edge at Reno’s Architect of Record, Alchemy Design, has been preparing design drawings and blueprints for the permit process beginning approximately February 2015.   The Board of Directors meeting for February has been scheduled for February 20^th at Three PM for the Alchemy Design Presentation. 

Currently Alchemy Design is evaluating soils and structural engineering firms to determine the reliability of retaining walls on the North Virginia side of the property.  As part of the design process, the fire sprinkler system is being redesigned for a more efficient alternative to the current Glycol system with plastic pipes.

As the former Treasurer, I am tuning the financials to reduce tax liabilities; reduced liabilities incurred as far back as 2009 due to Fire Sprinkler breaks and repairs.   As early as 2008, there was a $2,500 Reserve Assessment as a liability from the 2008 Reserve Study.  In the 2013 Reserve Study the Reserve Assessment was removed from the Reserve Study.  However, since over $208,000 in emergency repairs was paid for out of the Construction Defect fund, the Reserve Fund owes the Construction Defect Fund over $208,000.  In theory, there should or could have been a special assessment.  But, the 2014 Board of Directors passed a motion to defer this liability until after the construction.

In reviewing budget documents, it is clear that the last three board of directors preserved assets from payouts to homeowners.  In 2012 a former board member recommended distributing $25,000 to each homeowner.  The Goal of the 2015 Board of Directors is to proceed through remodeling with a strong architectural plan, cost controls to preserve assets, and an evaluation program to ensure the homeowners received value for what the Board of Directors contracted. 

Deanna Lee, President
The Edge at Reno
(775) 786-6133