2nd Floor Party Room
Agenda & Report
6:30PM – CLOSED SESSION
The Board is scheduled to meet to discuss rule violations, pending litigation, Unit Owner account issues and personnel matters.
7:30PM – Review of 2025/2026 Audited Financial Statements
By Ralph Picker of Picker & Associates
To review and download the audit report, Click Here.
OWNER FORUM
The Board of Directors and management will welcome and address feedback and questions from Unit Owners.
OPEN SESSION CALL TO ORDER – Confirm Quorum
The meeting chair, expected to be Board President Michael Parrie, will call the meeting to order and confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.
Commission Reports
The meeting chair will invite commission representatives for any news, updates and reports.
Attached to the report for Board Review, are the most recent reports from the Home Improvement and Social Commissions.
Board Report
The meeting chair may give a report on current Association business and activities of interest.
Action Items
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
Attached to the meeting report for Board member review are the proposed minutes for the Board of Directors Meeting held on Monday September 14, 2026, as submitted by General Manager Tim Patricio, for Board consideration.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on Monday September 14, 2026.”
Attached to the meeting report for Board member review are the proposed minutes for the Board of Directors Meeting held on Monday September 28, 2026, as submitted by General Manager Tim Patricio, for Board consideration.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association hereby approves the minutes from the Board Meeting held on Monday September 28, 2026.”
Attached to the report for Board member review is the updated 22.1 disclosure through August 2026 for formal Board approval. The 22.1 Disclosure, is a standard document we provide upon request in the event of any sale and make available for inspection to the prospective purchaser. This incorporates:
As a matter of routine, we continue to update this regularly and will present it periodically for Board review and formal approval.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the 22.1 disclosure as drafted with the best available information through August 2026.”
The audit of the 2025/2026 Financial Statements reported an operating surplus of income over expenses in the amount of $274,329 as previously reported. As we’ve done in the past, we waited to identify any business activity that may impact that figure, such as uncollectible assessments or other questionable receivables. We are confident all considerations were buttoned up with the audit.
In digesting the results of this year’s Reserve Study (to be discussed) and how wildly inflation has impacted the outlook, as well as the impact of drywall compound asbestos findings and the need for our fire smoke tower to undergo a code compliant rehab, we suggest the wisest course of action would be for the Board to approve a transfer of the full amount to the Reserve.
A sample motion: “I move that WHEREAS, the Board of Directors (the “Board”) of Park Tower Condominium Association (the “Association”) is the governing body of said Association and is charged with the direction and administration of the Property subject to that certain Declaration of Condominium for Park Tower Condominium, as from time to time amended (the “Property”); and
WHEREAS, the Declaration provides that the Association is obligated to maintain, repair, and replace the common elements located in the Property; and
WHEREAS, an accounting for the 2025/2026 fiscal year revealed that there is an accumulated amount of income in excess of the amount required for actual expenses (“excess”) in the amount of $274,329; and
WHEREAS, the Board has reviewed the status of the Association’s capital reserve account; and
WHEREAS, the Condominium Property Act requires, pursuant to section 9 (c) (2), the Association to maintain reasonable reserves for capital expenditures and deferred maintenance for repair or replacement of the common elements located in the Property; and
WHEREAS, the Board has considered the following factors relative to the reasonableness of the Association’s reserves:
1) The repair and replacement cost, and the estimated useful life, of the property which the Association is obligated to maintain, including but not limited to structural and mechanical components, surfaces of the buildings and common elements, and energy systems and equipment;
2) The current and anticipated return on investment of the Association’s reserve funds;
3) The amount that the Association’s most recent capital reserve study provides should be on deposit in the capital reserve account;
4) The financial impact on the unit owners in the market value of the condominium units of an immediate assessment increase to fund the reserves and
5) The ability of the Association to obtain financing or refinancing as a supplement to the capital reserve account; and
WHEREAS, after due consideration of the foregoing factors, the Board contends that their fiduciary duty demands that the excess funds be transferred into the capital reserve account.
NOW, THEREFORE, BE IT RESOLVED that the Park Tower Condominium Association Board of Directors approves the transfer of $274,329, the identified year-end operating fund surplus cash for 2025/2026, to the Association’s reserve account, after taking into consideration the criteria for establishing a reasonable reserve set forth in Section 9(c)(2) of the Illinois Condominium Property Act, in order to more properly fund said reserve account.”
The contract for Picker & Associates, LLC, auditing services is up as of this fiscal year. For Board Member consideration, in addition to their renewal proposal, we sought bids from two other reputable firms which Management has experience with, attached to the report for review. Although we are generally satisfied with Picker’s efforts, because expenses have been on the increase across the Board, we felt a review was warranted. The numbers for annual auditing and election tabulation are as follows:
Condo CPA
Annual Audit $10,500 Election Tabulation $220/hour
PBG Financial Services
Annual Audit $8800-9200 Election Tabulation $1200-1500
Picker & Associates
Annual Audit $6500 Yr 1 Election Tabulation $2500
Annual Audit $6800 Yr 2 Election Tabulation $2500
Annual Audit $6800 Yr 3 Election Tabulation $2500
Given these estimates, and our history with Picker & Associates, we suggest renewing with them for 3 years.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves a contract as proposed by Picker and Associates LLC, for annual auditing services for fiscal years 2026/2027 at $6500, and 2027/2028, and 2028/2029 at $6800 per year, and tabulation for the 2027, 2028 and 2029 annual meeting board election results for $2500 each year.”
The completed 2026 Reserve Study from Reserve Advisors LLC (previously submitted for Board Member review) is ready for formal acceptance. Unless there are questions or objections, we recommend accepting the study so it can be shared with owners upon request and sent to the Budget & Finance Commission ahead of the planned November budget meetings.
Key Budgetary Impact
As the budgeting process begins, there are relatively significant recommended changes to keep in mind:
A sample motion follows: “I move the Board of Directors formally accepts the 2026 Reserve Study as presented by Reserve Advisors, LLC, and hereby directs it be made available to Unit Owners electronically upon request.”
Consistent with local code regulations, and as reported previously, the main drain cover for the indoor pool must be replaced every five years to ensure compliance and swimmer safety. The current cover is due for replacement this winter. Funds for this routine compliance work were set aside as part of the total $36,400 budget allocated for pool mechanicals and fixture maintenance this fiscal year.
Our team solicited proposals from three qualified vendors who’ve done satisfactory work for the Association, attached to the report for Board Member review:
All Seasons Pool and Spa: $10,365
Monson Nicholas, Inc.: $11,957
Splash Pure Water: $14,720
Because all three vendors have a proven track record of reliable performance at Park Tower, we suggest awarding the contract to the lowest qualified bidder, All Seasons Pool and Spa.
A sample motion: “I move the Board of Directors of the Park Tower Condo Association approves the mandatory 5-year code required replacement of the indoor pool main drain cover as proposed by All Seasons Pool and Spa at an expense of $10,365, to be funded from the Pool Mechanicals & Fixtures budget line item, to be funded by the Reserve Fund.”
Construction requests for approval are expected, but will follow this report separately.
A sample motion follows: “I move the Board of Directors approves the remodeling plans for units __________ as submitted by the unit owner, following the recommendations of the chief engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.”
Business Reports
Treasurer’s Report
The most recent financial reports, for the period of August 2026, are attached to the report for Board review.
Fund Balances End of August 2026
Operating assets totaled $1,936,135 and the Reserve cash and investments were $5,997,620 for a total of cash and investments of $7,933,755.
August 2026 Revenue and Expenses
Total Operating Revenue: $699,788
Total Operating Expenses: $548,774
Income (Loss) From Garage: $109
Contribution To Reserve: $256,922
Total Surplus/(Deficit): ($37,135)
Management Report
Attached to the report for Board review are the most recent Monthly Activity Report and Sales and Lease Reports.
ADJOURNMENT
There being no further business, the Board will consider adjourning the meeting. A sample motion: “I move the Board of Directors adjourns the October 12, 2026, Board Meeting at ____PM.”
OWNER FORUM
The Board of Directors and Management will welcome and address feedback and questions from Unit Owners.
The next regular Board Meetings are scheduled for Monday October 26th and November 9th at 7:30pm. A Resident Forum is scheduled for Thursday October 22nd at 7pm. All such meetings are held in the 2nd Floor Party Room unless otherwise posted.
