4 North Shore Towers Courier n July 2014 from the towers President’s Report to Shareholders By Morton Gitter Each year the President and Treasurer present a report which summarizes some of the corporation’s activities for the prior year including its financial condition. This article contains the highlights of the report presented to Shareholders at the June 19 annual meeting. Before going into the report, special mention must be made of former board member and Board President Bob Ricken and also Board member Herb Cooper. After many years of dedicated service to the community Bob retired from the Board in January. Herb has concluded his term as a director on June 19 and has opted to retire. Please join with the Board. in expressing our thanks to Bob and Herb for their outstanding initiative and hard work in making NST a better place to live. President’s Report Through the combined efforts of our Board members, our management team, our staff and those who gave their time and efforts in serving on our committees, 2103 was a banner year at North Shore Towers in virtually every respect. Instead of presenting a long list of everything that may have taken place in 2013, some of our results. which are a true measure of our success, are highlighted in the report. Shareholder values increased dramatically. The average sale price per share was more than 25% greater than in 2012. Apartment sale prices were among the highest in years. Sales were brisk and time from listing to sale date was substantially less than in 2012. A bi product of the price rise resulted in a dramatic increase in our transfer fee revenues. These trends have continued into 2014. Our country club was even more vibrant in 2013 than in prior years. This resulted in part from a significant increase in the number and variety of programs offered to our members , noticeable improvements and upgrades in our golf, fitness center facilities, pool areas and card rooms, creative approaches in new membership categories and from our attempts to give us a country club atmosphere. Our VIP room facility has succeeded beyond expectations. We are continuing our efforts to encourage our members to take advantage of our facilities and activities. The infrastructure of our facility has substantially improved in 2013 as a result of among other things, our new generator project, which is approaching completion and our energy efficient lighting program. The modernization of our power plant and related facilities has taken place smoothly and enables us to operate more efficiently with less likelihood of breakdowns and more savings in operating costs. We continue to make significant capital improvements in virtually all areas of our facilities. Treasurer’s Report In 2013, our financial results exceeded expectations and our financial condition remains “rock solid”. Our 2013 operating revenues were $46,746,000 and exceeded 2012 totals by over $500,000. This increase was largely as a result of increased transfer fees and electricity income. Our 2013 operating expenses were $40,468,000 and were approx. $800,000 less than 2012 totals. Some increasing costs in 2013 were more than offset by substantial decreases in our mortgage interest costs of over $1,100,000 and decreases in our repair and maintenance costs of approximately $550,000. As a result, our 2013 net income after depreciation and amortization was $2,203,000 compared to $789,000 in 2012, an increase of over $1,400,000. The favorable 2013 financial results enabled us to avoid an increase in 2014 monthly maintenance charges to our shareholders. Our reserve funds at the end of 2013 were approximately $17,500,000 which was slightly in excess of the 2012 total. Although we spent in excess of $6,000,000 in capital improvements in 2013 we were able to replenish the reserve funds through operating profits, shareholder assessments, transfer fees and investment income. Our reserve funds will be somewhat less in 2014 since a substantial portion of the cost of our generator replacement project is paid for in 2014. We expect to remain in good financial condition at year end. Although we have a number of issues which remain to be resolved in the very near future. There is every expectation that if we all pull together, continue to work hard, and look at things realistically and dispassionately, we can reach satisfactory solutions, with the result that our community will continue to thrive as a premiere place to live. North Shore Towers Celebrates American Cancer Society’s “STAND UP TO CANCER” Initiative The month of July not only brings Summer with beautiful weather, but also launches our drive to defeat all forms of Cancer through research and advocacy by donating to the American Cancer Society. Most of our residents and friends are familiar with our efforts to raise as much money as we can for this worthy cause. As in the past, we are hosting our “BABES AND GUYS DAY” with a Golf Tournament, Card Party and Luncheon on Thursday, July 10,2014 Non Members are welcome. BUT - This time we are appealing to ALL of our neighbors to help us with contributions of any amount. Every little bit helps. Donations can be left with your concierge or at the Country Club Desk. Checks are made out to American Cancer Society and are tax deductible. REMEMBER - Our Tree of Hope will be up for the month of July and will sprout leaves with each donation in honor of, or in memory of those you love. ALSO - In August, information will be forthcoming on events sponsored by the Tennis Association. LET’S FIGHT FOR A CURE TOGETHER WE CAN MAKE A DIFFERENCE! Victoria Schneps-Yunis Joshua A. Schneps William J. Gorta Jennifer Decio Michael Shain Stephen Reina, Nirmal Singh, Ron Torina, Cheryl Gallagher Julie Weissman, Dawn Steinberg Publisher & E ditor Associate Publisher Editor-in-chief Art Director Contributing Editor Artists Photographers NORT H S H O R E TOWERS North Shore Towers Courier, 38-15 Bell Blvd., Bayside, NY 11361 • Tel: 718-224-5863 • Sales Fax: 718-631-3498 • Editorial Fax: 718-224-5441 • e-mail: [email protected] All letters sent to NORTH SHORE TOWERS COURIER should be brief and are subject to condensing. Writers should include a full address and home and office telephone numbers, where available, as well as affiliation, indicating special interest. Anonymous letters are not printed. Name withheld on request. ALL LETTERS TO THE EDITOR AND OP-ED’S DO NOT REFLECT THE OPINION OF THE PUBLISHER. No such ad or any part thereof may be reproduced without prior permission of NORTH SHORE TOWERS COURIER. The publishers will not be responsible for any error in advertising beyond the cost of the space occupied by the error. Errors must be reported to NORTH SHORE TOWERS COURIER within five days of publication. Ad position cannot be guaranteed unless paid prior to publication. NORTH SHORE TOWERS COURIER assumes no liability for the content or reply to any ads. The advertiser assumes all liability for the content of and all replies. The advertiser agrees to hold NORTH SHORE TOWERS COURIER and its employees harmless from all cost, expenses, liabilities, and damages resulting from or caused by the publication or recording placed by the advertiser or any reply to any such advertisement.
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