November 2025 Updates

Reserves & Financials
- Total reserves stand at $8.35M, mostly invested across JP Morgan and Chase CDs earning around 4%.
- Legal fees are significantly over budget: $125K vs $50K budgeted, mainly due to lawsuits, contract reviews, and resolving long-standing city fines.
- YC@P is considering changing financial management firms due to repeated issues with Marquis, including late reporting, reserve misuse, wire errors, unauthorized payments, and delayed budgeting. Outsourcing financial management is being seriously evaluated.
Major Building Projects & Timeline
- Elevator modernization: new bids under review; installation planned to begin after New Year 2026.
- Sloped roofs: urgent replacement approved; contractor Best Roofing; estimated $340K, fully funded by reserves. Work expected Jan–Feb 2026.
- Cooling towers: after a failure in Aug 2025, both towers will be replaced between Mar–Apr 2026. Funded by special assessment ($1.3M); any overage covered by reserves.
- Flat roof: postponed to prevent damage from other projects; now scheduled for Apr–Jun 2026. A contractor change may result in a refund to YC@P.
Other Improvements
- A 60kW fast EV charger is being installed near the existing slow chargers; delayed delivery but expected to be operational soon.
- Hallway repainting and new carpets (similar to original design for regulatory compliance) will be completed before the holidays.
- Discussions about changing the management company took place in 2025, but no decision has been finalized; proposals are still being evaluated