THANK YOU AMG!

Disclaimer: Please note that this blog is a forum for concerned unit owners of International Village and is not meant to represent the official views of the Association and/or its Board of Directors.

When AMG came to IV, they took over the following situation:

1.  2011 Operating Deficit of approximately $960,000.

2.  2012 Operating Deficit of Approximately $800,000 (AMG saved approximately $160,000 mid year).

3.  There were 7 outstanding law suits and DBPR cases.

4.  The Wells Fargo loan was in default and owed over $330,000 in      past due payments.

5.  Prior to 2012, Special Assessment income meant for the Wells Fargo loan was being co-mingled with the operating accounts and not all payments to the loan were made.

6.  Phone systems were constantly going down.

7.  Resident complaints were rising.

8.  Our accounting was a nightmare and accounts were mixed up and incomplete. Monies were being posted to the incorrect accounts.

9.  Numerous complaints of lack of maintenance of the buildings and grounds.

10.  Complete lack of management organization.  For example, routine work orders were disorganized and not being completed.

  

After AMG was hired as our Management company, they accomplished the following:

1.  Renegotiated phone service to the Association and provided WiFi to the residential buildings.  This saved us over $15,000 on our phone budget while providing every individual unit owner free WiFi, thus saving unit owners who had been paying for  internet access hundreds of dollars a year.

2.  Saved over $9,500 on landscape services.

3.  Assisted with saving over $100,000 on insurance.

4.  Saved approximately $200,000 in collections expense while increasing collections revenue.

5.  Assisted with decreasing and settling law suits to save more than $35,000 in legal fees in 2013.

6.  Bad debt decreased by over $80,000.

7.  Savings in water over $44,000.

8.  Savings of over $56,000 in regular operating Repairs and Maintenance in 2013 vs 2012.

9.  Stabilized the budget and assisted the Board of Directors with proper accounting for all accounts.

10.  Assisted the Treasurer with maintaining the new systems and controls regarding the Wells Fargo loan.

11.  Paid down the Wells Fargo loan over $1.4 million from April 2012 until April 2014 while keeping the monies accounted for and properly allocated.

12.  Assisted with the relationships with Wells Fargo.

13.  IV was now in good graces with Wells Fargo regarding the loan and not in default.

14.  Dramatically reduced delinquencies.  

15.  Received two recognitions for financial turn-around as "Comeback Community" from Florida Communities of Excellence.

16.  Decrease of complaints and increase of resident satisfaction.

17.  Computerized work orders.

18.  Organized office operations and hired competent management and staff.

19.  Created improved Policies and Procedures working with the Board of Directors and input from the community.

20.  Cut over $500,000 out of the 2013 budget vs 2012.

Through the professionalism and relationships in the industry, AMG was able to get banks to listen to us when no one would in the past.  They assisted us with turning this community around when we were at our worst.  They served our community with care and diligence.  It was obvious that the management team took pride in working for IV and worked together with the residents and the Board of Directors to assist in any way that they could.

Concerned unit owners would like to sincerely thank AMG and its management for their hard work and loyalty to our community!