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Re: Manhattan Club Lawsuit (by Ed R.):
Has anyone taken a look at the 2019 budget? I don't claim to know much about budgets, but have a few questions that might be relevant and would like to discuss them with someone before I jump to conclusions. The immediate questions are these. Why would $10M reserve for bad debts be in the operating budget? Seems like that's a capital item that accumulates over time. As it is, it becomes a major part of the annual fee, doesn't it?. Second, I infer from the footnotes that 2019 will be the last year that the 20% management fee will be limited to $6.48M; in future years, it will jump to 20% of $52.7M, or over $10M. Is that right, and isn't 20% way excessive for this kind of service? Finally, is there any way to know how much of the $9.4M Miscellaneous Income is from rentals to the public? Thanks.