R.P. from Chicago, IL writes:
Dear Mister Condo,
The parking fees at my condo were recently increased. According to our association rules, the increase in parking money can only be used make improvements to the parking lot. The money is going into the general budget. Is that right?
Mister Condo replies:
R.P., if the funds raised from your association’s rental of the parking lot are earmarked specifically for parking lot maintenance and improvements, then that is where they should be kept and used. However, as a practical matter, the association may choose to mingle the parking lot funds with the regular operational funds for practical purposes. As long as the money raised from parking fees is available to use for parking lot maintenance and improvements when needed, there may be no cause for concern. If the funds are simply being spent elsewhere with no accountability for their use, you have every right to bring the practice to the Board’s attention and ask that the funds be used as intended. Good luck!