M.A. from New Haven County, Connecticut writes: Dear Mister Condo, What is the proper accounting treatment for insurance expense? Our CPA firm debits prepaid insurance and credits insurance liability for the full amount of our three year cancelable policy with no penalty. Each month, insurance expense is debited and prepaid insurance is credited. Insurance liability…
Month: February 2013
Handicapped Parking Space Reclassification Questioned at Condo
D.L. from Florida writes: Dear Mister Condo, Hi, one of the two visitor parking spaces in front of my building was recently changed to a handicapped parking space. This decision was made by one person who is part of the board committee because it is convenient for him. There is already a large handicapped parking…
Limo Parking Not Allowed at the Condo
D.Y. from Fairfield County, Connecticut writes: Dear Mister Condo, Can a board fine us for my husband’s work car after 13 years of parking it in our spot? The vehicle is a 2013 Cadillac Sedan with CT license plates that have an “L” in the beginning & end of plate number. Mister Condo replies: D.Y.,…
No Quorum, No Budget!
J.M. from New Haven County, Connecticut writes: Dear Mister Condo, We have a board made up of condo owners. The board presented a budget for ratification. The budget was not feasible as they would not develop a realistic budget to meet annual expenses because, as homeowners, they did not want to increase their dues. However,…