Condominium Financial Insurance

Condo Insurance Expense Accounting Treatment Questioned

M.A. from New Haven County 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 is then debited and cash is credited. I disagree with this treatment since we pay monthly pro-rata with no penalty. Our…

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Board Condominium Governance Parking

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 space at the beginning of the row. The visitor parking space that they changed to a handicapped space is a…

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Board Condominium Governance Parking Rules Enforcement

Limo Parking Not Allowed at the Condo

D.Y. from Fairfield County 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., sounds like your husband’s work car is a registered livery vehicle which is how it gets the clearly identifiable “L” designation…

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Board Common Fees Condominium Financial Governance Volunteer Voting

No Quorum, No Budget!

J.M. from New Haven County 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, and sadly, only two owners attended the meeting and refused, after a long debate, to ratify the budget. The board, however,…

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