Condominium Financial Reserve Fund Taxes

How to Handle Tax on HOA Reserve Fund Interest

Anonymous from New Haven County writes: Dear Mister Condo, Federal tax law specifies that Reserve funds and operating expenses cannot be co-mingled.  Does that apply even when we don’t make enough in interest income? Mister Condo replies: I know better than to tackle an accounting question without checking in with one of my expert friends. I reached out to my friend Sam Tomasetti, CPA of Tomasetti, Kulas & Company, P.C. for his advice. Here’s what he had…

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Board CIOA Communications Condominium Governance Legal

Can the Condo Board Meet by Teleconference?

P.R. from Hartford County writes: Dear Mister Condo, Is there a legal reason why the Board cannot teleconference its meetings Mister Condo replies: P.R., I am not an attorney so please accept my answer as one from experience and not one from an attorney. If you require an attorney’s answer, kindly consult with one who specializes in community association governance law. That being said, I can think of no legal reason a Board could not…

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Assessments Board Common Fees Communications Condominium Financial Governance Legal Reserve Fund

Nothing Special about this Condo Special Assessment!

L.F. from Fairfield County writes: Dear Mister Condo, We have received an assessment for 2014 – 2017 for $112.00 per unit per month (total of $5,400.00) to fund five capital projects totaling 2 million dollars. As of the last Board or Managers meeting minutes distributed in October of 2013 from a June, 2013 meeting where all of these projects were listed as ‘Deferred’. The funding for these projects will fully be funded by the unit…

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Board Condominium Financial Governance Legal Property Management

Developer Transition Queries in New Haven HOA

P.A. from New Haven County writes: Dear Mister Condo, I recently had a new home built in an over 55 condo community that currently has 28 free standing homes completed out of a potential 60 units. Since we are in the development phase, we are seeking advice as to how the governance should be structured. We have a property management company who reports directly to the Board, which consists of the 3 builders and developers.…

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