F.F. from Manatee County, Florida writes: Dear Mister Condo, Our non-profit Florida condo association, 120 units, may have excess funds at the end of the year. This question is included in a proxy vote. Why is it necessary to have an owners’ majority vote? Could the board just roll over the excess funds into the…
Month: January 2020
What is the Reserve Fund Law in New Jersey?
L.B. from New Jersey writes: Dear Mister Condo, What is the HOA reserve fund law in New Jersey? Mister Condo replies: L.B., I had a similar question back in 2015. Here’s what I had to say about it back then – https://askmistercondo.com/new-jersey-hoa-reserve-fund-law/ Honestly, not much has changed. CAI has conducted a state by state review of Reserve…
Condo Association Seeks to Assess Elevator Repair Costs to Single Owner
R.L. from Middlesex County, Massachusetts writes: Dear Mister Condo, My condo association sent me an invoice of around $1000 to fix the elevator. They claimed that the elevator was jammed by a toy that my toddler son lost. None of my family was aware of anything like that. My boy lost the toy several months…
Average Percentage of Annual Budget Used to Fund Reserves
J.L. from Connecticut writes: Dear Mister Condo, What is the average percentage of the annual reserve annual set aside by Connecticut condo associations? Mister Condo replies: J.L., great question! Reserve Funds vary by association and there is no such thing as an “average percentage” to set aside because each association is different and each has…