E.C. from Middlesex County, Connecticut writes: Dear Mister Condo, Once a budget has been approved by home owners, if an expenditure that was not in the budget is decided to move forward, do you have to get approval again from homeowners? Is there an amount that equals or exceeds where the Board has to get…
Search Results for: budget
No Membership Vote to Ratify the Annual HOA Budget
P.Z. from Mecklenburg County, North Carolina writes: Dear Mister Condo, At a HOA Annual Meeting, does the ownership vote on motions OR the Board? We just had our HOA Annual Meeting, and the Board voted to approve the 2021 Budget. We did not receive notice of the Budget being presented as per CCRs. At a previous HOA…
Condo’s Leaky Roof Uncovers Budget Shortfall
J.B. from Cook County, Illinois writes: Dear Mister Condo, How can we make our condo board install new roofs? Almost every top floor condo has had roof leaking that is damaging their unit. Mister Condo replies: J.B., I am sorry that your condo board has allowed the roof to fall into such disrepair. Typically, when…
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…