R.A. from Fairfield County, Connecticut writes: Dear Mister Condo, I have been told that there is a CT State legal requirement for a Fairfield County PUD or Condo Association to provide a minimum contribution to the reserve of at least 10% of its operating budget. Is this true? If so, can you tell me where to find/cite…
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HOA / Condo Rebuild Estimate versus Reserve Study
B.D. from Beaufort County, South Carolina writes: Dear Mister Condo, Should my HOA commission a rebuild estimate every five years? What proportion of the rebuild estimate should be insured? For example: if the rebuild estimate is $20 million and the insurance limit is $16 million is this enough? If an engineer survey of the structure…
Condo Reserve Funds Turned Over to Board President
R.S. from Hawaii writes: Dear Mister Condo, The condo president changed management services and requested that the Reserve Funds be turned over to him. The former management service company complied based on his request alone and now the president is in complete possession and control of the monies. Was the former management service wrong to…
Condo’s Lack of Reserve Fund Creates Problems Today and Tomorrow!
M.D. from Hartford County, Connecticut writes: Dear Mister Condo, Our association is getting bids on a big project. There are not enough Reserves set aside for it. I had assumed the remainder needed could be an assessment or a loan. But in the past our association significantly dwindled reserves for a decorating project, paid 100%…