J.W. from Fairfield County writes: Dear Mister Condo, What are the implications for a condo association or Board of Directors if the association’s documents have not been updated to comply with the 2010 changes to CT condo law? Mister Condo replies: J.W., that is a great question with a few different answers. The short answer…
Category: Board
Is Condo Reserve Fund Needed for Catastrophes?
N.M. from New Haven County writes: Dear Mister Condo, Our property manager says we need $50K – $60K in our Reserves just for catastrophes. Is he correct? Mister Condo replies: N.M., Reserves (more commonly referred to as the Reserve Fund) are not for catastrophes! In fact, by their very nature, catastrophes are rare and should…
Condo Unit Owners Asked to Borrow Their Way to Financial Stability!
J.D. from Hartford County writes: Dear Mister Condo, Our Association Board has told us that we need to borrow our way to financial stability. It will be proposing Special Assessments for attic insulation ($110K), patio railings ($178k) and aluminum wiring remediation ($500k). This is in addition to a $3 million special assessment approved last year…
More Condo Financial Transparency Sought
A.H. from Pennsylvania writes: Dear Mister Condo, I belong to a Condominium complex in Pennsylvania (approx. 426 units) and according to the By-Laws we are to receive copies of the audited financial statements – which are useless because the auditor cites in the report that the Board basically has decided to release selective information in…