Assessments Board Common Fees Condominium Financial Governance Legal Reserve Fund

Condo Owners Reluctant to Pay Proper Common Fees

K.I. from New Haven County writes: Dear Mister Condo, I serve as board president for a small association. The Treasurer and I are the only unit owners who have any interest in serving in more than name only. Despite our best efforts, we can only seem to get the unit reps together annually to discuss business. For the past few years he and I have been warning everyone that due to inflation, our expenses are…

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Board Condominium Financial Governance Reserve Fund

Unusual Items Paid for by Condo’s Reserve Fund

E.I. from writes: Dear Mister Condo, Are Condominium Associations permitted to use Reserve Funds to purchase and install items within units such as intercoms or programmable thermostats. Are these items considered common or non-common items? Each unit receives their own separate electricity bill for which they are responsible for. Would this be different for the purchase of low-flow shower heads where the water bill is paid for by the association and thus receives the savings?…

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Assessments Board Common Fees Condominium Financial Governance Reserve Fund

No, the Condo Reserve Fund is not the Board’s Cookie Jar!

B.C. from outside of Connecticut writes: Dear Mister Condo, Is a Reserve Fund to be used for only the intent that describes the Reserve Fund or can the money be taken and used elsewhere for replacement of an item normally taken care of by maintenance. This item is an accessory item and has no bearing of the intention of the Reserve Fund. It is just that this particular fund has an excess in it therefore…

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Assessments Common Fees Condominium Financial Governance Legal Reserve Fund

Condo Board Depletes Reserves Without Plan for Replacement

K.C. from Long Island, NY writes: Dear Mister Condo, I live in a 40-unit condo community in Suffolk County, Long Island that was built 8 years ago. The sponsor upon his departure left $25,000.00 in Reserves with the recommendation that we continue to increase our Reserves to $35,000. Our present Board recently depleted all Reserves for the rehabbing of the wood on 2 buildings. According to our By Laws, the Reserves are to be used…

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