R.M. from Hartford County, Connecticut writes: Dear Mister Condo, Our association is considering selling a unit owned by the HOA. I am wondering the net proceeds after any costs, taxes, etc., how would it be classified in the balance sheet. Would it be operating? Would it be considered surplus and distributed back to the unit…
Tag: Board
Condo Owners Refusing to Pay Creates Delinquency Issues
S.M. from Ohio writes: Dear Mister Condo, There are a lot of delinquency problems at my condo due to poor previous management company. My question is how to collect effectively. Mister Condo replies: S.M., regardless of how the previous management company performed, it is the owners that didn’t pay their common fees and assessments as…
Condo Board Regrets Giving Away Use of Common Grounds
M.W. from Arizona writes: Dear Mister Condo, Our older condo building with two dozen units built in 1974 in need of new cold-water plumbing. The problem is that over the years whoever was on the prior boards approved the use of common space for 4 buildings out of 6 that could fence in back door…
Condo Employee Puts Association at High Risk
R.M. from Hartford County, Connecticut writes: Dear Mister Condo, Our complex has an unregistered, unlicensed person who has been working alongside a full-time benefitted maintenance employee of the association. The complex has a Worker’s Compensation policy. The helper is here every day, doing basic carpentry, repairs, maintenance, also cleaning, etc., alongside the maintenance employee, and under…