K.S. from Massachusetts writes: Dear Mister Condo, Our board and management deleted our capital reserves on a roof project and has since obtained a loan for it. We have 3 types of condos with 3 different percentages of ownership. They have increased our condo fees and have also added on a capital reserve fee and…
Tag: Common Fees
Condo Owners Need to Vote on What to do with Year-End Excess Funds
F.F. from Manatee County, Florida writes: Dear Mister Condo, Our non-profit Florida condo association, 120 units, may have excess funds at the end of the year. This question is included in a proxy vote. Why is it necessary to have an owners’ majority vote? Could the board just roll over the excess funds into the…
What is the Reserve Fund Law in New Jersey?
L.B. from New Jersey writes: Dear Mister Condo, What is the HOA reserve fund law in New Jersey? Mister Condo replies: L.B., I had a similar question back in 2015. Here’s what I had to say about it back then – https://askmistercondo.com/new-jersey-hoa-reserve-fund-law/ Honestly, not much has changed. CAI has conducted a state by state review of Reserve…
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…