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…
Tag: Common Fees
Condo Money Dries Up, Irrigation Sprinklers Turned Off!
G.O. from outside of Connecticut writes: Dear Mister Condo, My condo association decided to turn off the sprinklers because they went over budget with other maintenance. Now I am losing valuable plants that I’ve put in over the years. Can they do this? Mister Condo replies: G.O., I am sorry that you are losing your…
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…
Condo’s Underfunded Reserve Creates Many Problems
C.R. from outside of Connecticut writes: Dear Mister Condo, I live in a condo building with 58 units. There are zero adornments except for a very nice meeting room. We have two elevators which travel eleven floors up and down. I am currently serving on the board. Our Reserve fund is at 18K which in…