B.G. from Cuyahoga County, Ohio writes: Dear Mister Condo, We have a 10-unit, 6 single story building Condo. We have no other structures or facilities of any kind, just some simple landscaping. No common utilities. We have waived the Reserve fund requirement. We are reexamining what capital expense we might have, other than roof replacement,…
Tag: Financial
Condo Surplus of Funds Can be Transferred to Reserve Fund with Proper Vote of Owners
D.M. from Hartford County, Connecticut writes: Dear Mister Condo, Our small common interest property ended the fiscal year with a surplus of funds. How should these funds be accounted for? Can we simply vote to deposit to our long-term capital account? Mister Condo replies: D.M., I am happy to hear that your association had surplus…
Adjusting Common Fees Based on Condo Modifications
J.G. from Windham County, Connecticut writes: Dear Mister Condo, We are a condo association in Connecticut with 92 free standing individual units; no multi-unit buildings. Our declaration includes an A-2 Schedule which lists the square footage of the units and this area determines the Unit owner condo fee. To date this schedule has been updated…
Condo Board Pays for Unit Damage Caused by Failed Sump Pumps
M.F. from Tolland County, Connecticut writes: Dear Mister Condo, Our complex had about 30 units take in water in the basement do to sump pumps couldn’t handle the run off or weren’t working. First, aren’t the homeowners responsible for insurance on their units? Second, why should I be responsible for their units, when I paid…