J.D. from Indian River County, Florida writes: Dear Mister Condo, If the by-laws provide that the Treasurer is the custodian of the property and funds, does the President have a right to overrule the Treasurer’s decision and if so can the treasurer take the issue to the owners. Mister Condo replies: J.D., the Board President…
Tag: Financial
Preparing Condo’s Initial Public Offering Statement
K.T. from Snohomish County, Washington State writes: Dear Mister Condo, What is a good estimate to use for budgeting in the cost of preparing a Public Offering Statement? Mister Condo replies: K.T., Public Offering Statements (POS) for condos can be quite tricky and typically require input of several professionals familiar with similar type associations in…
Cost of Condo Marina Rebuild Questioned
S.M. from Pinellas County, Florida writes: Dear Mister Condo, Our condo association wants to redo our marina. Currently, it is deeded to six of the eight owners who would be able to vote on this. Would it be all of the owners or just the six who have deeded slips? One of the people who…
HOA Audit May be the Least of Association’s Worries
S.O. from Franklin County, Ohio writes: Dear Mister Condo, A majority vote of 51% of the owners requested an independent audit. There has not been an audit in twelve years. The association has stated that we will be assessed to pay for the audit. The declaration does not state that the Board has to complete…