P.D. from New Haven County, Connecticut writes: Dear Mister Condo, The Property Manager refuses to turn over the financials saying the Board won’t let him. I filed a complaint with the State of CT and they told us the Board of Directors “owns” the financials and they CAN refuse to let the Property Manager give…
Tag: Financial
10% Condo Reserve Fund Rule
R.A. from Fairfield County, Connecticut writes: Dear Mister Condo, I have been told that there is a CT State legal requirement for a Fairfield County PUD or Condo Association to provide a minimum contribution to the reserve of at least 10% of its operating budget. Is this true? If so, can you tell me where to find/cite…
HOA / Condo Rebuild Estimate versus Reserve Study
B.D. from Beaufort County, South Carolina writes: Dear Mister Condo, Should my HOA commission a rebuild estimate every five years? What proportion of the rebuild estimate should be insured? For example: if the rebuild estimate is $20 million and the insurance limit is $16 million is this enough? If an engineer survey of the structure…
Condo Dock Owner’s Association Dues
D.B. from Pinellas County, Florida writes: Dear Mister Condo, Our Dock Owners Association requires an annual contribution of $500 to be used for operating expenses. Can those funds be used for other purposes, such as legal fees? Also, do you know which Florida governmental agency regulates Dock Owners Associations? Mister Condo replies: D.B., if you are…