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…
Tag: Reserve Fund
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 Clubhouse Remodeling May Require Vote of Owners
Y.G. from Cook County, Illinois writes: Dear Mister Condo, Our condominium’s Board of Directors wants to spend 50% ($260,000) of Master Association’s budget ($520,000) for repair and renovation of our clubhouse. Do they need to call the condo owners meeting to approve such large expenditures? What max percentage of the budget they can approve for…
Condo Reserve Funds Turned Over to Board President
R.S. from Hawaii writes: Dear Mister Condo, The condo president changed management services and requested that the Reserve Funds be turned over to him. The former management service company complied based on his request alone and now the president is in complete possession and control of the monies. Was the former management service wrong to…