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Should HOA budgets require approval from all condo owners?

Posted on Fri, Jan 30, 2015 @ 07:00 AM
  
  
  
Michigan Condo Association has questions regarding budget 013015 resized 600

I live in a Michigan Condo Association.  Is the Board of Directors obligated to present an annual budget to the HOA members at the annual meeting, and does it have to be approved by the members?

I can’t ever recall one being presented to us, and our Bylaws are extremely vague on this matter.  The response from our President has always been that the day-to-day decisions for HOA operations are up the Board.

Thanks ahead of time for your help!

11 Comments Click here to read/write comments

Should Condo Associations keep law offices on retainer year-round?

Posted on Sun, Jan 25, 2015 @ 07:00 AM
  
  
  
Florida Condo Association Board of Directors considers dropping law firm contract 012615  resized 600

I am a condo unit owner in a Florida Condo Association.  I have also been a Board of Directors member for two years.

Is it standard practice for Condo Associations to have a law office on retainer at all times? I feel this is an expense we may be able to lower in order to meet our budget obligations.

Thank you.

8 Comments Click here to read/write comments

Condo owner requesting handicapped access at Association's expense

Posted on Fri, Jan 09, 2015 @ 07:00 AM
  
  
  
Condo Association member requesting handicapped access at expense of Association 010915 resized 600

I live in a private South Carolina Condo Association that was built in 1985. 

One of the condo owners is demanding that the Condo Association pay for handicapped access to his shared entrance, common areas, and boat ramp.

The Condo Association was built prior to government regulations for handicapped access.  Who should be responsible for this cost?

10 Comments Click here to read/write comments

President of Co-op Association unsure of financial confidentiality

Posted on Mon, Dec 22, 2014 @ 07:00 AM
  
  
  
Co op President not sure about financial info confidentiality 122314 resized 600

I am the newly appointed President of a Connecticut Co-op Association. One of our former Board of Directors members is requesting all of our financial information. My response was that, when I was just an owner and she was on the Board, I was told I did not have access to that information. She responded and cited substitute House Bill 6672, saying that access should be granted.

I’ve attempted to look this up, but don’t know how this applies to our 36 unit cooperative. Does anyone have any insight?

8 Comments Click here to read/write comments

Condo association member objects to next year's budget and condo fees

Posted on Tue, Dec 02, 2014 @ 07:00 AM
  
  
  
condo association member wants to write objection letter for next years budget 120214 resized 600

I am a member of a Massachusetts Condo Association. Our building has four condo units, and last year’s condo fees were $200 per month. According to next year’s budget, which has already been voted in, condo fees will go up to $550 per month. After reviewing the budget, I believe some of the line items have been overestimated (ex. $2000 for snow removal, which cost $200 the previous year).

Can I write an objection letter for next year’s planned budget? If so, how can I go about this?

8 Comments Click here to read/write comments

Illinois condo association board budget spending without approval

Posted on Thu, Nov 06, 2014 @ 07:00 AM
  
  
  
Illinois condo association member questions board spending 110614 resized 600

I live in a 30 unit self-managed Illinois condo association. There are three officers, and all are close friends. They do a fine job at making sure bills are paid and repairs are completed. However, when the President decides he wants something done, he simply does it because the checks are written by his friend and co-officer. Is there a spending limit on property improvements that can be made? For example, they want to rebuild the parking lot and send out a special assessment of over $3,000 without taking a vote from other condo owners. The parking lot is in bad shape and needs repair. Can the officers make a big decision like this on their own? Our bylaws are over thirty years old and I think I’ve read that there is a $3,000 credit limit available for use without approval for repairs.

The condo association has lawyers on retainer, but only the President has access to them. The officers also hold meetings when they want, and there is nothing stated in the bylaws about how this business should be conducted. I’m interested to know if the owners have any recourse in this type of situation.

14 Comments Click here to read/write comments

How can condo association deferred maintenance accounts be used?

Posted on Tue, Oct 14, 2014 @ 08:09 AM
  
  
  
condo association deferred maintenance accounts resized 600

What exactly can condo association deferred maintenance and unallocated interest accounts be used for? I've always understood that these 2 accounts can be used for any reserve spending, such as elevator upgrade, painting, carpeting, roofing, paving, etc.

6 Comments Click here to read/write comments

How should condo association reserve funds be invested?

Posted on Tue, Oct 07, 2014 @ 11:18 AM
  
  
  
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What is the best policy for investing condo association reserve funds? Should we do CDs, bonds, or equity?

11 Comments Click here to read/write comments

Dues collector too aggressive for condo association owners

Posted on Tue, Sep 02, 2014 @ 06:51 AM
  
  
  
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We have a special assistant to the treasure going and "collecting" dues the day after from other Condo Association Members. She is demanding payment and intimidates older owners into paying, and the board won't tell her to stop. Is this discrimination?

9 Comments Click here to read/write comments

How is simple interest calculated on condo fees and late charges?

Posted on Mon, Jul 07, 2014 @ 07:04 AM
  
  
  
calculate condo association 070714 resized 600

I am an owner in a condo association that is self-managed. I have agreed to help the Board of Directors with a spreadsheet that will track dues, payments, late charges and interest charges. The attorney for the condo association says that a simple interest calculation should be used instead of a compounding calculation.

I am a software developer and have programmed both simple and compound interest for mortgages, etc., but am not sure of how simple interest is calculated on dues and late charges. Can anyone help me with a specific step-by-step procedure?

7 Comments Click here to read/write comments

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