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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.
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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.
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What is the best policy for investing condo association reserve funds? Should we do CDs, bonds, or equity?
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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?
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?
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What notice must be given for condo association board of directors meeting? Is there a difference for budget, capital spending, and general meetings? What constitutes capital spending?
A condo owner was foreclosed on the 15th of the month. They had paid that month's assessment fee and were in good standing. The new owner who bought the condo unit at auction does not take possession of the unit until 30 days after a deed is issued, which is a week after the sale.
Should the original owner receive a refund of half a month? If so who should pay the second half of the current month assessment and going forward until the new owner takes possession? The condo association is in Du Page County, Illinois.
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We are a condo association with 72 condo units in Florida. We have $523,000 in six separate reserve accounts – Roofing, Paving, Painting, Building, Carports, and Recreation Facilities. The condo association property manager wants to combine the accounts into one that can be accessed for any of the six reserve expenses, claiming that accounting is easier and that it would provide more flexibility.
I’m concerned that pooling these reserve accounts will reduce accountability and clarity, and may lead to financial problems. Does anyone have experience with pooled reserves?
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