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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.

5 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?

9 Comments Click here to read/write comments

Dues collector too aggressive for condo association owners

Posted on Tue, Sep 02, 2014 @ 06:51 AM
  
  
  
  

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. Is it discrimination, the board won't tell her to stop.

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
  
  
  
  

I am an owner in a condominium 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 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 I 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

What different items do a condo association board meeting addresses?

Posted on Fri, May 30, 2014 @ 07:31 AM
  
  
  
  
What notice must be given for condo association board of directors meeting. Is there a difference for budget meetings, capital spending and general meetings. What constitutes capital spending?

7 Comments Click here to read/write comments

How to transition from a foreclosed condo owner to a new owner

Posted on Tue, May 27, 2014 @ 07:22 AM
  
  
  
  
An owner was foreclosed on the 15th of the month. They had paid that months assessment and were in good standing. The new owner who bought the 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.

11 Comments Click here to read/write comments

HOA board members reimburse themselves without owner consent

Posted on Wed, Feb 12, 2014 @ 07:58 AM
  
  
  
  
I’m on the board of a 200 unit Condo Community which has unit over unit homes. Our Treasurer’s unit which has a unit over it, suffered water damage in November and she Had to move out of her unit for three months. I was told that the water damage was caused by the upstairs neighbor moving out and leaving water running in the laundry room when the movers Disconnected the Clothes washer. At our last board meeting, I noticed a check written to the Treasurer for $7800. I asked the Manager and the Treasurer what it was for and they said they got push back from the upstairs neighbor when they tried to get her to take responsibility, so they said the HOA had to reimburse the Treasurer for some things not covered by her insurance policy. We have experienced a few of these unit to unit damage bailouts in the past, however the Board of Directors Has always had an opportunity to vote on whether they wanted to get involved if it involved common area damage. Another issue I have is that the $7800 was expensed to “materials”…..this also seems improper that the BOD was not given the opportunity decide whether to demand that payment from the upstairs neighbor. I would like other’s views on whether these actions seemed improper

14 Comments Click here to read/write comments

Condo association denies owner right to see bank statements

Posted on Fri, Sep 06, 2013 @ 08:48 AM
  
  
  
  
I live in a 420 unit town home community in Illinois, the lawyer for our condo association says we are not governed by the condo act and therefore my request to see bank statements was denied. Our by laws says we are a not for profit association. I am very concerned about our financial situation and from my research I believe the condo act supersedes . Am I correct?

14 Comments Click here to read/write comments

Insurance company does not want to fully pay condo association

Posted on Mon, Aug 26, 2013 @ 07:26 AM
  
  
  
  
We had a fire on the roofdeck of our condo building. Three was about $200k in damage. The insurance company only want to pay about $80k. What do we do?

9 Comments Click here to read/write comments

How to take action against your condo association or HOA

Posted on Mon, Aug 19, 2013 @ 08:00 AM
  
  
  
  
I read lot of these blogs and it seems many of you have not taken action.  Recently I have approached our HOA in West Broward FL. The experience I have had is that the Association President  is doing his best to avoid the HOA to repair and provide a drainage solution number one.  The HOA only wants their money every month they are not interested in taking responsibility for HOA liability issues when it comes to the home owner.  So, I pressed them with emails which were worded via my legal counsel and after a few rounds of emails I felt it was necessary to get tougher and stand my ground and retain an attorney to write a demand letter.  We looked at the By Laws and Florida Statute and sure enough the HOA is liable for the common area.  Even better I called a land surveyor out to look at the issue to put my argument into professional hands.  Dont let guys like our condo president bully you around and talk badly in dark rooms and send you threatening emails. No sir, stand up and Fight Go To War take action with action you hold your destiny in your legal counsels hands 

24 Comments Click here to read/write comments

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