What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund (for emergency maintenance, 4) ongoing exterior maintenance (items that are at zero life as stated from our reserve study and 5) our 30 year component reserves. Shouldn't 4 and 5 be combined as our reserves?

I live in 32 year old condos (35 units) built as senior housing but not age restricted and the association is financially pressed. A water pipe broke under the common driveway/in a private use common area in front of another unit. The water for the whole property was turned off without notice, no water is being provided by truck. It was not an emergency--there was some water dribbling into the driveway but not flooding and there are no workman. How long are they allowed to keep the water off. I have half-washed clothes, dirty dishes, we can not flush toilets etc. There are infants in the complex. This seems like a health hazard.

I am an owner of one of 7 units that are quarterly/seasonal timeshares (fractional ownership)in Maryland, the other 27 units in the building are residential. Recently our timeshare association was advised that the previous property manager never did the proper paperwork to register our timeshare association with the State of Maryland and thus we do not exist. The timeshare association has been working as an association for 20 years. The timeshare units have been bought and sold repeatedly over the years. Because of a recent law (Fannie Mae Review Process B4.2.1-02, Ineligible Projects, 10/30/2009 https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sg1209.pdf#page=575) it has just come to light that the developer in 1990 failed to properly document the transfer of the property, thereby showing one owner for all seven units ( him a limited partnership). The timeshare unit owners have a deed with their name on it and it is recorded at the Courthouse. So we have paid for the timeshares, have deeds in our name, the deeds are recorded in Land Records but the 7 timeshare units are owned on paper to a partnership. Because of recent legislation, (see link above) the residential unit owners are now being impacted because of the timeshares in their building. (Fannie Mae Review Process B4.2.1-02, Ineligible Projects, 10/30/2009) Individuals are unable to get loans to buy units or to re-fi them because of the timeshares, and the failure of the developer to properly document the transfer (one owner for all seven timeshare units). The rest of the units in the building will continue to decrease in value unless all of the timeshares get out of the timeshare designation. Any suggestions as to how unwind and get out of the timeshares. Getting people to agree may be a problem. I would love to purchase our timeshare and get out of the timeshare completely. But if timeshare holders in a unit don’t want to sale, can we create a partnership, or something like that. Of course we would have to have a contract to have some ground rules. Looking for solutions. Help.

Our condo association is very small only has 13 town home units, we only have about $13,000 in our "reserve" fund and we only pay $160 per month for our dues. The condo association was created in 1975 with association dues at $75 per month. The dues have not been raised since 2004. At that time, it was only raised $10.

The majority of the residents are retired and do not want to raise the dues in order to build a healthy reserve for roof replacement, siding replacement, new driveway etc. because their argument is that why should they pay more money per month in dues when they may not or probably not going to be in the association in 10, 15 or 20 years and they would rather keep their money in their accounts and earn interest instead of paying more a month in dues. 

Historically, the condo association has not planned for the future needs and repairs, has no realistic or sufficient reserve fund and all residents pay ENORMOUS assessments anytime we need a major repair or replacement. A few years ago, every unit owner paid $4,000 in order to pay for the new siding and a few years before that $10,000 per unit for a new roof. My fear is that as the retired unit owners sell off and new residents move in, not everyone is going to have that much liquid cash readily accessible to pay for necessary repairs or replacements to keep up our common area or exterior surfaces on the units. Does anyone have any advice for me to share with all of the older retired unit owners who do not want to raise our dues?

My spouse and I are at least 30 years younger than the other unit owners and do plan on staying for at least 10 or more years and fear that the place will fall apart and look run down because historically and currently the association is not budgeting correctly to plan for future needs and proper reserve. I just want to strive to the retired owners that whether you plan on moving or not, while you are a unit owner it is your DUTY and responsibility as an association member to keep the place up and if it means raising its dues in order to have a proper reserve then so be it. Thanks in advance for your tips and/or advice.

I have written a letter, May 20 2010 to requesting the annual meeting of my condo association to reconvene in order to take a vote as to whether the condo association wanted to continue present levels of reserve funding (Ohio Code 5311.081) For the past three years the Condominium membership has neither had the opportunity to vote on this condo reserve nor has been presented with a reserve study to disclose and ascertain appropriate reserve funding. Discussion is forbidden and any attempt to engage discourse during annual meetings is met with implied threats of arrest and/or removal from the community meeting by hired off-duty policemen.

In addition to sending each board member the May 2010 letter, I have attempted to post my letter on the condominiums community bulletin board on three (3) separate occasions: May 26, May 29, and June 2, 2010. On each occasion, the letter was taken down in just a matter of hours. To date, I have neither received affirmation of receiving my correspondence nor the granting of my request to reconvene the 2010 annual meeting. I have written to the Ohio Attorney General to registered a complaint however, they suggested I contact my own lawyer. Is there a public agency that can help me with this problem......we reserve 60% of our monthly dues and have well over $56,000 dollars in the reserve and our condo is only 7 years old with only 22 units....I feel the dues are too high and we are reserving too much money

I'm looking for ideas for creative fundraising for our condo association. We're thinking of doing the % split with an area restaurant on certain nights. We're open to any ideas on how to keep condo fees low but still provide for the community in these tight times. Thanks!

1. Each building’s replacement cost. Make sure you factor in type of construction, year built, square footage, number of stories, and other features of your building. Building in an inflation factor to your master policy can help mitigate some of this, but the condo association should still review each building’s value every few years.
2. Directors & officers coverage. Not all condo associations have this coverage. Considering its minimal cost, it is a wise investment to protect the interests of the condo board.
3. Employee dishonesty limit. This limit is usually equal to the amount of money the condo association has in the bank, including condo funding. This value should be regularly reviewed.
4. Sewer or drain back-up. Sewer and drain back-up actually happens quite frequently with condo associations, and this coverage would pay for the ensuing damages/repairs. Typically, this coverage must be added to the master policy and has limits of $25,000, $50,000, and $100,000.
5. Flood coverage. If you are in a flood zone, make sure you work with your insurance agent to get adequate flood coverage.
6. Earthquake coverage and wind coverage. This coverage might be included in your master policy, depending on where your condo or HOA is located. For buildings in Florida, Texas, the East Coast, or West Coast, you will probably have to purchase this separately. The price for this coverage is usually considerable because it pays for all wind-related damage, including hurricanes.
7. Wind deductible. If you have a wind deductible, it’s important to find out if it is a per season or per occurrence deductible.
8. Premium. Are you paying too much for your master insurance policy? If so, don’t be afraid to look elsewhere for better deals.
9. Property deductible. Examine your deductible to see if it’s too high or too low. You might be able to raise your deductible up to $1,000-$2,500 to substantially reduce your premiums.