Condo association loses $40K roof reserve to mortgage company
Posted on Tue, Oct 26, 2010 @ 07:38 AM
Our condo association lost our entire roof reserve, $40,000 in 2008, when our Treasurer put the money into a promissory note, with a mortgage company. It was at a time when all 28 roofs had to be replaced, so the board sent letters telling the owners they must replace their roofs, at their expense. Even though we were not happy with the irresponsible act of the Treasurer, putting the money into something that was not insured by the government, we needed new roofs, and the board expected them done asap. There are only two left to replace and they will be in a couple of months. At our annual meeting last year, when we were told we may be getting some money back. Some where between 1 and 2%, not much we thought, but that was better than nothing.
So far we have received two payments of a little over $2000 each. The Mortgage Company tells us it may take a couple of years or more, but we will be getting up to 40% of our money back. The Board has now decided to disperse, to all owners still living here on Sept.30, 2011, monies received as of then. Any monies received after that will be put into the new roof reserve so there will be enough money for owners in twenty five years, to replace their roofs. We also continue to put money in the roof reserve monthly.
Do you think someone is pulling the wool over the eyes of us seniors? Shouldn't any monies returned from the mortgage company be giving back to us? We paid dues every month for the roofs for years, and still had to pay thousands of dollars out of pocket. If it weren't for Boards, condo living would be great.