How can we put in a requirement that major expenses above a certain amount, say for example - $2,500 for a repair job, must be approved by the general body, and not by the Condo Board alone ?
We are in the process of establishing a policy for in vesting reserve funds for our condo association in the State of Pennsylvania. The board has hired a financial adviser to invest our funds in a 40%-60% Equity-Bond Fund split. Is this advisable or is it safe to just use Certificates of Deposit? Our first major expenditure will be in 10-15 years for roofing.
A check was written out of pooled reserves (that was rightly a pooled reserve expense) in January of this year. Now the finance committee wants to replace the money taken from the pooled reserves with money from the operating expenses. I know you cannot use pooled reserves for operating funds, but can you use operating funds to pay for a pooled reserve item.