<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1061566567187268&amp;ev=PageView&amp;noscript=1">

Is there a HUD insurance and minimum reserves requirement?

My condo association board is citing a 3% across-the-board increase in condo fees for my building was necessary to meet new United States Department of Housing and Urban Development (HUD) insurance and minimum capital reserve funding requirements. I have not been able to find much additional detail on this law. Can anyone shed some light on this or confirm the rationale?

HOA financial reporting: what goes in expense column?

Is it correct that total expenses for the year be equal to the total of payroll. We have one manager and one maintenance person is called " Engineer" the manager works from 6 to 12 and other from 8 to 4pm

Can you take HOA monies from operating account and replace from reserves?

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.


Condo association financial bookkeeping question

Our New York City condo has 120 units a current reserve $135K and an operating budget $1M. Our annual common charges are approximately $850K due to ruling 10% "LINE ITEM".  We would need to budget $85K annually at current common charge to satisfy " LINE ITEM" requirement. Is there any way we can use our existing reserve of $135K to at least fund the "LINE ITEM" with the initial $85K?

How can owner clear his HOA financial status?

I have a credit on my account with my HOA.  A new BOARD came in and now says I owe money.  I appealed and showed cancelled checks.  The will not reverse their position.  What are my legal options?


Can condo unit's good view raise the condo fee?

My daughter owns a condo in Washington State. The HOA board says her HOA fees are higher because she has a view of the Columbia River. Can they use view as a factor when determining fees. In my opinion it should be items that impact maintenance like square feet, square feet of exterior walls.

NY condo needs association insurance funds to repair water damage

Under the loss payment provision concerning building insurance claim money received. In the condo in the five boroughs on NYC in New York. I am a condo owner without a mortgage that suffered a water casualty and the condo is unlivable.


Is there an HOA tax return to be filed?

Question about HOA tax returns.  We fall into this category and never have surplus (almost always have special assessments):

Can we force foreclosure on abandoned condo unit?

We are a small association struggling with our operations due to lack of income stream. We have an abandoned unit, who’s owner moved overseas and left (6+ years).  Is there a way we can force foreclosure to initial a sale to save our budget?


HOA accounting: how to record collection of old delinquent fees?

Our association has finally collected approximately $1,000 from the developer which is the net of unpaid assessments on his units, minus his 'out of pocket' expenses to our building, all from previous years. How do we count this money? Does it go into our regular operating account or do we put it into our Reserves fund? He is current on his units to-date.

Subscribe to Email Updates

Need an HOA Loan?

Posts by Topic

see all