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    Condo association financial statements may be incorrect

    At our condo's recent annual meeting, monies that are in the Condo's Operating Fund and in its Replacement Reserves weren't identified in our Treasurer's Report. Instead all that was identified was how much money was in the Condo's Checking Account and in its Savings Account, and how much is in a separate Pier Fund into which a certain number of unit owners who have sole use of our piers contribute monthly assessments.

    My understanding is the Condo has only two Bank accounts.

    I have a gut feeling that something is wrong with this - accounting-wise and possibly legal-wise but cannot put my finger on what it is.

    All I know is that one doesn't know what amounts are in either the Operating Fund or in the Replacement Fund, and I fear that everything is being intermingled.

    I brought this up at the annual meeting but received no comments or interest.

    What can be going on?"

    Can association turn off water for non-payment of condo fees?

    I have an owner who has not paid condo fees in three years and her condo is in foreclosure process with the bank. Part of the fees cover, water, trash, pool maintenance and insurance. She has rented the condo part during part of this period and has had rent money coming to her. None of that money has been used to pay regime, so we have been paying for her tenants water while she make money off of the property. Since she has not paid and water is part of payment is it legal for the water to be turned off to condo?

    We want all condo owners to approve expenses

    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 ?


    Why do I have to pay old delinquent HOA dues?

    I am looking at buying a condo in Ft Myers, Florida.  After much prying for information, I am told the back HOA dues are $21K! Why isn't the previous owner liable for these dues? Why do I have to pay them? I can see paying special assessments for a new roof ($2,500). Isn't there a statute of limitation on back dues? Can I get out of paying these dues? The condo association won't reduce these.

    How to compensate for foreclosed unit's condo fee?

    There are eight units in our building. One of the units has been foreclosed on. The board raised our association fees by $50 each unit in order to cover the fees due by the unit that was foreclosed on. Is this legal? Or should they be taking this money out of the reserves?

    Is there a better place than a money market for condo reserves?

    We have our condo reserves in a money market doing almost nothing.  Are there more aggressive financial vehicles we can do with our money?  We have about $700K in the money market.  We don't mind locking it up but CDs are not much better yields.

    Should we invest our HOA reserves with a money manager?

    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.


    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.


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