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Can association "pay as you go" with assessments vs reserves?


I am a member of a 14 unit condo association in Ohio. We pay $175/month condo fee to fund very lean operations of landscaping, snow removal, and a bit of painting. We have ~$20K in checking and no reserve fund. The philosophy of the board is to assess owners for capital improvements/infrastructure. We're on the threshold of doing that now to repair/replace under ground storm drainage pipe that if left unfixed, risks flooding more basements and loosening foundations. Is a condo association in Ohio legally able to operate in this fashion or is there a good-faith requirement to fund some form of reserve fund?

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