Our excess funds come from the operating money we pay into our budget each month. We will have about $17,000 as surplus. We have very adequate money going into painting, roofs,and paving. Our federation has insurance for 109 associations in case of wind damage, etc. We also have a general reserve fund of $17,000 which can be used for any needs. So come April 1 or sooner, why can't the unit owners (68) vote and request the Board that $10 x 68 = $6,800 be used to lower our 2015 fee with the balance left in for future problems. Many of us feel the Board is hoarding money. We have many on a very tight budget. It is our money and they should be asking us what to do with surplus. We think FL law and IRS law says we, the unit owners make the decision on what to do with surplus by a vote of our unit owners. Am I correct? We want to roll it over and use some to reduce next year's monthly fee and our board does not give us that vote.
