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By CondoAssociation.com • March 1, 2017

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?

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