Question:
Our board of trustees chose not to segregate the Rroofing reserve fund as a separate line item in the budgets approved by the trustees.
Currently, the roof reserves are combined with roads under a line item of roof & roads, preventing a true accounting of what actually is in the reserve fund for replacement for new roofs from year to year.
In addition, the board of trustees contracted with a company that sprays a product on the roofs which is considered maintenance, since a permit is not required for this process by the town we reside in.
The warranty to prevent roof leaks from this process is 15 years. However, it is not a new roof, and a new roof is what the portion of our maintenance fees was understood to be collected for, after the life of roofs was met or exceeded.
Is this action by our board of trustees legal, or within established association financial guidelines?
Out of of 671 units, since this process has been implemented within the past 3 years, only one roof was partially replaced due to leaks. It was the roof of the president of the association.
Answers (4)
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