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Developer still controls HOA funds with funny accounting


Question:

Our Florida HOA is still under developer control and to date, no funds have been placed formally in reserves although our annual financials generate a surplus each year. The surplus is just sitting in a "fund balance" per se. Our developer says he will not declare reserves because we could not access this funds for operating shortfalls if they should occur. In other words, no reserve funding is done through the annual budget. Is this appropriate?


Answers (2)

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