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By CondoAssociation.com • March 12, 2018

How to handle leftover reserves from project?

What do other association boards do with the leftover balance of a reserve account once a project is completed? I would be inclined to sweep it to a general maintenance reserve account to be able to use it for other things. Our president thinks that an owner majority vote is needed to do that despite there being nothing in our bylaws or state law regarding this. I think it's a basic discretion of the board on how to best use leftover funds, so a simple board vote should be sufficient. We are a condo association in Florida.

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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