The unit owners in our condominium voted by 2/3rds to approve a special assessment for bulding a portico over the front entrance.
The money for this assessment was specific, and requested prior to the receiving of an estimate. I voted no.
This money, although collected almost a year ago, has not been utilized for the specific purpose the owners voted upon. It appears it was used for an undisclosed alternative purpose within the building.
Now, the board finds that the cost of the portico is double what they expected due to the town and hurricane requirements. However, there is no money for the project.
Can a board appropriate specific funds laid aside for other purposes, and then not have any money to fund that project?
Is this misappropriation?
Please drag open the comment box from right bottom corner to make it larger.
Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.