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HOA Software
By CondoAssociation.com • February 19, 2016

Refund leftover funds to owners, or keep in reserves?

excess-reserve-funds.jpegOur condo HOA approved funds for a special major project.

After the project completed, total costs came in significantly lower than contractor had bid-estimated, leaving approximately $2,800 of over payment per unit.

Logically, the board's intention is to refund the overpaid funds. Or once a special funded assessment is paid, does it become the HOA's to use for any upcoming projects? Or, is that particular money identified for only that project?

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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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