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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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