We are a condo association with 72 condo units in Florida. We have $523,000 in six separate reserve accounts – Roofing, Paving, Painting, Building, Carports, and Recreation Facilities. The condo association property manager wants to combine the accounts into one that can be accessed for any of the six reserve expenses, claiming that accounting is easier and that it would provide more flexibility.
I’m concerned that pooling these reserve accounts will reduce accountability and clarity, and may lead to financial problems. Does anyone have experience with pooled reserves?