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Condo Association Budgets: Reporting Reserves

| Budgets & Finance |   Condo Reserves |  


Question:

Our condo association board of directors approved the 2009 HOA Budget and due to issues such as foreclosures, delinquencies, and dropping interest rates, our budgeted amount for reserves was instead used to pay increasing operational costs.

Are we obligated as a condo board to fulfill this budgeted item or just show on our balance sheet that we budgeted for "X" but only received "Y"? What, if any legal ramifications should we consider?


Answers (8)

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