Question:
Is it proper to change useful lifes of capital assets on the reserves? (1) Condo board impossed a $2M special assessment to "fund" the reserves. (2) Item that needs "funding" now-per reserves study- is windows and doors but original life to replace was 30 years. "Study" changed life to 20 years, thus, they need to be replaced now. (3) Condo board commissioned an engineering firm to inspect the windows and doors in the building. Its report was that they are an bad shape and need to be replaced now. Many owners say they windows and doors are OK, that this is not an structural problem, and that is not a priority asking that they will be replaced in 2020 instead of 2010. How to oppose this special assessment?
Answers (6)
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