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Bad financial board management may bankrupt condo association


I live in that 700+ complex in NJ. I notified the board in Oct., Nov., and Dec. that they were doing the election incorrectly and not according to our by-laws. In January, they decided they were doing them incorrectly and are now holding the elections in March. Of the two positions open, one is held by our President/Treasurer. At last nights meeting we find out that he recast our hoa loan and extended it another 3 years. He also approved the budget. When it was brought to his attention by one of the homeowners that she worked out the budget and would be able to save us some money, she was told it's too late, the budget has been passed and will stand. She made a motion on the floor to put together a budget committee. She was told not accepted. Now, not only have our condo fees gone up, we have another emergency assessment put on us for the 5th year in a row. Our payroll is up 16% a year. Our condo association is going to go bankrupt at this rate. Please don't say get off your duff and run for the board. I have for the past 4 years. Maybe this year doing the voting correctly I will make it. So after all that, my question is, did the members whose positions are up have the right to still keep voting on things that will affect all of our lives, and also to recast our loan in January?

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