Condo Q&A

Condo association reserve fund vs. maintenance fund

Written by stephen polinsky | Mon, Apr 4, 2011 @ 12:34 PM
We live in a 128 unit condo complex, each building housing 8 units. The Property management and Board want to re-asphalt the entire area. (only 5 of the parking lots need this.) The board feels this comes out of Reserve fund. Please clarify, I thought maintenance fund. It is a mess. Board is proposing dollar options to unit owners before sending out for 'bids' of this project. Pleas advise. Board meeting upcoming. Thank You.