Condo Q&A

How does condo board determine where and how much to spend?

Written by stephen polinsky | Fri, Jul 27, 2012 @ 01:03 PM

How do other condo associations determine how much their Board of Directors may spend (from either the Operating or Reserves Account) without owners' approval? If a Board is consider certain non-operating purchases, can it simply determine and approve on its own what amount to spend? What policies can owners' put in place to regulate how much a Board spends? Does the answer differ for repair/replacement expenditures versus non-repair/replacement expenditures, such as installing a sprinkler system or fancier floor tile?