<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1061566567187268&amp;ev=PageView&amp;noscript=1">
Skip to content

Condo association cant find reserve funds they collected


Question:

Condo has been in existence since 2006. Declarant from day one collected for reserves.  At turnover from developer, the only one owner present who waived audit. Now its six years later and a new set of officers and we have to get an audit done. After looking at the only budget we have ever had, we found out the management company of three years still uses the developers original budget - in which he collected for reserves, but never set up the reserve fund. Treasurer has asked for the correct records that should have been turned over back in 2008 and declarant wont give them to her saying they are personal banking records and that from turnover present was all that she needs. No money for association attorney as declarant owns 3/9 of the units and not paying. Is there anything that we can do or are we just stuck


Answers (8)

What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.