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Are condo association costs drawn from capital reserve fund?

| Budgets & Finance |   Board of Directors |  


Question:

I live in an over 55 Condominium Association that has 120 units in 3 buildings. There is a reserve fund study that is about 7 years old. This past year (2012) the Board spent approximately $19,000 out of the Capital Reserve Fund account. The monies were spent on Landscaping, Irrigation, Lighting and security system maintenance. Are these expenses allowed to be charged to the Capital Reserve Fund account?


Answers (9)

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