Do we need to vote on how much reserves to spend on roof repairs? We have $300K available in our HOA account.
As an HOA does the board of directors have to make active deposits into our reserve (contingency) fund? If so what are the interval requirements.
We just did a wind mitigation upgrade. Can condo reserve dollars be used for wind mitigation in this case?
What is the difference between a reserve account and a general bank account where we have some non operational monies put aside?
Is there any restriction on where Condo Reserve funds can be invested in Pennsylvania?
What percentage of condo funds should be kept in reserves?