How can we owners convince the board of directors of our condo association to have a reserve done of our building? Our reserve fund is now $471,000.00 for a 100 unit complex and dues are increased yearly but very little has been done for our improvements and condo repairs. Thank you.
- Carolyn
A
Providing articles from the Community Associations Institute, or an Internet search engine, that detail the need for a reserve study may be all it takes to persuade a formerly-recalcitrant board to spend the necessary money on a reserve study. Sometimes, however board members may serve for such a long time on that they no longer are in touch with new best practices in community association operations. It may take a shake-up in board composition, with the infusion of new leaders who better understand the need for a reserve study and frequent updates, to ensure that the association is on a better financial foundation.
Reserve Study
Q
How can we owners convince the board of directors of our condo association to have a reserve done of our building? Our reserve fund is now $471,000.00 for a 100 unit complex and dues are increased yearly but very little has been done for our improvements and condo repairs. Thank you.
- Carolyn
A
Providing articles from the Community Associations Institute, or an Internet search engine, that detail the need for a reserve study may be all it takes to persuade a formerly-recalcitrant board to spend the necessary money on a reserve study. Sometimes, however board members may serve for such a long time on that they no longer are in touch with new best practices in community association operations. It may take a shake-up in board composition, with the infusion of new leaders who better understand the need for a reserve study and frequent updates, to ensure that the association is on a better financial foundation.
Sincerely,
Margey