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.
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.