How to set up legal budget reserves

Q. The declaration for our condominium requires the board to build up and maintain a reasonable reserve for contingencies and replacements, and requires the reserve to be “segregated and allocated for specific purposes.” The budget for our association includes various general categories of reserve expenses, and describes a lump sum for each category. Is this sufficient?    Read the Q&A………..


Related Articles

What should community associations expect in 2017?

As another new year approaches, community associations face lengthy agendas. Some issues they will grapple with are ongoing, while others

Paying first assessment extinguishes any unpaid of foreclosed condo unit, state court rules (IL)

A foreclosure does not necessarily erase unpaid condominium association assessments, the Illinois Supreme Court has ruled, but all a new

New condo owner’s cannabis smoking disturbs tenants

Q: I own and rent a condo in a nice neighborhood. The condo below mine has been sold to a