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………..
Q. My understanding of IRS Revenue Ruling 70-604 is that it permits owners to vote to have surplus assessments either
One person was being treated for injuries suffered in a condo fire on Des Plaines’ west side Friday afternoon. Crews
The Clark Place condominium tower in Lincoln Park is an apartment building once again after a $35 million deal to