Board intends to borrow to pay property manager (IL)

/ Owner - December 22, 2018

Q. We are currently a self-managed condominium association. The board of our condominium is approving hiring a professional property manager for 2019 at an upcoming board meeting. The management expense is not in the 2019 budget, and the board does not anticipate there would be any available operating funds to pay the management fees in 2019. Can we use funds from the reserve account that was established for capital expenditures and deferred maintenance for repair or replacement of the common elements to pay for the 2019 management fees?    Read the Q&A……………….

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