Since the passage of the Ohio Condominium Act in 2004 and the Ohio Planned Community Act in 2010, Ohio’s community associations have been building reserve funds to repair and replace major capital items without the need for special assessments. Fortunately, many associations have built substantial reserve funds and are now more financially sound than ever. Unfortunately, board members are faced with the unexpected headache of managing multiple accounts at different banks to keep all of the association’s funds protected by the Federal Deposit Insurance Corporation (“FDIC insurance”). Read the article………………………
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