By Eric Glazer, Esq.
Published November 18, 2013
1. In a condo -- when the budget is mailed to the owners, the budget must show the reserves as fully funded. If the Board is going to give the owners the right to waive the funding of full reserves, the Board can also show what the budget would look like with partial funding of reserves or a complete waiver of reserves. But in any event, everyone must be shown a budget with fully funded reserves. Notice that I said "IF" the Board is going to give the owners the right to waive full funding of reserves. There is nothing in the statute that requires the Board to give the owners this choice. So, for all intents and purposes, if a Board wants fully funded reserves, they get them. Sure, the owners would have a right to call a meeting and vote them down later, but I have never seen that happen.
So, I wish for all you this year significant decreases in your assessments, smaller bills for your windstorm insurance, 100% collection of assessments from your owners and to be litigation free. Well maybe not litigation free……..