Tag Archives: reserves

District of Columbia – Steps that should be taken to protect a community association’s funds

Steps that should be taken to protect a community association’s fundsFirst, if you are in the District or Virginia, before you hire a property management company, make sure it is licensed. In Maryland, where I understand that management firms need not be licensed, I strongly recommend you join with other community associations and petition your state legislators to enact a licensing law.

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Florida – What can owners do to stop the board and manager from depleting reserve accounts?

John C. Goede: What can owners do to stop the board and manager from depleting reserve accounts?Editor’s note: Responding to questions about Florida community law, this is a series of columns by attorneys at Goede & Adamczyk, PLLC a full-service law firm with a focus on condominium and homeowner association law, real estate law, litigation, estate planning and business law.

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Florida – Can association use reserve funds to purchase unit in community?

Mark E. Adamczyk: Can association use reserve funds to purchase unit in community?Editor’s note: Responding to questions about Florida community law, this is a series of columns by attorneys at Goede & Adamczyk, PLLC a full-service law firm with a focus on condominium and homeowner association law, real estate law, litigation, estate planning and business law.

Florida – Can the board take money from the pool reserves to upgrade spa?

Richard White: Can the board take money from the pool reserves to upgrade spa?Q. I recently attended a condominium owners meeting where the budget was presented. I noted that they had withdrawn funds from the reserves to upgrade the spa to comply with the VGB act. Can you help me to understand how they can take money from the pool reserves without the members’ approval?— M.D.