Budgets & Assessments

To be valid, claim of lien must state: a. Legal description b. Name of owner c. Name + address of association d. Amount due e. Due dates f. It must […]

If regular or special assessment payments are in default, the board has the power to bring an action to recover a money judgment without waiving their right to file a

If a unit owner or member is more than 90 days delinquent in paying a fee, fine, or other monetary obligation due to the association, the  association may: 1. Suspend

The board cannot reduce the assessment amount for a condo owner. They can, however,  negotiate late fees, collection fees, or interest.  I would not recommend it. If you do, you

Yes, they can. Late fees and interest must be authorized in the bylaws or declaration and must be within limits a. Maximum interest is 18% b. Maximum late fee is

Special assessments may be charged for unforeseen expenses a. Requires approval by majority at a meeting b. Used only for the special purpose c. Excess funds are common surplus

“Common surplus” is the term for all funds remaining at the end of the fiscal year after all expenses have been paid. Common surplus is owned by unit owners in

Reconsideration of a Budget Adopted by the Board The membership has the right to petition the board for reconsideration of a board adopted budget. 1. Owners may petition for reconsideration

1. The documents will specify who will adopt the budget a. The board, or b. The membership 2. Budget meeting notice requirements a. 14 day notice b. Include copy of

The association will prepare an annual budget that must reflect the estimated revenues, expenses, and reserves schedule for the next fiscal year and the estimated surplus or deficit as of