2019 July
Focus on... Budget & Finance

Finance
2019 July Underfunded Reserves

The importance of saving for a rainy day is a lesson we all learn as children. Just like we as individuals should put away a little something for that ‘just-in-case’ moment, co-op corporations and condominium associations must also keep res…

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Finance
2019 July Maintenance Charge Increases

There are few things upon which most people agree, but a general dislike for paying more today for something that cost less yesterday is pretty universal. This goes for taxes, consumer goods, healthcare, and of course for monthly maintenanc…

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Finance
2019 July Facing Financial Mismanagement

The board of a building or community association has a fiduciary duty to uphold its community’s governing documents, act in good faith, and advance the interests of the community at large. Occasionally, boards fail to carry out this duty – …

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Q&A
2019 July Q&A: Bathroom Leak

Q. I purchased my co-op four years ago with a master bath that had been remodeled seven or eight years ago by a previous owner. It appears that water/moisture is seeping into the foyer wall on the opposite side of the shower stall and is …

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Q&A
2019 July Q&A: Trying to Get an Elevator Fixed

Q. My family and I live in a six-story condominium in Manhattan. We own the top two floors (5 & 6), which amounts to 22 percent of the building. The elevator has been out of service for two months. The board members seem to be in no hurry…

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