can savings be used for plumbing repair

Started by BonnieG1 • 3 replies • 1329 views

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BonnieG1 (Nebraska)
Posts: 1,186

Posted:

This is a 43 unit condominium in NE. We have a need for a plumbing repair. As of now we only have one quote of $930.00. We will be getting more.

Can we take $ from savings to pay a large plumbing bill. We have over $12,000.00 in savings. We have over $130,000.00 in CDS. I don't remember reading anything in our document that addresses this.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Bonnie,

It will depend if there is anything within your governing documents preventing it. Some associations consider Reserves as one large part of money and other Associations assign a certain dollar amount to each line item.

Ideally, an Association, will have a contingency fund in addition to a Reserve fund to pay for unexpected repairs. This way they don't have to pass a special assessment or take money from the Reserves that were being saved for an expected repair.

Tim

RobW (California)
Posts: 279

Posted:

If by "savings" you mean reserves, that's what reserves are for: repair and replacement of major components, and plumbing counts.

Even if plumbing repairs were specifically identified in your documents as coming under operating expenses, it's very common for associations to temporarily borrow from the reserves to pay for unforeseen operating expenses. In those cases, the money has to be paid back within a set time, usually established by state statute or your CC&Rs.

Rob

LindaL10 (Indiana)
Posts: 1

Posted:

Many companies require their practitioners to be cleaned drains several times a year. This will help keep a home health care, costs, and help your entire plumbing system working the way you expected. Having your clogged drains backup or can cause an infinite amount of damage to pipes and system. Drain cleaning should be with regular maintenance and service that you have made to their workplace. Plumbing Repair should not be a headache for a homeowner or business. Everything you need for plumbing repairs for calls to your local plumbing professional confidence.

plumbing repair Sydney

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