Managment Expense Limitations

Started by RayG3 • 2 replies • 1072 views

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RayG3 (California)
Posts: 5

Posted:

In my HOA of 125 homes, our management company has an expense limit of $1000 that can be used without requiring approval by the board. The manager says that all the other HOAs under that management company also has the $1000 limit.

Although I know there's no standardized limits (or maybe there is), I'm wondering what other HOAs are using as their limits.

Thanks for any input.

KerryL1 (California)
Posts: 14,550

Posted:

Our PM had $5,000 (for necessary replacement/repairs only) for several months, but now that she's left, we're putting it back at $1,000 till we see if our new PM has a good grasp & ability to purchase mechanical/plumbing, etc. components for our high rise HOA. The on who just left was unquiet in that skill set.

ChrisP5 (Missouri)
Posts: 165

Posted:

We have $500 except for emergency situations (this was the amount they wrote into our contract).

Has anyone faced situations of the PM exceeding their spending authority without it coming to the board? If so how did you handle?

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