Reserve Funds for Florida Condo Association

Started by HarryB7 • 2 replies • 133 views

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HarryB7 (Florida)
Posts: 2

Posted:

Our Board has recently decided to purchase CD’s using Reserve Funds. Our community manager stated that it would require a membership approval for the purchase as she claims it is using reserve funds for purposes other than repairing or replacing common elements.

I believe that this is incorrect. The Board is simply choosing to deposit funds with other banks.

Which opinion is correct?

MelissaP1 (Alabama)
Posts: 13,836

Posted:

The PM is correct. That money is earmarked for capital improvements and maintenance. Investing any cd or money market to earn money while while waiting for need should be known/agreed to. The HOA money is not just board money. It is all members money. The board is elected just to handle it on the behalf of the whole.

Former HOA President

TimB4 (Tennessee)
Posts: 21,059

Posted:

Duplicate Posting.

Please post responses in the following thread (it has the most responses):

https://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/367941/view/topic/Default.aspx

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