The 2004 amendments to the Ohio Condominium Act placed often confusing and misleading language into the reserve requirement stating “…provided that the amount set aside annually for reserves shall not be less than 10% of the budget for that year…” This language is commonly misunderstood to mean that condominium...
Financial
Published
Signature Cards Must Be Up To Date By Peter M. O’Grady, Esq.
Signature cards are used by banks to verify that the party using an account actually has authority to use the account. These accounts include, but are not limited to, the association’s operating accounts, reserve accounts, certificate of deposit accounts, and money market accounts. One of the more commonly missed...
Published
Safeguarding Association Reserve Funds over $250,000.00
Since the passage of the Ohio Condominium Act in 2004 and the Ohio Planned Community Act in 2010, Ohio’s community associations have been building reserve funds to repair and replace major capital items without the need for special assessments. Fortunately, many associations have built substantial reserve funds and are...
Published
When the Board Decides to Raise the Monthly Assessments – Telling the Owners
At the end of every calendar year, board members for community associations gather around conference tables, dining room tables, or tables in local libraries to have the unpopular and often dreaded discussion of how to explain to owners in their communities that their association monthly assessments are going to...
Published
An Audit of the Association’s Financial Records is Always Wise
When it comes to year-end financial obligations of associations, most boards are aware of general requirements, such as providing financial statements to the owners, finalizing a budget for the upcoming year, and completing a board-review of the association’s financial records. From time to time, boards may also opt for...