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Condo board treasurer puts community at risk

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: I own and live in a nice condo in what I thought was a well-managed association of 24 condo owners. But when our longtime treasurer, a retired CPA, suddenly died, we discovered we are practically broke. He was a nice old man who everybody loved. At his funeral, which almost all the condo association members attended, he was highly revered, as if he was almost God. But a few weeks later, after our condo board of directors appointed a new treasurer, we discovered the ugly facts. He wasn't corrupt, but he just didn't tell us we needed to raise the dues to have adequate reserves for emergencies. Isn't there a law requiring adequate reserves? – Harper T. DEAR HARPER: State condominium laws establish guidelines, such as periodic reserve replacement estimates. But there is virtually zero enforcement unless a condominium board of directors takes charge and insists on adequate reserves. Purchase Bob Bruss reports online. Also, most condo associations are required to have annu...