Is a coop board or management company legally obligated to inform shareholders when they get their assessment what that annual assessment will be used for? Ahead of time.
I live in a very compromised building—meaning 100+ years, not well kept up, needing so many crucial things (curb appeal is always the last on the list). We have very little reserve funds. I explain this only to acknowledge that emergencies come up all the time, where that assessment money might end up going. But I would like to know what the actual law is around this, what the protocol is... Are they required to tell us beforehand?
Looking for informed answers, please, rather than opinions.
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