At times I am very confused on the following: some
shareholders say we should have an increase in our
maintance and or an assessment to build up our reserves.
a president of another building said you cannot over
charge just to build up reserves. that reserves are for
unforseen issues or emergencies. Yet some residents
say have an incrase in mainteance to build up reserves.
If we have residents pay to build up reserves for the
future are we not asking current residents living in
building now to subsidy future residents. It is my
thought that if you need a new elevator now you ask the
residents for the money now. Also, if we build up our
reserves and a more aggressive board comes along they could
spend all the money in the reserves on whatever and the
money is not going to be there for the future.
I guess my final thought is what are the requirements
for reserves? assessments? and can we increase mainteance
to put into reserves not earmarked for any project but for
future possible emergencies. Help if anyone can tell me
where to look or how to get this issue straight with my
thoughts. thank you
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