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A Manhattan condominium board discovered a six-figure sum owed by the building's sponsor two years after the sponsor control period had ended, highlighting the importance of an independent auditor and a thorough review of all professional service relationships. (Print: The Trouble With Sponsor Accounting)

When a new condominium is formed, the sponsor often offers a waiver period, which can lead to concerns about unpaid bills, maintenance contracts, and other operational concerns, but a proactive approach and an audit of the building's finances can help avoid financial confusion and ensure a smoother handover of responsibility. (Print: Squaring Expenses)

The proprietary lease will help boards deal with a stubborn sponsor.

How closely are you monitoring your sponsor?

There's a reason there's a procedure for almost everything boards do.