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Special Assessment used for other reasons?
We had a special assessment that was voted on by the members and a large chunk of the money was not used for what it was voted for since we got the developer to do the work. Thae board want s to use this money for other uses such as a new entrance sign and they think they can just use it without the members ok?
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8/25/2007, 9:11 am
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Re: Special Assessment used for other reasons?
The board is fiscally responsible to the members of the Association in all transactions. If the special assessment was for the sole purpose of financing one specific project, it should take member input to use residual funds for anything else. That is unless the wording of the special assessment dictates otherwise or if your by laws allow such discretion by the Board. Melanie Phillips, CPM Tailor Made Property Services, Inc., AMO
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9/12/2007, 9:45 am
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