January 2017
Eight signs that your condo corporation is likely in financial trouble:
- Your condo corporation consistently spends more money than it receives in condo fees and special assessments
- Special assessments are being used for operating expenses instead of for capital improvements or special projects
- Accounts payables is growing and not being paid when due
- Monthly condo fees are not being received by the due date
- Prior surpluses are being used to pay for operating expenses or special projects
- You have not implemented a consistent policy to deter or collect past due condo fees
- You do not know how much money is owed by or due to the condo corporation
- Lack of money has become the primary concern at board meetings
If this sounds like your condo corporation, it is past the time for the condo board to take action.
