Signs your Condo Corporation is in Financial Trouble

January 2017

Eight signs that your condo corporation is likely in financial trouble:

  1.  Your condo corporation consistently spends more money than it receives in condo fees and special assessments
  2. Special assessments are being used for operating expenses instead of for capital improvements or special projects
  3. Accounts payables is growing and not being paid when due
  4. Monthly condo fees are not being received by the due date
  5. Prior surpluses are being used to pay for operating expenses or special projects
  6. You have not implemented a consistent policy to deter or collect past due condo fees
  7. You do not know how much money is owed by or due to the condo corporation
  8. 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.