November 3rd, 2011
Q: I live in a small, 70-unit condominium project, and we are having terrible money problems, mainly steming from the misappropriation of funds from the management company.
We are having a meeting where our homeowners’ association board is expected to ask for its third assessment in two years.
A group of residents sent letters to homeowners asking them to vote down the proposed new assessments and increased dues, and to get a new management company. What is the percentage of votes needed to stop the board from increasing our costs?
A: You always want to be careful when making statements that the management company has misappropriated funds from the association.
Such a statement needs to be made from actual facts that came be obtained from an audit.
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