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And keep funds in your reserve account. “Because buildings age out and you have to do capital repairs, you want some money going into reserves,” Halper says. “A good guideline is 10 percent per month should go into a reserve account. You want to carry a balance of at least three ...
“When people seeking to buy a condo or co-op see an anemic reserve fund, it can have an impact on their decision,” says Jason Prisand, a partner with Prisand Melina Unterlack & Co, an accounting firm located in Plainview, New York. “If they see that necessary improvements are being...
Advise boards regarding property insurance requirements. Accounting Reports & Financial Reporting Monthly and year to date income and expense statement Monthly balance sheet. Monthly accounts receivable and accounts payable reports. Monthly and year to date reserve fund transactions. ...
Contributions to reserve accounts for capital expenditures and deferred maintenance, as well as any other reserves that the homeowners association or the developer may be required to fund pursuant to any state, municipal, county, or other governmental statute or ordinance; Operating expenses; or Any ...