Tag Archives: Deferred maintenance

A Board Treasurer Tells….

Alfred Condo
How One Condo Built Reserves Without Assessments
I have been treasurer of The Alfred condominium (at right) on West 61st Street for the past 19 years. This was a pied-à-terre that I purchased in 1987. Four years later, with the intent of “getting involved,” I volunteered for the board of directors. The current treasurer was moving up to the president’s job, and there I was. With a solid, although not professional, background in accounting and being a “numbers person,” how difficult could it be?

By the end of the second year, I had it down to a science. Each month, I would receive a financial report from the managing agent, including copies of all bills paid and the checks, and actual expenses versus budget. After reviewing the transactions and the budget versus the actual numbers, I would send a written note to the managing agent with any questions (which we review prior to each board meeting).

In addition, the arrears, charge-back report, and reserve fund reports, including current positions (T-bills and CDs), are provided for my review. In preparing my first budget, it occurred to me that a building this size, a 37-floor high-rise, should have reserves in the event of a major capital project or repair. So, we started the accumulation of our reserve funds.

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