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To: Elroy who wrote (92184)	12/9/2015 7:41:44 PM
From: Joan Osland Graffius	Read Replies (1) of 110626

Hi, There really is not any rules for housing associations. The state you live in may have some laws. The contractor of the building(s) writes up the Association By Laws before he/she sells the units. The thing to do is get a copy of your By Laws. And for your annual meeting you should have received the accounting of Association costs for the year. What is important is to check were the money is going, and is it managed properly. One thing I have noticed a lot of Associations do not have a fund for future liabilities. (Kind of like how Washington is handling the SS program.) <smile> I was on the board of my association for years and kept a fund for future liabilities. When I left the board the new board spent all the money and when one of the future liabilities happened the home owners has to come up with large amounts of money immediately to fix the problem. Our major uninsurable future liability is our woods. Where I live the association is in a wooded area and a high wind storm causes a lot of money problems. I was treasure and kept a fund to deal with that issue.

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