Q. I am on the Board of a 13 unit condo building with not the best financial situation. Unfortunately, we just encountered a $10,000 sewer problem and we don't have sufficient funds to cover it.
Our monthly dues are about $300 per month, and we are running 2.5-year special assessment for roof and heating system repairs. Prior to that, we had another 10 months special assessment for a parapet wall.
The contractor isn't offering financing and we already have a special assessment. My colleagues on the board question the cost but do not propose solutions, and the management company we work with has been of little help. I am waiting for a second estimate at the moment, but I know we gotta act quick - make a down payment, pay city permits, etc. all while backed-up water is starting to flood the basement. What other options do we have in order to pay for this project?
A. Unexpected maintenance projects can certainly be stressful for a small association, particularly when reserves are not sufficient to cover the expense. When it comes to funding projects the bottom line, however, is that
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