Association Reserves — Money, money, money

The Law requires that your association have enough money on hand to keep itself out of trouble. Although we each own our own units, there is nevertheless a group responsibility that we have to each other. The common good requires that we maintain the condominium throughout its life, and of course that takes money. The “reserves” of the association allow us to collect a little each month to save for that rainy day when we need to replace a roof before it falls in on all of us, and there are other projects we need to plan for in the future, as well. Here’s a PDF of a presentation I recently listened to which shows how three example associations dealt with their future. I think you’ll find it interesting.

 

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Change Your Clock, Check Your Smoke Alarm

Is your smoke alarm still working? A smoke alarm with a dead or missing battery is the same as having no smoke alarm at all. On Sunday, November 6 when resetting your clocks for Daylight Saving Time, make sure your smoke alarms work and replace the batteries, if necessary. Take care of your smoke alarms according to the manufacturer’s instructions, and follow these tips from the U.S. Fire Administration (USFA):

Smoke alarm powered by a nine-volt battery

* Test the alarm monthly.
* Replace the batteries at least once every year.
* Replace the entire smoke alarm every 10 years.

Smoke alarm powered by a 10-year lithium (or “long-life”) battery

* Test the alarm monthly.
* Since you cannot (and should not) replace the lithium battery, replace the entire smoke alarm according to the manufacturer’s instructions.

Smoke alarm that is hardwired into your home’s electrical system

* Test the alarm monthly.
* Replace the backup battery at least once every year.
* Replace the entire smoke alarm every 10 years.

For more information on Smoke Alarms, visit the USFA Smoke Alarm page