Non-Waiver of Reserves
Some condo owners at Seven Lakes have previously voted to waive full funding of reserves and provide only partial funding Some Seven Lakes condos have not reserved realistic amounts for major repairs/replacements or accurately estimated the remaining useful of some components and are underfunded Effective December 31, 2024, owners can no longer waive full funding of reserves for structural integrity components (shown on previous slide)
“...Effective December 31, 2024, the members of a unit -owner controlled association may not determine to provide no reserves or less reserves than required by this subsection for items listed in paragraph (g)”
Also...
“...Effective December 31, 2024, members of a unit -owner controlled association may not vote to use reserve funds, or any interest accruing thereon, that are reserved for items listed in paragraph (g) for any purpose other than their intended purpose”
Because the Seven Lakes fiscal year is April 1-March 31, condos will need to fully fund reserves for at least part of the 2024-2025 budget year in order to comply with these deadlines
The 2023-2024 fiscal year is the last year condo owners may vote to approve partial funding of reserves
8 (2/8/2023)
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