The operating fund

A condominium corporation has ongoing expenses that need to be paid to keep the lights on, keep the elevators running and the snow plowed.

The utility bills, cleaning, security and the superintendent costs are pretty well fixed while plumbing, painting, elevator repairs vary from month to month.

These expenses are budgeted for the year and are broken down by month with some expenses paid monthly and others seasonally. For example, landscaping costs runs from April to October and snow removal from December to March.

The directors monitor these expenses monthly at their regular board meetings.

top  contents  chapter   previous  next