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ME - How Long Will That Last?
Maine has more self-directed condominiums than other states in which I perform reserve fund studies. Perhaps it is due to Maine condos, on average, tending to be smaller with fewer amenities or just Yankee self-reliance otherwise known as thriftiness. Whatever the reason, these condos have avoided property manager services or other professionals such as lawyers, accountants, or engineers to assist in their community governance and financial planning efforts.
Instead of suggesting this might not be the best way to manage a condo community, I thought I would share some insight on how professionals develop capital expenditure forecasts to ensure the association is setting aside enough funds to be able to meet future needs. This is important for not only the financial health of the community and maintaining market value of the units, but also to meet the fiduciary responsibilities of the board.