Surplus Funds?

Questions about living in properties with shared/common facilities
Post Reply
J B
Posts: 5
Joined: 08 Oct 2017 22:22
Contact:

Surplus Funds?

Post by J B » 29 Dec 2018 11:48

Morning Nigel

Our complex has ten identical houses - we all pay €500 and up to now everyone has paid in full since we took control of the management ourselves.
There is around €8K in the account

However, one owner has just sent this message and I would appreciate anyone's comments ...

EDIT - message deleted due to GDPR issues

Basically it said that we shouldn't hold a large surplus and quoted this article


https://cyprus-mail.com/2017/07/30/lega ... committee/

Regards
Last edited by J B on 27 Oct 2019 22:44, edited 2 times in total.


--
J B

Nigel Howarth
Site Admin
Posts: 2458
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Surplus Funds?

Post by Nigel Howarth » 29 Dec 2018 19:43

Hi J B

The money collected by the Management Committee for insurance, maintenance, repair, etc. needs to be spent in the year following the AGM when th ebudget was agreed.

If you want to set up a 'sinking fund' you can do this by passing a motion at any general meeting of owners and placing the money in a separate bank account.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

Post Reply