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Common charges and/or assessments

Started by rvargas
almost 17 years ago
Posts: 152
Member since: Nov 2005
Discussion about
It seems that some buildings frequently have "special assessments" to pay for maintenance items, renovations, etc., rather than including those items in the regular budget and amortizing the costs over the year. In those cases, would it make sense to add these assessments to the annual costs to calculate common charges per square foot for comparison purposes?
Response by manhattanfox
almost 17 years ago
Posts: 1275
Member since: Sep 2007

assessments are meant to be for capital projects -- maint is for normal operating expenses. The prop lease outlines how the coops can manage maint within a budget. Flip taxes -- often go toward cap expenditures (new elevators/roof/etc.)

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