CAI-NJ December 2021

‘GOOD NEWS’... from page 44.

up with market increases. If there’s a surplus of funds, the association can simply transfer the funds to capital reserve funding or even credit back the owners based on their bylaws. Bottom Line In these unstable times, perhaps it is better to increase to match the increased expenses. It may be a bet- ter plan than keeping fees the same, knowing expenses are up, and won- dering where the association will get the money. Emergency assessments or dipping into reserve funds could be a bad idea. (And that’s the bad news.) n

Isn't it about time you took a fresh look at your community's insurance program?

Are you looking for personal, professional service and attention? Condominium Insurance

Let us work with your association to find the right coverage, at the right price. Felsen Insurance Services, Inc. 3155 Route 10

Denville, NJ 07834 Phone: 973-361-1901 Fax: 973-361-2660 info@felsen.com

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