CAI-NJ July 2022

capital funds for another component if it will not interfere with any other scheduled replacement in the next 5 years and the funds are recovered within the following 3 years Community Association Authority to Borrow or Assess – Structural Corrective Maintenance • An executive board may adopt an assessment payable over one or more fiscal years or obtain a loan whenever necessary to fund the cost of corrective maintenance of the primary load bearing sys tem. The executive board must first obtain a written report from a New Jersey licensed engineer or archi tect that there (a) is an imminent or reasonably foreseeable hazard to health or safety (b) is a violation of the Uniform Construction Code or (c) will be a material increase in the cost of such corrective mainte nance if delayed. Plans/Specifications and Preventative Maintenance Schedule • Developer shall provide association with plans and specifications utilized in construction, including plans set ting forth all field changes impacting any structural components • Developer shall prepare a preventive maintenance schedule to prolong or maintain the condition of the structur al integrity of the building’s primary load bearing system. • Budget prepared by developers must include all annual operating expenses pursuant to preventative maintenance and deferred mainte nance schedules. n

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Taylor Management Company has been managing community associations for decades. We have been recognized by the Community Associations Institute (CAI) as an Accredited Association Management Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO). These designations are accorded for the highest level of ethics and professional management in the industry.

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80 South Jefferson Road, 2nd Floor, Whippany, NJ | Tel. 973.267.9000 100 Franklin Square Drive, Suite 203, Somerset, NJ | 732.764.1001

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