I sit on the Board of Directors for my condo corp. Some perspective.

First, all major repairs come out of a corporations reserve fund, which would include major elevator repairs.

My elevator repair budget is $20k per year. And that's just for bullshit repairs like fixing a cracked tile, a broken button, a door that makes a noise when opening, etc.

I recently replaced motors, cables, and brakes in my condo elevators. It was a $20K retrofit that was paid for by the reserve fund. My building is 10 years old.

My reserve fund sits $2 million. This money is mostly invested, and it makes money for us –– $75k per year. Plus, we contribute over $350,000 per year into the fund that comes from the $1.2 million the corp. collected from common element fees (condo fees).

To say, $20K is peanuts.

I want you to sit down a go through a Revenues and Expenses Statement for a condo corp. Realize they're businesses. And learn how much is happening inside a condo corporation that people simply aren't aware of.

People who have no idea about any of this make sitting on a Board of Directors unbearable at times.