"Co-op / Condo Budgets: Is Your "Miscellaneous" Line Item a Slush Fund?"

Nexsen Pruet real estate attorney Jeff Vinzani offers insight about how condo and homeowner association budgets could contain "slushfunds."  The article in Habitat magazine is entitled "Co-op / Condo Budgets: Is Your "Miscellaneous" Line Item a Slush Fund?"

Vinzani represents homeowners associations and has served on association boards.  "I've learned that you have to be careful how much money you put in that miscellaneous budget item," he told the magazine. "Normally it's in place for a rainy day. But if it's unused by the end of the year, it should be carried over to the next year. Instead, some boards use it as a slush fund."

Jeffrey Vinzani's law practice is concentrated in general business law with major emphases on complex real estate and finance transactions.