CONTROLLING COSTS There was a lot of pressure on this self-managed board to keep dues low. Their next-door neighbors, the other unit owners, lobbied for increases to the condominium fee that were minimal or non-existent. Some board members, unaware of or in spite of their fiduciary duty, even harbored this same objective of holding the line on condo fees. Without a management company to take the flack, the board would have to stand alone against the entire community when budget shortfalls arose or replacement projects were necessary. DOING THE RIGHT THING Every board of trustees is charged with maintaining, preserving and enhancing the common elements by virtue of its agency to the trust and its beneficiaries, the unit owners. That means that replacements and updates must be scheduled and done when needed. Some state condominium laws even make the board of trustees responsible for maintaining an "adequate" reserve fund to make these replacements and updates when due. Commissioning or updating a replacement reserve study plays an important part in helping the board to meet its responsibility in understanding what these needs are and how much money will be required. Utilizing an outside expert to establish an inventory and expected useful life for common elements and systems provides legitimacy to a replacement program. Making sure that day-to-day operations are framed by the bigger picture of preserving the common elements is essential to the self-managed board in governing and operating the community. October 2019 CONDOMEDIA 49