CONDOMINIUM ACT-SURPLUS FUNDS

Amends the Condominium Property Act. Provides that at the end of an association's fiscal year and after the association has approved any end-of-year fiscal audit, if applicable, if the fiscal year ended with a surplus of funds over actual expenses, including budgeted reserve fund contributions, then, notwithstanding any contrary provision in the association's declaration and bylaws, the board of managers has the authority, in its discretion, to dispose of the surplus in one or more of the following ways: (i) contribute the surplus to the association's reserve fund; (ii) return the surplus to the unit owners as a credit against the remaining monthly assessments for the current fiscal year; (iii) return the surplus to the unit owners in the form of a direct payment to the unit owners; or (iv) maintain the funds in the operating account, in which case the funds shall be applied as a credit when calculating the following year's annual budget. Provides that if 20% of the unit owners of the association deliver a petition objecting to the action of the board of managers within 14 days after notice to the unit owners of the action, the board shall call a meeting of the unit owners within 30 days of the date of delivery of the petition. Provides that the unit owners may vote to select a different option than the option selected by the board of managers; however, if a majority of the total votes of the unit owners are not cast at the meeting to reject the board's selection and select a different option, the board's decision is ratified.