It's the first of the month. Do you know where your assessments are going?

So you bought a condo. You pay the mortgage. You pay these things called assessments. You wish they weren't as high but whaddya gonna do? You're not really sure what they pay for. You're not really sure how they are figured. You just pay them and move on.

Look, it's time to take your head out of the sand. I am amazed at the number of condo owners who don't have a clue what their monthly assessments are paying for or what their association's annual budget is. The condo association exists to defray the cost and responsibility of maintaining the building. But you as an owner should know what your association is doing and how it is spending your money.

Consider these questions:

• Who is your management company or is your building self managed?
  
• What do your monthly assessments pay for?
• When does your condo association have their regular meetings?
  
• Who is your association president? Who is the treasurer?
• Do you have--or have easy access to--copies of your association's current budget proposed budget for next year, rules, declarations, etc?
• How much does your association have in reserves?

Condo associations come in all shapes and sizes--from small, self managed groups that meet for coffee once a month to large buildings whose assessments pay for many common-area amenities. You don't need to be the board president but you should, for your own sake, know what you are paying for. If you don't, it's time to start asking some questions. Get in touch with your president and/or treasurer. Request current copies of the budget breakdown. Attend the next meeting. It's your association--make it work for you.