Yep. If OPA collects $1 million from members in advance (5-year plan currently in our assessment, for example) and then builds a new structure we have all paid upfront to build it.

Immediately upon completion of the fully paid-for structure, OPA then begins adding its depreciation to the assessment. Thus, we pay to build it, and then immediately begin paying to rebuild it at some future date.

However, there is nothing to guarantee the depreciation collected will be used for some future rebuilding or remodeling. Nothing. There is no lock box. All the money the board collects, via assessments, can be spent by the board at any time for virtually any purpose........ as it has done in the past and will continue to do in the future.

Aside from the by-laws limitation on 20% of assessments for a single project without a referendum, any four board members can spend any OPA funds any way they choose.

Obviously OPA can't spend money buying something it already owns.

Obviously. However, as shown above, it can, and does, collect depreciation on something it owns and spend that depreciation on something else.