But I was just recently told that they did not collect this 3%, and now are going a different route.

I called the management, and was given the explanation that because we were getting further from the Hurricanes of 2004, the insurance premiums were going down, and that was the reason. How the only condo-hotel where insurance was getting this dramatically lower was Plaza and none other, I do not know. Nor did I believe it.
Though I do not have the answer to this phenomenon, I thought it was because at that time every dollar coming in went to the Lender. They operated under receivership. And $522.28 had some significant fat in it, which, as soon as the receiver started getting all of it, did not make any financial sense to the developer and they lowered it to actual maintenance cost.
Plus they are now taking $100 a month from the rental income to build up reserves for replacing the furniture and equipment. This surprised me as in their sample distribution of rental income page they always maintained this 3% reserve fund. Actually, first year it was 1%, second year 2% and 3rd and subsequent years.
american airlines round trip tickets But I was just recently told that they did not collect this 3%, and now are going a different route. Not sure why they did not collect before, and why they changed it to a different format, but the whole idea to have the funds to replace any piece of furniture, TV of whatever, is a way to go.