Do we have enough or too much money in our reserve account? To answer this question, we should begin by explaining the method by which an association’s reserve funds are measured. Percent funded as defined by National Reserve Study Standards is “The ratio, at a particular point of time (typically the beginning of the Fiscal…
A Reserve Study is a budgeting tool that assess the financial and physical health of associations. One of the responsibilities of the Board of Directors, is to act in good faith and in the interest of and for the benefit of the association. This would include managing association financial matters today and in the future.…
Dry Wells are designed to collect and dispose of storm water by allowing water to percolate into subsurface soils above the aquifer. All dry wells in Arizona must be registered with the Department of Environmental Quality. They are considered common area components and maintenance responsibility generally falls on the HOA. With regular maintenance and repairs, dry…
This article provides a brief guide about hoa reserve fund laws. You will find answers to common questions such as: Is a reserve fund required? How can we spend reserve funds? Is there a law requirement for how much should be in the reserve fund account? HOA reserve fund laws vary by state. This article…
Do we have enough or too much money in our reserve fund account? This is a very common question board members and homeowners ask. In this article we will explain what percent funded level is and how to understand how it applies to reserve strength. First, if you don’t already have a Reserve Study, you…