Homeowners associations (HOAs) play a critical role in managing and maintaining the common areas and amenities that enhance the quality of life for residents in communities across the United States. One of the key responsibilities of an HOA board is to ensure the association has adequate reserve funds to cover the future repair and replacement…
When it comes to adopting an operating budget, reserve contributions are far down on the list of items to include. A typical operating budget will include things like; utility bills, insurance premiums, landscaping maintenance, and management fees. Unfortunately, reserve contributions are viewed as something that can only be done if the association generates an end-of-year…
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…