Reserve Studies Tag

Preparing the annual budget and overseeing the association’s finances are perhaps the most important responsibilities of board members. The annual operating and reserve budgets reflect the planning and goals of the association and set the level and quality of service for all of the association’s activities. PREPARING THE BUDGET The association’s budget consists of two basic parts, income...

Establish Reasonable HOA Dues, HOA Fees and Condominium Association Fees Using A Reserve Study A well-maintained reserve fund is an important part of ensuring the financial health of an association. This is especially true as the association ages, and building components need to be replaced. Many association boards, unfortunately, discover that prior boards have not been vigilant in saving for...