Adequate Reserves – (Finally!) Defined
April 24, 2019 No Comments
Many, if not most Governing Documents require the Board to set aside “adequate Reserves” to care for the common areas.
Many, if not most Governing Documents require the Board to set aside “adequate Reserves” to care for the common areas.
Many times in a Reserve Study you will see multiple assets grouped together, like all the roofs on all buildings.
Good question! There are two ways to answer a question regarding the appropriate use of Reserve Funds in 2020, depending on how it is asked. But first, it helps to know what the purpose is of a Reserve Fund.
All buildings begin to deteriorate the moment they are built. Anyone who owns a home quickly learns that they are guaranteed to have repair costs and replacement expenses down the road. But owners of homes in Association-governed communities face a unique challenge.