Associations That Fail to Fund Reserves: A Risky Proposition
Introduction Community associations, including condominiums, homeowner associations, and co-ops, play a vital role in maintaining and preserving common areas, infrastructure, and property values. One essential aspect of their financial responsibility is funding reserves to cover future repair and replacement costs. However, there …
The Vital Role of Reserve Studies
To begin, let’s clarify what a reserve study is and why it matters. Reserve Study Definition A reserve study is a comprehensive financial planning tool used by community associations, condominiums, and homeowners’ associations to estimate the future costs of replacing, and maintaining …