HOA Reserve funds are the amounts we set aside for future expenses such as building repairs or replacements. They are not to be used for regular operating expenses. A Reserve Study results in a detailed report that is used to enable the HOA to determine the amount of money that should be set aside each year to repair, replace and restore major components of the common elements of our buildings (e.g. roofs, hallway flooring, lighting, driveway, pool, clubhouse, painting). The Reserve Study Specialist takes into account, among other things, the anticipated future costs, the expected life of each item, and current reserve amounts in the bank to prepare a report advising us on how much to set aside each year. These amounts are taken into account each year when the annual Budget is prepared.
We are required to have a full reserve study prepared every 5 years and are advised to have the full study analyzed once a year in order to determine if there have been any significant changes requiring a new annual amount to be reserved.
The following documents are available to download. Questions can be directed to [email protected]