Without a reserve study that helps us plan and save for anticipated repairs the association will likely have to levy special assessments to homeowners to pay for required repairs. Reserve studies help maintain strong property values. By identifying and budgeting for future capital projects, these evaluations can help board members fulfill their fiduciary duty of [...]
Amenity area elements like the community pool, tennis courts, and playground, will eventually need to be replaced or have parts of them replaced. To plan and save for those costly replacements, your association needs to conduct a reserve study. A reserve study is conducted by a firm that sends experts to evaluate the physical components [...]
A budget allows the POA to track and compare the money we collect for assessments against actual association expenses. This allows all owners to see how their community assessments are spent.
It is a snapshot of our financial position at the month. The Association issues a monthly financial statement summarizing all assets, liabilities, income and expense activity for the POA