Reserve Funding Projection

HOAs have two major accounts, the operating fund and the reserve fund. The operating fund is used for keeping up with day-to-day expenses and maintenance of the association’s assets. This is where most transactions take place. The reserve fund is a savings account where the HOA saves money for more costly repairs and replacements.

One of the most important aspects of serving on the homeowners association Board of Directors is understanding our fiduciary responsibility. What this means is that Board members are tasked with doing everything in their power to ensure that the homeowners association remains financially healthy. In order to fulfill this important obligation, Board members should have a good handle on the HOA reserve funds. This includes knowing what reserve funds are used for, where the reserve accounts are kept/invested, and when a reserve study is required. 

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