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How to re-allocate money in HOA reserves?

In Florida, what needs to be done to re-allocate money between items in the reserve? Majority vote?


What is the "pooled" method of funding association reserves?

If my Florida Condo Association voted to approve using the "pooled" method of funding the reserves will it need to vote on this every year as if it was waiving to fully fund? Or once the method is voted on and approved would it remain in effect until another method is voted on and approved? Any backup supporting either would be greatly appreciated.

Condo board wants to spend all reserves prior to new assessment

Our Reserve Fund has been "tanked out" and the Board feels that according to our condo dosc that all the reserves must be spent prior to a special assessment. Why bother to separate funds if painting money can be used for roof replacement?


Who can help us with our HOA budget and reserves?

Who should our association contact to help us with our up coming budget? Should it be with a lawyer or is there a company that does this kind of work to help us set up the proper reserve funds? We have not had a reserves study done, but we'll have enough money to have one done the end of next year.

How to calculate HOA or condo reserves?

Is there a rule of thumb in determining reserves and costs in establishing a budget for a 4-unit condo HOA. We had a budget drawn up by a consultant but we think the numbers are too high and were wondering if there is another way to determine costs.


Looking for help from reserve study firms

How to search for firms in southwest Florida to perform a study on common area building and site facilities to update reserve budgeting?


What HOA reserve amount do we need?

We have an HOA for our PUD.   Are we required to have same reserved (10%) of fees? TN

Why does our HOA need to keep so much in reserves?

We have 42 homes at $350 per year. We have no pool, tennis courts or other amenities. We have just common ground, etc... We take in enough money to pay all our annual expenses including management fees. The board has told us we should keep $15,000 in reserves. For what? They are all worried about some lawsuit but we do have liability insurance. Are they going overboard or is there a law in North Carolina that states you have to keep so much in reserves.

Can condo board move money from operating account to reserves?

Can a condominium owners association board of directors vote to and move a "surplus" of operating income into a reserve account?

Our board of directors declared there to be a surplus of $22,500 at at the end of the past fiscal year and voted to move that cash to the reserve fund. Is this legal or a proper financial practice? Isn't operating cash just that money collected for operations? If the operating account had unspent left over money shouldn't it be returned or credited to owners/members of the Association - not transferred to Reserves? Could a surplus be deemed a profit, when the surplus isn't identified as already encumbered (i.e. Waiting for an invoice for serves rendered or goods provided)?  Florida

How do pooled condo reserves work?

I live in an HOA (720) in Florida and the reserves are not pooled right now. They are going to change them all to pooled reserves. The question I have is what happens to the reserves that have been collected to date can the be changed over to pooled reserves or do they have to remain the same. And from this point forward they will be served. 

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