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Can we move funds from an operating account to reserves?


Our Illinois common interest homeowners association has a working capital reserve that was established from an initial deposit required at closing from each homeowner. Does this have to remain an operating reserve or can/should all or a portion of these funds be moved to the replacement reserve? The association has just been turned over to the homeowners and we do not yet have reserve study completed so the needs are not yet determined . Recommendations?

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