Condo Q&A

Establishment of a reserve fund for an association

Written by CondoAssociation.com | Mon, Feb 19, 2024 @ 03:30 PM

This question is submitted by John L. out of South Carolina

 

We have a small community of 57 homes. An operating budget of approximately 30,000. We currently do not have a reserve fund. I am trying to establish one and need to determine an amount. We don’t have any amenities other than common areas. Could you help us?






 

 

Thoughts?