If a 388 unit California HOA provided members a new reserve funding plan (3-year Reserve Funding Study) as described in California Civil Code Section 5550 is one still required for 2018? We always got them with the annual budget and the most recent 3--year Reserve Funding Study was timely done in 2015 (following 2012's, 2009's, 2006's, 2003's etc.). However, attached to the 2019 budget dated 12/1/18 was only the 2015 study's summary instead of a 2018 3-year reserve funding study or its summary. I can't find anything that ends the requirement for HOA's to prepare a 3-year reserve funding study and provide a summary or report to members.
Answers (3)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.
