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What bank accounts should a condo association or HOA have?

| Budgets & Finance |  


Question:

What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund (for emergency maintenance, 4) ongoing exterior maintenance (items that are at zero life as stated from our reserve study and 5) our 30 year component reserves. Shouldn't 4 and 5 be combined as our reserves?


Answers (20)

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