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CondoAssociation.com
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Does the Budget that the condo hoa require a line for reserves?

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Virginia, state law requires every association to have a Reserve Study. It requires that the percentage of full funding be disclosed to potential buyers

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Can Board members be held liable if an item that was scheduled to be done in a professionally prepared reserve study was not completed as scheduled (due to the board electing not to do it) and a loss subsequently occurred.

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My HOA currently has several items less than $10,000 each in our reserves assessment that I think are not items to be reserves

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Florida HOAs may use reserve funds for expenses other than reserve expenditures if approved by a majority vote at a meeting at which a quorum is present. Is this a Board of Directors' meeting or a meeting of the entire membership? And is notification of such possible action necessary?

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what obligation does the board have to invest the reserves in the most favorable interest rate?

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Is this type of reporting the financial status of condos meet requirements for 'separating on the books' operating funds and Reserves?" Opinions and experiences please."

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Is there a maximum dollar amount a condo association can have on their books for their reserves? What is the legal requirement for number of board members?

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Where can I find information on how reserves can be used. How much should be in reserves? What is process for owners to know or be informed on uses of Reserves.

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When a condo association solicits proxies for waiving the funding of reserves is it REQUIRED to provide a detailed breakdown of the reserve requirements ?

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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