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By CondoAssociation.com • June 15, 2016

Why does our HOA need to keep so much in reserves?

We have 42 homes at $350 per year. We have no pool, tennis courts or other amenities. We have just common ground, etc... We take in enough money to pay all our annual expenses including management fees. The board has told us we should keep $15,000 in reserves. For what? They are all worried about some lawsuit but we do have liability insurance. Are they going overboard or is there a law in North Carolina that states you have to keep so much in reserves.

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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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