RESERVE SUMMARY

Each year, boards are required to prepare and distribute a pro forma budget for conducting the operations of their associations. Boards are required to include with the budget a summary of the association's reserves, based upon the most recent reserve study The reserve summary must include a number of items, which are detailed in Civil Code §1365(a)4.

Full Study. Owners are entitled to a copy of the complete reserve study upon request. The association may charge the owner the cost of copying the study.

For a list of companies that specialize in reserve studies for homeowners associations, see our Service Directory.

Updated by ADAMS KESSLER 9/30/2008