Budgets and Reserves

What are Reserves?

 

When does the reserves law go into effect?

 

How does an association know if its reserves are sufficient?

 

Why was it necessary to pass the reserves law?

 

Why are association reserves necessary?

 

Won't this reserves law increase the cost of living in a condominium?

 

Can associations or their members do their own reserve studies or must they hire professionals?

 

What if the association's reserve study is wrong - the association's reserve turns out to be inadequate?

 

If we change managing agents, will that reduce the maintenance fee or reserve requirements?

 

Must the association have a separate reserve account for the money for each item, such as the roof, elevators, or paving?

 

Our documents limit the money our board can spend without owner approval. How does the reserves law affect those limits in our declaration?

 

What if my board refuses to make a reserve study for our project or refuses to establish a reserve?