IN GENERAL
RESERVES and RESERVE STUDIES
Common Interest Communities are required by applicable statute to conduct every 5 years and revisit annually an accounting of the CIC’s capital components to include the components remaining useful life. The purpose is to maintain funds to maintain, repair or replace without having Special Assessments when the work is needed. Below are articles published by Reserve Advisors, a professional Reserve Specialist for, with permission:
Overview of Reserve Studies
Why Have a Professional Reserve Study
Reserve Studies Minimize Liability
Reserve Funds for Community Associations: Understanding the Why, How and When of Reserves by Raymond B. Via, Jr. with Whiteford Taylor Preston LLP.