Regardless of whether the community has a property manager or not, the ultimate fiduciary duty to prepare a budget is with the board. After all, the property manageme… See more

Keep in mind that an association is essentially a business, and should operate as one. It’s imperative that every association have an adequately funded reserve. So… See more

A reserve account is not intended for day-to-day expenses: 1. It’s a fund for planned future expenses 2. It’s a rainy-day fund for major unexpected expenses that cannot wait, such … See more

There are a lot of rules about when you can and can’t spend reserve funds, and it’s important to follow those line items. Some associations only use reserves for roofing, painting an… See more