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Why Reserve Funds Matter and How to Adequately Budget for Them
Manage episode 446354096 series 3596152
Contenu fourni par Chase Mitchell, Tom Freeley, and California Association of Community Managers. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Chase Mitchell, Tom Freeley, and California Association of Community Managers ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
Homeowners’ associations should set aside anywhere from 15 to 40 percent of their annual budget to adequately fund reserves, says Reserve Specialist Matthew Swain. However, many boards and associations kick the can down the road and avoid setting aside money into their reserve fund because they don’t want to increase assessments. But if you treat reserves like an impound account on a mortgage, it will be easier for boards and associations to pay expenses when components fail or need to be replaced or repaired. In this episode, host Tom Freeley and Swain discuss how to approach a reserve budget, what a reserve study should cover, the three- part test for reserve studies, and national reserve study standards.
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