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Why Reserve Funds Matter and How to Adequately Budget for Them
Manage episode 446354096 series 3596152
Treść dostarczona przez Chase Mitchell, Tom Freeley, and California Association of Community Managers. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Chase Mitchell, Tom Freeley, and California Association of Community Managers lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.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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