Reserve Fund Requirement in Georgia

Question:

IS THERE A STATUTORY AMOUNT EEQUIRED FOR HOA’S TO KEEP AS RESERVE FUNDS?

– Kenneth

 

Answer:

Hi Kenneth,

Georgia has no statutory requirement to fund reserves and, therefore, no statutory amount for reserve funds. That being said, every community will have a different level of reserve funding necessary. It really depends on a number of factors, including the amenities and facilities you have in your HOA. It is best to conduct a reserve study to find out how much you should have in your reserves. Additionally, your association’s governing documents may consist of provisions concerning reserve funding in your HOA.

 

 

Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.

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