Question:
In Nevada, Washoe County, What are the consequences of not transferring an Operating Account overage into the Reserve Account annually?
– Ronald
Answer:
Hi Ronald,
Nevada law currently does not require community associations to transfer any overages from the operating account to the reserve fund. However, such a practice is common among associations. Alternatively, you may choose to carry over the remaining funds to next year’s budget or return the surplus to the homeowners.
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