What to Do With HOA Surplus Funds in Nevada?

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.

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

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