Question:
Can HOA recommend an accounting firm that can conduct a financial reserve study for our HOA?
We are trying to figure out if there is a benchmark on the minimum/maximum amount of funds needed for a typical Reserve Fund.
We have shifted all the exterior building risks to the homeowners but Board is still responsible for the maintenance, irrigation for 9 acres of common area along with the snow removal for driveways and sidewalks.
– Jim
Answer:
Hi Jim,
You may find a professional through the Association of Professional Reserve Analysts. An HOA management company may also help in reserve planning. You can find one through our online directory.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
