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That was my understanding as well. Unfortunately, we are a pretty old association with a lot of outdated components that are way past their prime. We only recently decided to get a reserve study done (our reserves were not really a priority until it became apparent that they were necessary). I suppose it is the association’s fault for not paying attention to this sooner. I just find it unfair that we homeowners are now left to pick up the pieces because past officers did not do their job well.