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8 Essential Things You Need to Know About Reserve Funds & Studies

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2 When it comes to finances, homeowners' associations (HOA) operate like any other corporation or business. HOAs have different accounts set up to pay for different things. A checking account to pay for everyday expenses, and separate savings and investment accounts set aside for future repairs and improvements. While appropriately funded spending and savings accounts are crucial to a well-run association, the savings part of the equation can often get ignored. Some studies estimate that nearly 70% of HOAs in the United States are underfunded and lack the proper savings to pay for major projects or repairs. If you volunteer on your HOA board, then you have a unique responsibility to help protect your association with proper financial planning and stewardship. Don't wait to take a serious look at your HOA's financial health. We recommend working with your board, community manager, accountant, and other trusted professionals to ensure your community is prepared to meet all of its financial obligations including reconciling the past, managing the present, and planning for the future. This eBook is an excellent introduction to reserve funds and studies— the two most essential aspects of community association savings and financial planning. We break down the eight most commonly asked questions, and provide helpful tips and insight from experienced community and reserve study experts. Is your association's FINANCIAL HOUSE IN ORDER?

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