Condo Bylaws Association With No Reserves In Contra Costa
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FAQ
Reserve Studies Are Required All associations, regardless of size, must prepare a reserve study (Civ. Code § 5550) unless the total replacement costs are less than 50% of the gross budget of the association, excluding the association's reserve account for that period. (Civ. Code § 5550(a).)
California Civil Code 5550 requires a Reserve Study based on a “diligent visual site inspection” at least every third year, but requires the Board review that Reserve Study annually and “consider and implement necessary adjustments”. That's called an annual Reserve Study update.
A reserve study provides a current estimate of the costs of repairing and replacing major common area components (such as roofs or pavement) over the long term. Ideally, all major repair and replacement costs will be covered by funds set aside by the association as reserves, so that funds are there when needed.
Reserves are like savings accounts – an accumulation of funds for a future purpose. The source of funding for a reserve might be surpluses from operations, or scheduled transfers that have been planned and budgeted.
Oregon Revised Statutes require homeowners associations to conduct an initial reserve study, prepare an initial maintenance plan and establish a reserve account.
Except as provided below, all associations are required to prepare a reserve study at least once every three (3) years with a review to be conducted annually to determine if adjustments are necessary to the association's reserve account requirements. (Civ. Code §§ 5300(b), 5550(a).)
So how much should your HOA have on hand to address these inevitable repair and replacement costs? A good rule of thumb is for Reserves to be funded at 70% or higher of the property's calculated deterioration.
