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Recent article by Paul Huijing, P.E. published in Community Associations Institute - Connecticut Chapter publication Common Interest Community association trustee board members may ask why they need a reserve study. Some unit owners may also ask. Professional property managers will likely recommend a reserve study to fulfill their advisory role. All concerned parties should ask, but some involved may not know the importance of the question. There are many answers to the question depending on your involvement with an association. I will highlight the following motivations in this introductory article: • Fiduciary duty • Aesthetics and property values • Stable and logical financial planning • Fairness For full article with more detail see here ... 
2 Comments
Mike Todd
8/17/2018 12:00:04 pm
Thanks Paul. Although I am not involved any longer in my HOA, the article is timely because the new board created a special assessment of $500 per household. The reason given was to replenish funds borrowed to cover Sewer line damage and pay some bills that had accumulated, including the payment of a $1000 deductible for the homeowner most affected by the Sewer issue. I felt paying that deductible opened us up for all deductible coverages moving forward. Leave a Reply. |
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