Montana has not (as of April 2019) adopted any statutes specific to Reserve Studies. Industry standards are that HOAs and Community Associations should have a Level 1 Reserve Study (full initial with site visit) on file, and should perform Level 3 updates (Update Without Site Visit) annually. States that have adopted reserve study laws dictate …
The primary responsibility of a common interest community is to preserve, protect and enhance the community as a whole. Each director is responsible to ensure the association fulfills its obligations. State statutes legally define the standard of conduct for directors in their duty to oversee the affairs of the association. While Declarants and their appointed …
Over the years we’ve helped many clients prepare and plan for future expenditures with Reserve Studies. Reserve Studies serve as a “Road Map” to guide an association through the ups and downs of the uncertain future. However, understanding a Reserve Study is not always the easiest thing to do. Most Reserve Studies are approximately 40-60 …
Do we have enough or too much money in our reserve fund account? This is a very common question board members and homeowners ask. In this article we will explain what percent funded level is and how to understand how it applies to reserve strength. First, if you don’t already have a Reserve Study, you …
A Reserve Study is a budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset the anticipated future major common area expenditures. The reserve study consists of two parts: the physical analysis and the financial analysis. Source: CAI National Reserve Study Standards (pdf). As …