Reserve Studies – Important Timeline

Most board members are aware that with few exceptions, homeowner associations are required by law to obtain a reserve study every three years and to update it if necessary, each year in between.

Following is a timeline for HOA budgets and reserve studies that assume a December 31 fiscal year end.

May 1Authorize reserve study provider to start reserve study process.
June 1
July 1Send reserve study to board for approval.
August 1Send budget draft to board for their review.
September 1
October 1Send budget for next fiscal year to owners.
November 1
December 1Last day to send budget for next fiscal year to owners.
December 31Fiscal year-end.