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