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.
|Authorize reserve study provider to start reserve study process.
|Send reserve study to board for approval.
|Send budget draft to board for their review.
|Send budget for next fiscal year to owners.
|Last day to send budget for next fiscal year to owners.