red blocks on brown wooden table We have talked previously about reserve fund balances or percent funded. To help you better manage your HOA reserve fund balances, here’s a list of tips to take into consideration:

  • Adjust the budget when needed. Most boards are afraid to increase dues just to fund reserves. Increasing dues incrementally over time is better than asking for a special assessments.
  • Transparency is key. Keep homeowners up to date on your HOA reserve fund. …
        • Stay on top of maintenance. …While some projects can be postponed until reserve funds are available or issues should be addressed as soon as possible to prevent further damage.
        • Conduct regular inspections of the community assets and document the condition
        • Update your reserve study annually. In Washington State this is a requirement.