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.
