RealManage Insight

Why Does Your HOA Board Need to Maintain Reserve Funds?

Why Does Your HOA Board Need to Maintain Reserve Funds?

HOA Management, Board Education, HOA Financials

HOAs experience unexpected expenses from time to time just as all homeowners do. To have money on hand for rainy day expenses -- such as broken pipes, roof replacement/repair, or replacing the elevator -- the Board will save some of the HOA assessments in a special fund known as the reserve fund.

You probably receive your HOA's annual budget for review and notice the line item called "reserve fund." You probably wondered: why does the Board need to maintain reserve funds? Well, this post will answer that question for you. Let's start with a few basics.

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