CACM CHAT - HOA LIFE

Homeowners’ associations should set aside anywhere from 15 to 40 percent of their annual budget to adequately fund reserves, says Reserve Specialist Matthew Swain. However, many boards and associations kick the can down the road and avoid setting aside money into their reserve fund because they don’t want to increase assessments. But if you treat reserves like an impound account on a mortgage, it will be easier for boards and associations to pay expenses when components fail or need to be replaced or repaired. In this episode, host Tom Freeley and Swain discuss how to approach a reserve budget, what a reserve study should cover, the three- part test for reserve studies, and national reserve study standards.

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What is CACM CHAT - HOA LIFE?

CACM Chat – HOA Life where no HOA topic is off the table. We’ll bring you stories, trends, legislative matters and best practices in HOA management straight from the day-to-day professionals who work in the California community association management industry and the expert Industry Partners that serve HOAs. CACM was founded in 1991 to elevate professionalism in community management through California specific education and certification. Rapidly changing laws, new advanced technology, and an ever-evolving workforce. Geared toward the community association management industry. Tune in every week and make sure to follow us on our social channels @cacmchat. Hosted by industry veteran, @TomFreeley, CEO of the California Association of Community Managers.