A reserve study identifies future repair and replacement needs. But the study alone does not create a budget, authorize projects, manage expenditures, or keep the board on course. This site provides a practical Primer, and workbooks to help condominium and community-association boards turn reserve studies into effective reserve-management strategies.
Managing Association Reserve Funds: A Primer for Board Members and companion Project Proposal and Project Tracking Workbooks help boards turn reserve studies into annual budgets, authorized projects, controlled expenditures, and reliable financial records.
Templates for reserve project proposals and records are available by clicking the links below.
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For all states, you may download a Multi-state Statutory Resources for Association Reserve Funds document.
The Reserve Management Cycle
Reserve Study → Annual Budget → Project Proposal → Board Authorization → Project and Expenditure Tracking → Funding Measures → Year-End Reconciliation
Topics covered: Reserve fund budgeting; reserve versus operating expenses; project authorization; permitting and professional oversight; financial controls; special assessments; funding shortfalls; project records; and year-end reconciliation.
For Boards: Quick Start
Review the current reserve study and its assumptions.
Adopt an annual reserve budget.
Authorize projects, funding sources, and spending limits before work begins.
Track projects, expenditures, and funding decisions.
Reconcile year-end balances with the next reserve study or budget.
The reserve study is the map. Boards need a navigation system.