Maintaining and contributing to Reserve funds is specifically designated within the Florida Statutes as a means of planning and preparing financially for maintenance, repair, and replacement of common area assets in a community association. Separate from an association’s Operating account, Reserve accounts are to be used for specific types of expenses, and not co-mingled with the association’s normal Operating account.
We recently held two virtual CEU courses with Will Simons, RS from Association Reserves.
These courses touched on the following items:
- The reasoning and purpose for separating the two types of accounts
- Discuss best practices for budgeting
- Discuss what a reserve study is, and how such studies are used during an association’s budget planning
- Why have reserves? Examine the pros and cons of Associations with well-funded Reserve accounts.
- Detailed explanation and analysis of the differences between the two methods of reserve fund budgeting: Straight-line method and the pooled method.
You will not receive CEU credits, but you can view both recordings from the CEU courses below:
Fundamentals of Reserves: https://www.youtube.com/watch?v=Tnbg5YfYIts&feature=youtu.be
Reserve Study: Road Map to Reserves: https://www.youtube.com/watch?v=ryle3MyH_Cc&feature=youtu.be