Included within an association’s annual budget report is a reserve summary that is prepared pursuant to Civil Code Section 5565. (Civ. Code § 5300(b)(2).) General Requirements Pursuant to Civil Code Section 5565, the reserve summary (1) must be based on the association’s most recent reserve study, (2) must be based only on assets held in […]| FindHOALaw
Subject to certain limited exceptions, every association is required to prepare a reserve study at least once every three (3) years with a review to be conducted annually to determine if adjustments are necessary to the association’s reserve account requirements. (Civ. Code §§ 5300(b), 5550(a).) One item of information that must be included within a […]| FindHOALaw
Regular Assessments Regular assessments (aka “dues”) are the assessments which must be paid by the owner of each separate interest to the association every year, often on a monthly basis. The level of regular assessments is determined by the funds required to meet the association’s annual operating expenses. Regular assessments may be increased over time […]| FindHOALaw
Davis-Stirling Act | Civ. Code § 5570 - Statutory form used by homeowners association (HOA) to disclose information regarding the HOA's reserve account.| FindHOALaw
Davis-Stirling Act | Civ. Code § 5565 - The summary of a homeowners association (HOA) reserve funds must be based on the most recent HOA reserve study.| FindHOALaw
Davis-Stirling Act | Civ. Code § 5560 - A homeowners association (HOA) reserve funding plan must include a schedule of anticipated assessment increases.| FindHOALaw
Davis-Stirling Act | Civ. Code § 5300 - A homeowners association (HOA) is required to prepare and distribute an annual budget report to the HOA's members.| FindHOALaw
Except as provided below, all associations are required to prepare a reserve study at least once every three (3) years with a review to be conducted annually to determine if adjustments are necessary to the association’s reserve account requirements. (Civ. Code §§ 5300(b), 5550(a).) Once the study is completed, the study is used to prepare […]| FindHOALaw
Davis-Stirling Act | Civ. Code § 5550 - A homeowners association (HOA) is required to prepare a reserve study to determine the HOA's reserve funding needs.| FindHOALaw
Civil Code Section 5300 requires an association to prepare and distribute to its members an annual budget report. The annual budget report serves as a consolidated disclosure statement which must include all of the following information, as well as any additional requirements imposed by the association’s governing documents: (Civ. Code § 5300(b)(1)-(9).) Operating Budget – a pro […]| FindHOALaw
