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
Homeowners Association (HOA) requirements to disclose information regarding the HOA's reserve account. California Davis-Stirling Act| 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
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
