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Helping you understand community association business with industry leading insight.
Capital planning is one of the most important, if not the most important, responsibilities of an HOA board. Going beyond the day-to-day routine operation of the community, capital planning focuses on the long-term physical and financial health of the community, as well as proactive planning for the replacement of major community assets.
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This webinar covers essential strategies for building a solid financial foundation for community associations, focusing on reserve funds and capital planning.
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Funding using the component method was legally required in Florida for decades, but since the administrative code was adjusted in 2002, many associations have adopted the cash flow method, or pooled reserves. So, what are the component and cash flow methods, why would an association choose cash flow, and how do they make the switch?
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This webinar covers essential information on reserve funding strategies, focusing on the importance of reserves and how they can be effectively managed for future capital expenditures.
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Boards and managers who want to ensure adequate funds and avoid shortfalls (or at least get into a better financial position) should familiarize themselves with common reserve funding goals and the strategies to achieve them. As outlined in the National Reserve Study Standards (NRSS), four accepted funding goals are available to community associations.
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When it comes to reserve funds, a common question we hear is “how much money should our HOA have in reserves?” The truth of the matter is, it depends. Each association is unique in a variety of ways, so the answer to this question varies widely depending on the community, its components, and its wants and needs.
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Arbitrary percent funded values do not provide a complete measure of the health of your reserve funds. Threshold funding provides a clear understanding of financial health.
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Are your reserves fully funded? It’s a great question, but at the risk of making this sound like a legal blog, it depends. In order to answer the question accurately, we first have to define the term fully funded.
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We’re often asked “what percent should HOA reserves be funded?” The short answer is that there is no “one size fits all” benchmark for measuring the health of your community association’s reserve funds when it comes to applying the percent funded model.
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