HOA reserves may not be mandatory

Question: I live in an HOA community and we have had reserves since 1986. Recently, the board decided to eliminate reserves and put all the money in the reserve accounts into our operating fund account. They did this on their own. Was this legal? Aren’t HOA reserves mandatory and statutory for all repairs and replacements with a cost of $10,000 or more, and does the HOA have the right to transfer said funds and eliminate the reserve totally? Or, isn’t this a decision to be voted on by all association members?     Read the Q&A………….


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