For a community to last for generations, its major components – like elevators, clubhouses and swimming pools – all need major maintenance or replacement eventually. The funding for these capital improvements comes from putting a portion of the community’s money into a reserve fund determined by a reserve study. It is more than just another budget item. All board members have to know how to manage their reserve study successfully so that they have enough funding when the time comes to begin a repair or replacement, and board members in Hawai’i specifically need to know how to follow their state laws to remain compliant. Read the article………………..
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