Reserve Fund Uses – The Yes and No

This year’s unusually cold and snowy winter has caused many associations to incur expenses beyond their annual operating budgets. As operating accounts are depleting, associations are trying to think of other ways to cover their operating expenses without having to impose a special assessment. One question that we have received is whether an association may take money from its reserve fund to pay for snow removal, which is typically an operating expense. The answer is yes and no.  Read more………