It is not uncommon for boards to try to keep assessments down especially during times like COVID-19. One way that a board can accomplish the “appearance” of keeping assessments down while still covering the day-to-day expenses is to waive or underfund the reserves. At the time, waiving or underfunding reserves may not seem like a big deal but association reserves serve a very important purpose to slowly save money over a longer period of time for big ticket items, capital expenditures and deferred maintenance for which the association may be responsible for maintaining, repairing and/or replacing. Read the article………………………………..
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