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TaxTom
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What are the advantages and disadvanatages of have a Reserve

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What are the advantages and disadvanatages of have a Reserve Study don on a condominimum association?
Submitted: 6 years ago.
Category: General
Expert:  TaxTom replied 6 years ago.

TaxTom :

Hello, A Reseve Study refers to a special funds collected monthy to accumulate a reserve to pay for upkeep of major expenses in common areas. This fund helps limit the frequency of special assesments to the condo members when an expense occurs and normally will only see a special assesment in true emergency situation. So if a roof needs replaced the money will be already available to repair the roof instead of requiring a special assement. The small downside is higher condo fees and the upside is no large special assements when a large expense payout is required. Thank You Tom

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Expert:  TaxTom replied 6 years ago.
Hello, Did you need further clarification to your question? Thanks Tom
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