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Ely, Counselor at Law
Category: Legal
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We are a small HOA ($24,990 annual budget) in a new planned

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We are a small HOA ($24,990 annual budget) in a new planned development. We recently took over the management from an outside firm and now are self managed. We have a cash reserve balance of over $10,000 and would like to transfer some of that balance to our Capital Reserve account, while maintaining a cushion in the operating fund where the cash is held. Can we transfer these funds legally? We are a registered non-profit.
Thank you.
Submitted: 6 years ago.
Category: Legal
Expert:  Ely replied 6 years ago.

My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.

You can transfer that money legally as long as the account is under the HOA name or its designated operating name and is designated as a non-profit, non-individual account. As long as you do this, you're in the clear :)

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