In this class, we will talk about assessments and reserves. Boards and managers have undoubtedly attended many meetings where owners object to proper funding of an association. We will discuss the underpinnings of governing documents and state law with respect to budgets and assessments and talk about reserve obligations and reserve study and reserve investment policies. We will discuss common governing document provisions regarding special assessments and their applicability to funding reserves. Finally, we will discuss scenarios where associations have failed to properly reserve and discuss common objections made by homeowners so that boards and managers can be better prepared to address these objections in meetings.
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