Q: Change to reserve account without notice. Is that legal?
The Feb. Board meeting presented a balance sheet to the homeowners. It appears to have a major change from the last 20 years of balance sheets that I have seen. The Reserve account details were eliminated. In other words, if the Pool reserve had 3 subcategories they were not shown and just “Pool” with a total dollar amount. I noticed this and question it. The Treasure said that the “attorney & accountant” said it was OK!! Our “1996” documents just say - shall include amount for "Reserves for Replacement" shall be establish. Is this change legal? Any suggestion with the best way to proceed? I get kind of lost when looking at 720 and budgeting. One other thing there is a Board member who was pushing for “pooled” reserves but don’t recall any vote and the Treasure never mention this when she responded to my question. I have asked for a copy of the reserve spreadsheet any number of times but have never gotten same.
A: The association does not need to report them in detail but they are required to track the reserves in detail according to way they were approved. You can get a copy of the reserve spreadsheet by submitting a certified letter, return receipt, asking for access to inspect the official records. The association has 10 days to provide you with access and at the inspection you can make copies by scanning for free with a smart device or pay the association $0.25 per page for each page over 25 pages.
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