November 2nd, 2017

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Nov

Budgets, Reserve Studies, and the Board’s Obligation to Maintain Common Areas

The preparation of the Association’s annual budget and updated reserve study are critical tasks to ensure the proper funding of operational expenses, proactive repairs, and replacement of aging common area elements. One of an Association Board’s primary responsibilities is to properly maintain the Association’s common areas, including community amenities, and an adequately funded budget is essential to meet this obligation.

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