If you are a current member of some sort of homeowner association, be it a condo association in Copley, Ohio, a homeowners association near Medina, Ohio, or perhaps even an association that governs a group of cluster homes in Montrose-Ghent, Ohio, it’s probable that you have had some questions at one time or another concerning how your association budget is governed. Ever wonder what ‘fully funded reserve’ really means? The association management specialists of Grace Property Services LLC in North Canton, Ohio can help your association cultivate a better understanding of how your association reserves work, as well as how your board of directors can facilitate a better budgetary plan.
Grace Property Services LLC understands that there are some association members who are content with leaving the association budget matters up to their respective board of directors. Unfortunately, if you do not have a basic understanding of how your Medina or Copley association functions, specifically with how it determines how the common elements or capital items are paid for, you may find yourself being asked to pay unexpected fees at a later date. One of the first things you should know is whether or not your Montrose-Ghent association has a fully funded reserve. Association reserves are the funds saved to replace all capital items that the association is responsible for maintaining. It’s like the savings account that is used to pay for association property as it wears out. Capital items include things like roofs, siding, roads, and other items indicated by your associations governing documents.
As the association management specialists at this North Canton property management company have seen, issues can arise with association members who are asked to vote on waiving a fully funded reserve without this basic knowledge. Boards who feel that they cannot afford to do a reserve study, which involves the assessment of the capital items in terms of their current state, as well as the useful life remaining in each item, may push for members to waive. Ohio Association Law requires that each association must maintain reserve funds in order to cover the costs of all capital items without the need for a special assessment to the owners. A special assessment is the process of collecting funds from members in order to pay for a capital item in the event that there are not enough funds in the reserve accounts. Grace Property Services LLC knows that just because an association may vote to waive the fully funded reserve does not guarantee that special assessments will not occur.
Regardless of whether your association is located near Medina, Ohio; Copley, Ohio; or Montrose-Ghent, Ohio, the association management specialists at Grace Property Services LLC can help your association gain the understanding and insight that it needs in order to make the most informed decisions it can concerning it’s association budget, association reserves, or whether or not to waive a fully funded reserve. To speak to one of the knowledgeable associates at Grace Property Services LLC in order to inquire further about obtaining their expert association management services, you can reach them today by calling 234.209.9140. You can also visit their company website at www.gracepropertyservicesllc.com in order to find helpful resources, learn more about the services that they offer, or find additional ways to request more information.
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Grace Property Services LLC
1375 South Main St. Suite 201
North Canton, Ohio 44720
Ph. 234.209.9140
www.gracepropertyservicesllc.com