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RESERVE STUDY GUIDELINE

State of California Department of Real Estate RESERVE STUDY GUIDELINES for Homeowner association Budgets August 2010 State of California Department of Real Estate RESERVE STUDY GUIDELINES for Homeowner association Budgets August 2010 This independent research report was developed under contract for the California Department of Real Estate by Eva Eagle, , and Susan Stoddard, , AICP, Institute for the STUDY of Family, Work and Community and David H. Levy, , Janet Andrews, MBA, was responsible for the original design, layout, and typography.

buyers in understanding the financ ial implications of an associa tion’s replacement reserve funding. The term “reserves” as used in this context refers to the funds set aside to cover these replacement costs. The board of directors must make decision s about the funding goals of the association. These

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