THE RESERVE
Homeowner Resources
Managed by AGM Real Estate Group, LLC
THE RESERVE
DECLARATION
COMMUNITY BUDGET OVERVIEW
The budget for a Homeowners Association (HOA) serves as a crucial financial tool that ensures the community's financial health, supports operational needs, and aligns with the association's long-term goals. The key purposes of an HOA budget include: Financial Planning, Operational Management, Reserve Fund Allocation, Assessment Calculation, Transparency and Accountability, Compliance with Legal and Governing Documents, and Long-Term Sustainability. In summary, an HOA budget is essential for maintaining financial stability, fostering community trust, and ensuring the smooth operation of the association’s responsibilities.
ARTICLE 9
OWNERS ASSOCATION
Section 9.4.1 | Meetings
A meeting of the Association must be held at least once each year Special meetings of the Association may be called by the president, a majority of the Board, or by Unit Owners having twenty percent of the votes in the Association Not less than ten nor more than sixty days m advance of any meeting the secretary or other officer specified in the bylaws shall cause notice lo be hand-delivered or sent prepaid by first class United States mail to the mailing address of each Unit or to any other mailing address designated in writing by the Unit Owner The notice of any meeting shall state the time and place of the meeting and the items on the agenda to be voted on by the members including the general nature of any proposed amendment to the Declaration or Bylaws, changes in the previously approved budget that result in a change in Assessment obligations, and any proposal to remove a director or officer
ARTICLE 10
MANAGEMENT OF CONDOMINIUM
Section 10.3.3 | Budget
Approval within thirty days after adoption of any proposed budget for the Condominium, the Board shall provide a summary of the budget to all the Unit Owners and shall set a date for a meeting of the Unit Owners to consider ratification of the budget not less than fourteen nor more than sixty days after mailing of the summary Unless at that meeting the Owners of Units to which to a majority of the votes in the Association are allocated reject the budget, the budget is ratified whether or not a quorum is present In the event the proposed budget is rejected or the required notice is not given, the periodic budget last ratified by the Unit Owners shall be continued until such time as the Unit Owners ratify a subsequent budget proposed by the Board
Section 10.4 |Authority of the Association
(b) Adopt and amend budgets for revenues, expenditure, and reserves, and impose and collect assessments for Common Expenses from Unit Owners
ARTICLE 12
COMMON EXPENSES AND ASSESSMENTS
Section 12.1 | Estimated Expenses
Within sixty (60) days prior to the beginning of each calendar year, or such other fiscal year as the Board may adopt, the Board shall estimate the charges including Common Expenses, and any special charges for particular Units to be paid during such year, shall make provision for creating, funding, and maintaining reasonable reserves for contingencies and operations, as well as for maintenance, repair, replacement and acquisition of Common Elements, and shall take into account any expected income and any surplus available from the prior year's Operating fund Without limiting the generality of the foregoing but in furtherance thereof, the Board shall create and maintain from regular monthly Assessments a reserve fund for replacement of those Common Elements which can reasonably be expected to require replacement or a major repair prior to the end of the useful life of the Buildings The Board shall calculate the contributions to said reserve fund so that there are sufficient funds therein to replace or perform such major repairs to each Common Element covered by the fund at the end of the estimated useful life of each such Common Element The initial Board whether elected by Declarant or elected by Unit Owners, may at any suitable time establish the first such estimate If the sum estimated and budgeted at any time proves inadequate for any reason (including non-payment for any reason of any Owners Assessment), the Board may at any time levy a further Assessment, which shall be assessed to the Owners according to Section 12 4 Similarly if the sum estimated and budgeted, and being collected and/or already collected, at any time proves excessive, the Board may reduce the amount being assessed and/or apply existing funds (in excess of current needs and required reserves) against future Assessments and/or refund such excess funds