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"Conducting regular reserve studies and ensuring a well-maintained reserve fund can help the HOA prepare for major repairs or replacements," says Bryan Kuester, President of Kuester Management Group. "A reserve study helps the board plan how much money it should be putting away to pay for future needs. But emergencies can happen any time, and suddenly the HOA may find itself faced with a major expense."
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Using the reserve fund is one option, says Kuester. However, depending on the cost, it can leave the fund severely depleted, and it will take time to rebuild. This can be problematic if there are other capital projects planned for the near future. The board may need to adjust its plans.
Another option can be to leverage a special assessment. The board may need approval from members if the cost is over the amount permitted by the governing documents. Special assessments can prevent sudden depletion of the reserve fund, but they can also put a burden on members. Special assessments and the reserve fund may be used in conjunction with one another to offset costs.
"The HOA may also consider taking out a loan if the financial expense is significant," says Kuester. "A loan can provide immediate funds to address problems, but allow the association to slowly repay the cost. However, loans typically accrue interest, and timely collection of dues is essential. The association should weigh its options to decide what makes the most financial sense."
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Kuester Management Group can guide HOAs through dealing with emergencies and determining the best course of action, especially when it comes to financial management. Learn more by visiting www.kuester.com.
Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com or @KuesterCompany.
Kuester Management Group
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