First, it hides the fact that the budget is inadequate and is not meeting the HOA’s monthly expenses. Second, such an HOA is falling into an unliquidated debt situation. Each month various common area components are deteriorating, and the function of the capital reserve fund is to offset that ongoing deterioration with corresponding savings so the HOA is ready when the component needs replacement or refurbishment.
Q: We pay monthly dues, which are based on one or two bathrooms. Can the board of directors now change the dues formula to the same amount of fees charged each month? — P.M., Orange
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