As we move into budget season, we also find ourselves facing the new reporting requirements under the Corporate Transparency Act (CTA). The CTA does apply to community associations based on their corporate tax status. Westward360, along with Community Association Institute, is monitoring the CTA’s status for any possible future changes. However, at this time, we do need to ensure that all you comply with the reporting requirements.

 

As a Board member, your community’s long-term financial and physical health and stability are paramount. Conducting a Reserve Study enables Boards to make informed decisions with respect to capital projects and annual Reserve Contributions. This proactive approach to capital planning helps to ensure that the Board fulfills its fiduciary responsibility to maintain the common infrastructure and investment of their owners.

In this Education Session, we will cover:

• The purpose and recommended cadence of reserve studies/updates.
• The liabilities that can come from failing to have/maintain one. And conversely, the obligations that come with having one.
• How best to read/evaluate/interpret them (working with your reserve study)
• The potential/pending requirements that may be coming down the pike next year and in the future.
• Best practices for those that are far off base/have strayed from their reserve study.
• Understanding that it isn’t often a realistic expectation that the reserve study that can be followed to the T and how best to prioritize.