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Reserve Study
Legislation in 2011 required HOAs to conduct a periodic reserve study. This law can be found in Utah code Title 57 Chapter 8a Section 211 (http://le.utah.gov/~code/TITLE57/htm/57_08a021100.htm)In summary, the purpose of the legislation is to require HOAs to have a study that helps determine the amount of money needed to "cover the cost of repairing, replacing, and restoring common areas that have a useful life of three years or more, but excluding any cost that can reasonably be funded from the association's general budget or from other association funds."
The Association engaged ARC to perform this study on our behalf. The first study was completed in April 2011 and can be downloaded for your review. Download the Reserve Study here (11,622 KB, containing 38 pages).
The second reserve study was completed in May 2015. You can download a copy of it here. Download the 2015 reserve study here. Reserve balances can be found on the financials page.
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