Reserve Funds

August 20, 2024

Understanding the Michigan Reserve Study Bill: Essential Updates for Condominium Associations 

Did you know that Michigan’s HB 5019, a new bill pending in the Michigan House, aims to bring significant changes to the way condominium associations manage their reserve funds? Currently, Michigan law requires that condominium associations maintain a reserve fund for major repairs and the replacement of common elements. The state administrative code mandates that this reserve fund must be at…
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August 1, 2023

Enhancing Community Safety and Financial Planning: New Reserve Study Standards

Community Associations play a vital role in managing and maintaining the shared assets of their members. However, ensuring the safety and longevity of these properties requires meticulous planning and budgeting. In response to the tragic incident at Champlain Towers South, the Community Associations Institute (CAI) has taken decisive steps to promote safer and financially sound buildings. CAI’s newly released Reserve…
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