Re: Saving for future repairs and projects
From: Denise Meier &/or Michael Jacob (dmmjncal.verio.com)
Date: Mon, 2 Aug 1999 09:13:57 -0600 (MDT)
Dear Vicky,
Here in California (land of 1,000,000 lawyers) we are REQUIRED by law to
have certain reserves set aside for each thing the HOA is responsible
for: roofs, wall material (stucco in our case), repaving the parking
lot, landscape maintenance, etc... We hired an outfit that does nothing
but create budgets for HOA's in accordance with these state
requirements. Apparently once we move in we are welcome to change these
amounts in any way we want, but the idea, of course, is that when the
roof need replacing in 15 or 20 years, we don't want to have to rely on
each household coming up with the multiple thousands of dollars it will
cost; hence this enforced "savings plan" over the years.

I would be happy to send you a copy of our budget although whether it
would be pertinent to YOUR needs is questionable.

Denise Meier
Two Acre Wood
Sebastopol, California


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