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How to Use This Checklist

Check off items as your board completes them
Print this checklist for board meetings and reference
Review and update annually or when major changes occur
Share with all board members and property management company

1. Initial Assessment & Documentation

Obtain and review all governing documents (CC&Rs, Bylaws, Articles)

Review previous reserve studies (if any) and their recommendations

Gather construction documents, warranties, and maintenance records

Create inventory of all common area components and amenities

Document current condition of all major building systems

Review current reserve fund balance and investment strategy

2. Professional Reserve Study

Research and obtain quotes from qualified reserve study professionals

Verify reserve specialist credentials and experience with similar properties

Contract for comprehensive physical analysis and financial analysis

Accompany specialist during property inspection to ask questions

Review and approve final reserve study report

Present reserve study findings to all homeowners

3. Major Component Analysis

Roofing: Assess condition, remaining life, replacement cost

Exterior: Siding, paint, windows, doors, walkways

HVAC Systems: Units, ductwork, controls, expected replacement dates

Plumbing: Main lines, fixtures, water heaters, pumps

Electrical: Panels, wiring, lighting, emergency systems

Pavement: Roads, parking areas, curbing, striping

Amenities: Pool, clubhouse, playground, fitness equipment

4. Financial Planning & Funding

Calculate total funding needed over 30-year projection period

Determine optimal annual reserve contribution amounts

Establish target reserve fund percentage (typically 25-35% of budget)

Evaluate cash flow projections for next 5-10 years

Consider inflation factors and cost escalation

Plan for special assessments if reserves are insufficient

5. Implementation & Management

Present reserve plan to homeowners for approval

Incorporate reserve contributions into annual budget

Establish separate reserve fund bank account

Develop investment policy for reserve funds

Create approval process for reserve fund expenditures

Establish preventive maintenance program

6. Ongoing Management & Review

Schedule annual reserve fund review and reporting

Update reserve study every 3-5 years or after major changes

Track actual vs. projected component replacement costs

Adjust funding levels based on actual experience

Monitor component conditions through regular inspections

Document all major repairs and maintenance activities

7. Emergency & Contingency Planning

Maintain emergency repair fund separate from reserves

Identify emergency repair contractors and obtain contact information

Review insurance coverage for major component failures

Establish emergency spending authorization procedures

Plan communication strategy for emergency assessments if needed

Congratulations on Your Reserve Planning!

Completing this checklist puts your HOA on the path to financial stability and helps prevent costly special assessments through proper planning.

✓

Prevent Special
Assessments

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Maintain Property
Values

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Build Community
Confidence

Need help implementing your reserve plan? 1hoa provides professional HOA management services including reserve planning, financial oversight, and preventive maintenance programs.

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Related Board Resources

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HOA Reserve Planning Checklist