Reserve Study Sub-Committee Charter

Purpose 

The Reserve Study Committee (the Committee), a sub-committee of the Finance Committee, is
commissioned by and reports to the Finance Committee Chair and Board of Directors. The
Committee is responsible for advising the Board on matters pertaining to the Reserve Study.
Recommendations will be presented by the Committee Chairperson to be considered by the
Board in budget and planning processes.

 

Responsibilities 

The Committee, by reserve study analysis, will assist the Board in managing the association’s
reserve funds effectively to ensure adequate funding for future repairs and replacements of
common area components. It will develop periodic reserve study statements of work, define the
objectives of each study both long and short term, recommend selection of a reserve study
company, and monitor the performance of selected reserve study company to stated objectives.
It will regularly review and recommend updates to the reserve study as deemed necessary.

 

Membership

The Committee shall consist of one (1) Chairperson appointed by the Board and no less than

(2) community member volunteers who have ownership voting rights. The Committee members will be recommended by the Committee Chairperson and approved by the Board.

 

Term

Committee members serve for a term of one (1) year, with terms expiring at the annual membership meeting. The member terms can be automatically renewed for consecutive one-year terms unless the Committee member resigns or is dismissed.

 

Authority

The Committee is given the limited authority necessary for the reasonable execution of the stated purpose and responsibilities of this chapter. It functions in an advisory capacity presenting specific written recommendations to the Board as appropriate. The Committee chairperson shall act as the liaison between the Committee’s members, established subcommittees, and the Board of Directors.

 

The Committee is not authorized to obligate the HOA financially or legally in any manner. The Board has the right to amend this Communications Committee Charter should it be deemed appropriate and necessary.