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Reserve Study

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BUSINESS
July 12, 2009 | Stephen Glassman and Donie Vanitzian
Question: I live in a California common-interest development of fewer than 50 condominiums. Our treasurer insists that money from the reserve fund that is used for replacing the decorative part of the roof, repairing the hot water system, etc., be replaced immediately after the funds are withdrawn.
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BUSINESS
April 20, 2014 | By Donie Vanitzian
Question: Our homeowner association's president explained to our board how the budget process actually works. She said: "You start by working out how much you can get out of the homeowners, then you go to the Budget and Reserve Study to figure out how to get that result. The reserve study company will work with us by doing a couple of go-arounds to get us to the result we want. " Am I being naive to think the job of a reserve study company is to come up with realistic numbers, instead of numbers that fit the board's agenda?
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BUSINESS
October 9, 2011 | By Stephen Glassman and Donie Vanitzian
Question: Is there anything in the Davis-Stirling statute that requires minimum reserve funding and a professional reserve study? Answer: There is no requirement in the Davis-Stirling Act (DSA) (Civil Code sections 1350 to 1378) that associations create or maintain reserve accounts in any amount. The DSA does require that associations with existing reserve accounts, regardless of the amount, provide titleholders with all of the information detailed in Civil Code section 1365.
BUSINESS
September 23, 2012 | By Lew Sichelman
Joy and Andrew Giordano thought they could save their Baltimore home from foreclosure without any help. But in the end, they couldn't. To avoid foreclosure, the Giordanos applied twice to their lender for refinancing under the government's Making Home Affordable program. Twice they were turned down. "We were not getting the right information from our bank," said Joy Giordano, who had to close her advertising specialties business because of the economic downturn. "We did everything we were told to do. But each time, we were not approved because of this or not approved because of that.
BUSINESS
April 20, 2014 | By Donie Vanitzian
Question: Our homeowner association's president explained to our board how the budget process actually works. She said: "You start by working out how much you can get out of the homeowners, then you go to the Budget and Reserve Study to figure out how to get that result. The reserve study company will work with us by doing a couple of go-arounds to get us to the result we want. " Am I being naive to think the job of a reserve study company is to come up with realistic numbers, instead of numbers that fit the board's agenda?
BUSINESS
September 23, 2012 | By Lew Sichelman
Joy and Andrew Giordano thought they could save their Baltimore home from foreclosure without any help. But in the end, they couldn't. To avoid foreclosure, the Giordanos applied twice to their lender for refinancing under the government's Making Home Affordable program. Twice they were turned down. "We were not getting the right information from our bank," said Joy Giordano, who had to close her advertising specialties business because of the economic downturn. "We did everything we were told to do. But each time, we were not approved because of this or not approved because of that.
BUSINESS
March 8, 2009 | Stephen Glassman and Donie Vanitzian
Question: Our monthly fees have quadrupled since 2003, and each year owners see yet another five-digit special assessment per unit. Despite not using the money it has already collected, the board complains it does not have enough cash to operate our association. To substantiate its many special assessments, the board refers to reserve studies -- each claiming a different percentage of funding criteria.
REAL ESTATE
November 29, 1998 | JAN HICKENBOTTOM, SPECIAL TO THE TIMES
QUESTION: In your Oct. 25 column item headlined "Lack of Reserves Is Bad Idea," you said a community association must have a reserve study that is distributed to all owners. The board of our homeowner association voted to have a reserve study prepared several months ago, but our accountant said we didn't need one because we have only 16 units in our building. Does state law require the reserve study? Are small associations like ours legally required to have reserve studies?
NEWS
September 20, 1990
The Long Beach City Council has asked the city attorney to look into how the city can provide full salary and health benefits to city employees in the military reserve who have been called to active duty during the Persian Gulf crisis. Often members of the reserve suffer a salary cut when they leave civilian jobs for active duty.
CALIFORNIA | LOCAL
September 21, 1995
Its foundation bears cracks left behind by the Northridge earthquake. The roof leaks. And U.S. Marines who work there say they've learned the hard way exactly how many small appliances they can plug in before the electricity short-circuits. There's no question that the Pasadena Marine Corps Reserve Center could use some work, according to its commanding officer, Major Steven H. Futch.
BUSINESS
September 9, 2012 | By Donie Vanitzian
Question: I own a town home in an association that has a couple of hundred unit owners. We have a current liability of more than $1.3 million but only $180,000 in the actual reserve account. At the last meeting, the board handed out an article stating that associations are not required to have reserve accounts. Board members used this as proof that we did not need to fund the association's existing reserve account or have a reserve. Our CC&Rs, however, state that we must have a reserve account.
BUSINESS
July 12, 2009 | Stephen Glassman and Donie Vanitzian
Question: I live in a California common-interest development of fewer than 50 condominiums. Our treasurer insists that money from the reserve fund that is used for replacing the decorative part of the roof, repairing the hot water system, etc., be replaced immediately after the funds are withdrawn.
BUSINESS
March 8, 2009 | Stephen Glassman and Donie Vanitzian
Question: Our monthly fees have quadrupled since 2003, and each year owners see yet another five-digit special assessment per unit. Despite not using the money it has already collected, the board complains it does not have enough cash to operate our association. To substantiate its many special assessments, the board refers to reserve studies -- each claiming a different percentage of funding criteria.
REAL ESTATE
November 29, 1998 | JAN HICKENBOTTOM, SPECIAL TO THE TIMES
QUESTION: In your Oct. 25 column item headlined "Lack of Reserves Is Bad Idea," you said a community association must have a reserve study that is distributed to all owners. The board of our homeowner association voted to have a reserve study prepared several months ago, but our accountant said we didn't need one because we have only 16 units in our building. Does state law require the reserve study? Are small associations like ours legally required to have reserve studies?
CALIFORNIA | LOCAL
September 21, 1995
Its foundation bears cracks left behind by the Northridge earthquake. The roof leaks. And U.S. Marines who work there say they've learned the hard way exactly how many small appliances they can plug in before the electricity short-circuits. There's no question that the Pasadena Marine Corps Reserve Center could use some work, according to its commanding officer, Major Steven H. Futch.
BUSINESS
October 24, 1991 | JAMES RISEN, TIMES STAFF WRITER
The long-promised national economic recovery clearly has failed to materialize, while California's economy actually appears to be deteriorating, according to a bleak new report released Wednesday by the Federal Reserve Board. The central bank's monthly compendium of reports by regional Federal Reserve banks offered an all-too-familiar litany of despair for the national economy--weak retail and auto sales, a slowdown in manufacturing and downward trends in bank lending and construction.
BUSINESS
October 24, 1991 | JAMES RISEN, TIMES STAFF WRITER
The long-promised national economic recovery clearly has failed to materialize, while California's economy actually appears to be deteriorating, according to a bleak new report released Wednesday by the Federal Reserve Board. The central bank's monthly compendium of reports by regional Federal Reserve banks offered an all-too-familiar litany of despair for the national economy--weak retail and auto sales, a slowdown in manufacturing and downward trends in bank lending and construction.
NEWS
September 20, 1990
The Long Beach City Council has asked the city attorney to look into how the city can provide full salary and health benefits to city employees in the military reserve who have been called to active duty during the Persian Gulf crisis. Often members of the reserve suffer a salary cut when they leave civilian jobs for active duty.
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