The Revised Code of Washington 64.38 was amended this spring to include Reserve Accounts and Reserve Studies for Homeowners Associations.
We are in the process of understanding how this will affect many of our associations, large and small. Look for more information in the months to come.
This will now need to be a consideration as we head into the budget season. The new law will take effect on January 1st, 2012. To be compliant with the law, associations will need to include funds for a reserve study to be conducted in 2012.
To view the new law click here.