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Manage assets, plan expenses, and avoid special assessments with our reserve study software.
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Illinois HOA Reserve Fund Requirements (2025 Guide)
Introduction
Are reserve studies required in Illinois?
As of now, Illinois does not mandate reserve studies for community associations; However, it is recommended for associations to conduct reserve studies every 3-5 years based on industry standards.
Frequency of reserve studies
Associations must conduct a reserve study every five years. These studies must be reviewed annually by the board to ensure the reserve fund and contributions remain aligned with the findings and the community's evolving needs.
Minimum reserve fund contributions
While Illinois law does not specify exact funding levels, reserve accounts must reflect the findings of the reserve study. Contributions should be sufficient to cover the anticipated costs of major repairs and replacements, minimizing the need for special assessments or loans.
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Key Provisions of Illinois Reserve Study Law
Here are the key provisions of the Illinois Reserve Study Law:
- Five-Year Reserve Studies:
Associations must perform a comprehensive reserve study at least every five years to assess the condition and replacement costs of shared property components. - Annual Reviews:
Boards are required to review the reserve study findings annually and make any necessary adjustments to the funding plan. - Transparency:
Reserve study findings and funding plans must be shared with association members, promoting transparency and accountability.
Benefits of Conducting Reserve Studies
Some of the main benefits include:
- Proactive Financial Planning: Reserve studies provide a roadmap for managing future expenses, enabling effective budgeting.
- Avoiding Financial Shortfalls: Adequate reserves reduce the likelihood of special assessments or unexpected financial demands on homeowners.
- Maintaining Property Values: Properly funded reserves ensure timely maintenance, preserving the community’s appearance and value.
- Building Trust with Homeowners: Sharing reserve study results fosters confidence in the board’s financial management.
Step-by-Step Guide to Complying with Illinois’ Reserve Study Requirements
Hire a Certified Reserve Study Professional
Engage a qualified professional to conduct a thorough assessment of the community’s shared assets and financial needs.
Inventory Common Property Elements
Identify all shared components, including roofs, roads, elevators, and recreational facilities, and assess their condition and remaining lifespan.
Estimate Costs and Lifespans
Calculate the expected costs for repairs and replacements, factoring in inflation and other financial considerations.
Develop a Funding Plan
Use the reserve study findings to establish a funding plan that ensures sufficient reserves are available for future expenses.
Review Annually
Conduct an annual review of the reserve study and funding plan to address any changes in the property’s condition or financial requirements.
Update Every Five Years
Conduct a new reserve study every five years to ensure financial plans remain accurate and reflective of the community’s needs.
FAQs
About PropFusion: Simplifying Reserve Study Management
PropFusion’s all-in-one software helps streamline reserve study management, offering automated reminders, detailed financial forecasts, and an intuitive dashboard to keep your HOA’s finances on track. Whether you’re in Tennessee or any other state, our platform provides the tools you need for effective reserve planning.
Access our network of Reserve Study providers
PropFusion connects you with a vetted network of Reserve Study experts across {{state}}, ensuring best industry standards.
The information contained on this page is provided for informational purposes only, and should not be construed as legal advice on any subject matter. You should not act or refrain from acting on the basis of any content included on this page without seeking legal or other professional advice. The contents of this page contain general information and may not reflect current legal developments or address your situation. We disclaim all liability for actions you take or fail to take based on any content on this report.
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How PropFusion Simplifies Reserve Studies
PropFusion offers powerful tools that make managing reserve studies easier for HOAs:
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