This building reserve money is transferred from general reserves which are built up yearly from surpluses, extra interest and dividends and are lodged into a dedicated building reserve fund.
We've spent a lot of money on homeowner association dues over the years and have learned our association has stockpiled more than a million dollars in reserve money.
The shed, which cost about $22,000, was funded using reserve money the club had accumulated from membership fees and subscriptions over its 18 years of activity.
That reserve money, a lot of that is avoiding future tax increases because we're counting on surplus monies to deal with some of the funding pressures.
