Reserve Account

Camaloch

New member
Hi all- I have a simple survey question regarding how HOA's handle reserve expenditures: Do you have a separate checking account to pay for reserve expenditures from your reserve fund or do you use your operations checking account to pay all vendors for the replacement costs and then transfer money from reserve to operations? Thanks!
 

RunningWater

New member
Actually our reserve at this point is just notional. We're in the process of setting up a separate higher-interest account and a long-term GIC (CD) for some of it. Then we'd have to transfer online. For the past year our reserve has been in chequing, but we're small so not a massive account like some.
 
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