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For What Can Reserves Be Spent? | Legal Insights Blog

Our blog and quarterly events addressing the issues affecting condo association and HOA boards.

For What Can Reserves Be Spent?

There is no Ohio law which says what reserves can be spent for, other than the requirements of the Declaration and Bylaws. Usually, reserves are dedicated to the repair and replacement of existing capital items, such as the roofs, foundations, roads, and building structures. If the flooding has necessitated repairs to the capital items of the condominium, such as building elements, siding, roads or the like, I see no reason why capital reserves cannot be spent to replace these items. However, the Declaration and Bylaws must always be consulted for any provisions limiting the Board's power to spend money for these purposes without owner consent.

Charles T. Williams

Charles T. Williams

Charles T. Williams (retired) is the firm’s founder. A native of Columbus, Ohio, and a veteran of the Vietnam war, Mr. Williams earned his law degree from Boston College Law School. During his years of providing legal counsel, he was widely recognized as one of Ohio’s foremost attorneys to practice homeowner association law and condominium law.