annual obligations of associations
Utah HOAs are required to do certain things annually.
- Annual Meeting. Incorporated associations are required by the Nonprofit Act to hold an annual meeting.
All associations (except developer-controlled associations) are required to do the following:
- Provide Reserve Analysis or Update. Annually, an association must provide owners a summary of the most recent reserve analysis or update performed pursuant to Section 57-8a-211 for community associations, and Section 57-8-7.5 for condominium associations.
- Reserves Line Item in Budget. In formulating its budget each year, an association must include a reserve fund line item in an amount the board determines, based on the reserve analysis, to be prudent, or if a higher amount is required by the governing documents in
Members Area. This resource is available to members. Join us by subscribing today!
16-6a-701. Annual and regular meetings |
57-8-7.5. Reserve analysis -- Reserve fund |
57-8a-211. Reserve analysis -- Reserve fund |
57-8a-215. Budget |