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
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Statutes and Cases:
(For reference: 57-8 is the Condo Act, 57-8a is the Community Association Act, 16-6a is the Nonprofit Act)