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Changes Required for Annual Reserve Funding Disclosures

» Posted November 12, 2015News

The Davis-Stirling Common Interest Development Act (“Act”) requires common interest developments to annually distribute a budget report, which includes an Assessment and Reserve Funding Disclosure Summary form (“Form”). The specific format and content for the Form are set forth in the Act. 

Assembly Bill 1516 has resulted in two insignificant changes to the Form. The Form currently in use should be updated for any budget reports sent after January 1, 2016. Specifically, Section (7) of the Form should be altered so that the word “funding” is deleted and replaced with “funded” in the two places it is used.